In practice, this usually means that you have to follow the process of creating a new wallet, set a password and write a long list of words, called generic sentences. You must also store the key phrase securely because it is the only backup of your money if there is a problem with the wallet.
The Israeli startup ZenGo has just launched a cryptocurrency wallet which uses smart cryptography to make this process much simpler.
A very brief overview: A cryptocurrency wallet is essentially a pair of public and private cryptographic keys. The public key is your cryptocurrency address (technically, this is part of the address, but keep it simple), the same as the one you use to receive funds. The private key is a long string of symbols that allows you to spend the funds residing at that address.
The private key is simple but impractical to use on a daily basis. If someone takes a picture of it, or hacks your PC or your phone and catches it, he can use your cryptocoins at will. That's why we have a software portfolio that seldom displays or requires you (or never) to enter your private key. Instead, you choose some kind of password to protect your funds, but your private key remains in your possession, usually as the seed is mentioned above. So if your phone or PC is stolen, you can reinstall the software portfolio, insert the key phrase and access your money.
The initial sentence, though slightly easier to write than the private key, is also long and hard to remember. So, people usually write this on a piece of paper that, again, is easy to lose or steal. If you have the misfortune of losing your starting phrase and (for example) the phone with your software portfolio, your money is gone forever.
Keep things simple – with your face
With ZenGo, the process of creating your encrypted wallet includes the following simple steps: Install the app, enter your email, click the link you received by email and have the app scan your face. Once you're done, you can start receiving and sending Bitcoins and Ethereum, which are currently the only two cryptoassets supported by ZenGo. And if you lose your phone, you can install the application on a new phone, have it scan your face and your funds will be immediately restored.
You may have already seen some services or portfolios whose use is not complicated – one of the world's most popular cryptocurrency exchanges, Coinbasecome to mind But it's different: Coinbase does not allow you to control your own private keys. This approach creates another type of danger: if Coinbase is hacked or compromised, you have no way to recover your funds. In other words, you are not your own bank – Coinbase is your bank.
ZenGo solves the two problems described above. Instead of the initial sentence, he uses the facial scan. And instead of storing all cryptographic information derived from this face on its servers, it divides the pieces of the puzzle needed to restore your portfolio between its servers and your iCloud account. This is done using a technology called threshold signatures, in which several parts are needed to create the private key. In this case, the ZenGo servers and your mobile phone must cooperate to generate the key.
Thanks to all these technologies in the background, ZenGo never requires you to use any type of password or key. Your face is your password, even when you have to send funds and even when you need to restore them.
I tried ZenGo with Ethereum and, apart from some error messages at the time of registration, it worked as expected. Receiving and sending money to my address worked as if you were using another wallet. When sending a small amount of money on my ZenGo wallet, the application immediately sent me a notification of the arrival of funds. And to send a little ether, it was enough for me to choose a reception address and to press a button; After a successful phase, the funds were on the way.
Securing your funds with a facial scan can be scary, especially since technologies such as Apple's face identification code have been developed. defeated before. But ZenGo says that it uses a very secure face scanning technology called ZoOm. ZenGo's general manager, Ouriel Ohayon, told me by e-mail that ZoOm had been "strained on millions of users, including banks" and that it "could not not "to be played.
Crypto-currencies can be scary and complex for new users, and the software portfolio, being a gateway to crypto, should be as simple as possible without sacrificing security. ZenGo is by far the simplest cryptocurrency wallet I've used, both for everyday use and for restoring your wallet.
Of course, there is room for improvement. The software itself is very poor in functionality (although that may be a good thing too), and only two major cryptocoins are supported. Ohayon said that more assets will soon be supported and that the Android version of the app should be launched in the "next few weeks". In addition, other features are coming, some of which are "not possible" with traditional wallet applications.
Even though ZenGo's cryptography is solid and open to the public (it's fully open source), it would be difficult to recommend storing large sums of money before it is a bit more tried and tested on the battlefield. Overall, however, ZenGo's goal of keeping things simple while using innovative cryptographic solutions to secure your funds makes it a welcome addition to the cryptocurrency space.
UPDATED: June 6, 2019, 6:36 PM CEST On Wednesday, ZenGo announced an additional feature: the ability to recover funds even if ZenGo stops. Learn more about the initiative right here.
. (tagsToTranslate) zengo (t) tech (t) cryptocurrency-blockchain</pre></pre>