gm to a safer Web3!
Today marks a new start for Zengo but also for the entire Web3 ecosystem. Zengo brings a novel and safe way to use and connect a wallet to native crypto apps and use NFTs, invest in Defi and more.
The explosive adoption and popularity of NFTs and Defi has created notable new forms of risks and attacks around private keys phishing and account take overs.
If that made any doubt, open Twitter any day and you will find your fair share of horror stories. In front of that tsunami of bad news where honest investors gets their private keys stolen and funds taken away, no wallet has brought any serious solution to make the ecosystem safer: except by asking users to be careful and never share their private keys.
Adding to that, there is so much complexity! The average wallet is confusing, complicated, and forces you to use particular browsers, screens, or hardware – all for people who simply want to own an NFT, participate in a game, or invest in Defi when it feels right to them.
Today we’re introducing to Zengo the first solution that allows users to safely connect to Web3 apps (Dapps) without the need of a private key. Leveraging open-source Multiparty computation (MPC) – a technology used and acknowledged by the most serious institutions, Zengo brings its security superpowers to the world of NFTs and DeFi.
We have integrated the wallet connect protocol. We’re not the first to do that. But Zengo is the first and only wallet where no passwords, private keys or seed phrase is ever needed or even generated making it impossible for an attacker to lure users in giving them away and take over your account and funds.
WalletConnect also enables you to use Web3 wherever you want: Without particular extensions, hardware or cables. It is agnostic to operating systems, browsers, and screens. Simply scan a QR code. Done. You can for example simply buy NFTs on your mobile phone (something that even OpenSea mobile app does not enable).
This is a step-function improvement to how wallets play with Dapps and a first in the industry.
We are excited to open Zengo to this new world. Zengo brings a comprehensive, safe solution that allows anyone to start from zero to Web3 in matters of minutes all in one place:
All within one single simpler, delightful mobile interface and world class customer service.
This is the first step in a series of major innovations coming to Zengo to make Web3 safer and more usable. Today we launch support in the Ethereum ecosystem, with more to come! We cannot wait to share the upcoming security innovations we will bring to Web3.
It has become apparent that non-custodial on chain wallets are becoming primary ways to engage with the crypto economy. Custodial systems are irrelevant because they are siloed in their own systems. Wallets grew from secondary options to store funds to primary ways to use funds in a healthy digital economy
This is why building a simple & secure wallet is so critical and this is why we are so excited about this announcement and what is coming next!