ZenGo is the first keyless crypto wallet in the world. In this guide, we explore how ZenGo works as an easy wallet and go through all the setup steps.
Table of Contents:
ZenGo Pros & Cons
What is ZenGo’s Wallet?
KZen Networks, headquartered in Israel, develops solutions for the blockchain area with an emphasis on security and UI, and their product ZenGo is a keyless mobile bitcoin wallet.
ZenGo is a crypto wallet, popular because of its innovative features and the dedication of its creators. The four co-founders, Omer Shlomovits, Gary Benattar, Ouriel Ohayon, and Tal Be'ery, established the firm in 2018. ZenGo was able to get £3.3 million in early investment, thanks in large part to the team's innovative blend of engineering, security, and encryption.
So far, ZenGo has raised a total of £20 million, including a £16 million investment round in 2021.
With the ZenGo wallet, we want to make participation in the crypto economy less complicated for everyone by eliminating technological barriers while keeping security at the greatest possible degree. The ZenGo 2.0 keyless wallet was released to a beta group in the latter half of 2019. In early 2022, ZenGo gained the ability to connect to many distributed apps for web3 security.
The KZen Networks team says their blockchain-based solutions have the best user interfaces and are the easiest to use.
ZenGo promotes itself as a one-stop shop for all things cryptocurrency and a game-changing addition to the blockchain ecosystem. Users may access NFTs, DeFi, gaming, and decentralised applications (DApps) through the network's several chains.
It's also the first Web3 crypto wallet that uses Multiparty Computation, or MPC, to safeguard user funds against hacking and stolen private keys. ZenGo took a different approach by implementing 3FA, or three-factor authentication than is often used. This adds an additional safeguard to the wallet, making it far less vulnerable to theft. (If you didn’t know, 2FA is the norm, so this is a step above.)
How does ZenGo compare to other similar products?
ZenGo Has Security & Speed 💨
ZenGo places a premium on security and claims to have a firm grasp on the preservation of funds, which is one of the most significant features a user looks for in a wallet. This is achieved by doing away with the need for a private key altogether.
In lieu of a single private key, using a very complicated process, two mathematical secret shares get established. These are the entry points for using the wallet on different gadgets. ZenGo claims that over 650,000 users are presently taking use of its security features.
The wallet has other features, such as simple and direct access to many Web3 and Defi protocols. The WalletConnect feature on Ethereum, which ZenGo utilises, makes this a reality. ZenGo is one of the smaller cryptocurrency wallets that may offer this capability, however, it is shared by a number of market leaders.
Keeping their money in a single location worries a lot of people who are investors. There are occasions when they would rather not register for the same as well. ZenGo may also serve as the best answer in such circumstances. With its status as a Defi Wallet, users in the vast majority of the countries it supports may easily buy major cryptocurrencies.
Additionally, it has capabilities that aren't always readily accessible via the most centralised exchanges. That includes several of the primary features offered by decentralised exchanges, such as the ability to trade tokens, collect interest on staked assets, and even convert fiat payments into cryptocurrency.
ZenGo Review — No Seed Phrases Needed!
The ZenGo wallet immediately piqued our interest, and we couldn't wait to test it.
The first important fact to remember this works as a keyless mobile wallet, compatible with both Android and iOS. That eases concerns about losing or giving out private keys. Signing in doesn't even need a password!
My stomach drops every time I think about having to set up a new password or remember a seed phrase, and this is common with crypto wallets. The good news is that ZenGo can help you avoid this hassle without requiring you to give up ownership of your cryptocurrency.
Hackers won't be able to steal your money solely by breaking into your phone or ZenGo, since the two are tied together by a common security protocol. In addition, a 3D facial scan is used to encrypt all data. We like it.
This gorgeous, easy-to-use user interface is the result of ditching the traditional keypad. There is no need for complicated passwords or secret keys; all that is needed is your email, fingerprint locking, or FaceID to sign up.
Your wallet's security measures include a face-mapping login and automatic backups to iCloud or Google Drive. In contrast to traditional software or hardware wallets, this one requires no complicated setup procedures or security alerts. For further security, a face map of a loved one or trustworthy friend may be added to your crypto.
All in all, this simple and secure service works as one would expect from a digital money wallet. It's possible to store a variety of currencies, transmit money anonymously via a public address or QR code, and receive cryptocurrency using either method. At the moment, ZenGo only supports a small number of coins. Noteworthy tokens that aren’t included are Solana, XRP, Litecoin, Avalanche, and Bitcoin Cash.
Review of ZenGo Capabilities
ZenGo Mission Statement
According to its Mission Statement 🚀, ZenGo was created with the intention of making personal finance easier for people all around the world. That slogan is backed up by the company's commitment to a set of guiding principles it hopes to advance through its product.
Mission #1 - Giving you faster, easy access to your cash…
The notion of personal finance is becoming more popular across the world, but only a select few have the time and means to really implement its ideas. The idea is too complicated for everyone to immediately grasp. ZenGo asserts that it is attempting to address this critical issue. The firm asserts that its strategy is geared toward helping individuals who are sceptical about personal finance become self-sufficient.
Mission #2 - Making a world where trade isn't restricted by borders…
Constraints imposed by law, censorship, geography, and technology have all played a role in slowing the expansion of the global financial sector. ZenGo's goal is to make a difference in the world via decentralisation. Assets may need to be digitalized using the power of blockchain in order to construct a genuine borderless economy.
Mission #3 - Allowing for a bank with no borders
To explain what that means, it’s essentially hearkening back to the original decentralised concept of BTC and the blockchain. ZenGo claims that conventional banks' centralization is a major problem. This leaves them vulnerable to a number of constraints, both legally and technologically.
A reliable digital interface must be made available to the public before a borderless bank can become a reality. A wallet is precisely this. ZenGo's ultimate goal is to help facilitate a completely decentralised and user-managed financial system.
In an internal company article, their CEO speculated that a layer of software installed on everyone's phone, controlled in part or in whole by the users themselves, propelled by mathematics and cryptography, distributed enough to avoid censorship but easy enough for anyone to use, could be the future of financial services.
ZenGo’s Key Features
As was previously said, ZenGo has successfully marketed itself as a wallet that offers its customers more features than a standard defi wallet. This necessitates, of course, the incorporation of a plethora of additional benefits, capabilities, and features. However, the ZenGo wallet, like any other product, has a few key characteristics that were designed with laser accuracy in mind. Top features are:
As was previously said, just as with centralised stock apps, most crypto traders solely utilise centralised exchanges while doing crypto trading.
The simplicity of use is the main reason for this. To take part in trading with a hint of more decentralisation, however, ZenGo Trade might be the best option.
Conventional wisdom is that centralised exchanges save time because they consolidate investors' funds in one location. Thankfully, ZenGo helps with that too. In addition to being a venue for trading, its compatibility for several blockchains makes it a convenient hub for storing and accessing the user's various digital currencies. This wallet supports many blockchains, allowing users to transact in a wide variety of cryptocurrencies.
The necessity for a centralised exchange and the need of several wallets to store tokens developed for distinct blockchains are both reduced. Traders that utilise ZenGo now have access to over a thousand different markets.
Easily Accessible Web3 Protocols
Only a few wallets support web3 protocols (simple explanation). Even if they do, their use is often restricted to only a single blockchain or a small subset of them. ZenGo's ability to support numerous Defi protocols is a big selling point. The wallet makes it simple to take part in NFT initiatives, make advantage of Gamefi's capabilities, and access decentralised applications (Dapps).
The user must sync WalletConnect with ZenGo for this to work. All decentralised applications will have this feature.
One of the most common ways for investors to passively build their assets and income is by staking assets and collecting interest.
The same effect may also be achieved via the practice of cryptocurrency lending. Users lend their cryptocurrency to other parties, who then use it, and the borrowers earn interest on their loan until it is returned, making it a type of savings app when used this way. You may find both of them on Zeno's platform.
With Grow Your Crypto, your investments may accrue income and bonuses indefinitely. Proof-of-stake staking on blockchains does this. Staking coins in a ZenGo wallet is simple and fast, and it's the best way to make over 5% annualised interest on your Tezos.
In-app, users may use their credit or debit card to purchase a variety of cryptocurrencies. Thanks to the MoonPay application programming interface (API), users may quickly and easily buy various cryptocurrencies, which are then deposited into their wallets.
The Swap section allows users to buy, sell, and swap digital currency with one another. Among the lowest in the industry, the 0.125% fee is charged when you transition between the currencies that are accepted. Again, this is a straightforward function that enables transactions to be completed in 30 minutes or less, depending on network speeds and coin selection.
ZenGo Review of Security
When picking a bitcoin wallet, security should be your first priority.
ZenGo has placed a premium on this aspect and has taken measures to prevent any unauthorised access to its services for the same reason.
ZenGo's three-factor authentication (3FA) for its wallet takes its already high level of security to a whole new level, despite the fact that it already adheres to all the usual safety procedures.
Three-factor authentication is an improvement on the more widespread two-factor authentication (2FA). With ZenGo, you need three points of verification before you can access your digital wallet.
- Magic Mail - Upon joining up, the first step is to set up your email address, and you must click the link in the "Magic Mail" that you get to complete this step.
- Recovery File - This is the second kind of file, and it is used to keep the decryption keys. The file is then uploaded to the user's cloud storage once they have entered their unique codes.
- Face-Scan: Third, in order to access their wallets, users must submit to a face-scanning test and pass it.
ZenGo also use multiparty computation (MPC) to prevent unauthorised access to private information. This is why, unlike conventional cryptocurrency wallets, ZenGo doesn't need a private key.
As we briefly discussed above, ZenGo relies on two mathematical secret shares that were developed independently. Therefore, the user receives one code, while the other is sent to the company's servers. Because of this, the potential for financial loss is drastically reduced.
Users will have easy access to their assets even if the wallet suddenly ceases operations. That's because it's built on top of Chill Storage, a protocol for a digital wallet service. To sum up, ZenGo is presently one of the most secure cryptocurrency wallets available in the world.
ZenGo Customer Reviews are Mixed
You can get answers to just about every inquiry you could have about using ZenGo in the service's extensive support section, where in-depth tutorials will also get you up and running. A real person is accessible for live chat on the site, and the average response time is under 3 minutes.
It has a robust online existence, highlighted by an energetic Twitter profile that often engages with both customers and professionals in the field. As a customer, I like this since it shows that the company cares about its customers beyond just making a transaction.
Users and commenters on Reddit and other sites have been mostly favourable about ZenGo thus far, praising the program's intuitive interface.
It's fantastic that the app received a 4.6 rating from Trustpilot and 4.3 in the Play Store. There aren't many reports of problems caused by flaws in the system. There are almost 4,000 reviews for ZenGo at this moment, making an average of 4.3 stars quite encouraging.
But not everyone agrees. You’ll find some poor reviews for the wallet, so test it out carefully before committing.
How to Use ZenGo - Steps
So you’re busy running your business and there’s little time to mess around with crypto wallets, seed phrases, and installation processes.
Let’s cover the steps to setting up your ZenGo keyless wallet. Keep in mind that ZenGo's website registration is simple since there is no need for a seed phrase or a time-consuming Know Your Customer (KYC) procedure. Immediately after the completion of the signup process, one may begin using the wallet. In order to do this:
Step 1: Buy Your ZenGo Wallet
The ZenGo wallet software works on both iOS and Android devices. It's available for instant download from the App Store and the Google Play Store. There are many happy users of the app and it has received high ratings on both platforms.
Step 2: Verify Email
After installing the app, you’ll be prompted to provide your email address. When you're finished, an email with a "Magic Link" attached will be sent to the address you provided. In order to proceed with the procedure, please click on this "Magic Link" to be taken to ZenGo.
Step 3: Enable Face ID
Because ZenGo employs three-factor authentication instead of just two, photo ID verification must be enabled. After being stored on the company's servers, this biometric encryption will be utilised in place of a standard seed phrase. Once this is done, click on the “Enable Face ID” button at the bottom of the screen.
Step 4: Trade
Now you’ve set up your account with 3FA, you’ll have immediate access to the key features available on the site. Users can trade on the platform or just transfer funds for safekeeping. In addition to accessing hundreds of decentralised applications (DApps) and Defi protocols, and also stake and lend inside the platform.
It is a good idea to examine the platform extensively once to acquire a better knowledge of its functionalities.
When working with digital currencies, a wallet is a crucial piece of equipment. However, the last drop following the 2021 bull run was a reminder of how cryptocurrency fans end up losing enormous sums of money without having a solid knowledge of how and why the markets may be moving.
Equally important, the need for a unified analytics environment has increased recently. Surprisingly, however, there are still just a few really trustworthy platforms available. Dash 2 Trade is one of the few initiatives that has been rapidly growing its user base in recent times.
Related 📙: How to Trade Cryptocurrency
ZenGo Review — Final Verdict
ZenGo has mixed reviews but mostly positive in Playstore. It seems to be a reliable wallet that has already attracted a dedicated following of customers who seem to be pleased with the company's offerings.
As can be seen on the website and the various social media accounts associated with the organisation, there will very certainly be many more updates in the near future.
ZenGo is an interesting wallet choice for individuals who want to retain their money safely and actively engage in the market with simplicity, with somewhat of an emphasis on decentralisation and a diversity of functions.
ZenGo Review — FAQs
Can I register an alternate photo ID or email address?
Sure. Users are strongly encouraged by ZenGo to create a secondary email and Face ID. Add the face of a trusted relative or friend to your wallet's recovery kit in case you ever need help. If you can't get into your account for any reason, they can. If you lose access to your main Mail ID and need to restore your wallet, adding a backup email address is a good idea.
If I decide to cash out my salary in Crypto, which tokens would I receive?
Payments in USD, Bitcoin, or Ethereum coins may be made if you have decided to convert a portion of your regular income to crypto. If your business isn't already registered, you may submit a request to join the waiting list.
Could I use ZenGo on my desktop computer?
Yes. ZenGo is accessible from any computer with an internet connection. However, the software makes it much easier to do key tasks. This is because ZenGo was developed with mobile devices in mind from the ground up.