But what does that really mean? At ZenGo we strive to build a very simple and secure solution to store and manage your digital assets, but it is important to truly understand the security mechanisms powering the solution you are going to use, including its limits. It is also critical to understand what you can do to protect yourself from human error and other risks. Indeed, even with ZenGo there are things you can do to improve your safety and increase security.
Below, we’ll cover the topics you need to understand to help you be better protected with ZenGo.
2FA is a security process that requires setting up a second authentication factor. ZenGo’s security model is, by design, 3FA (3 Factor Authentication). Here are the 3 factors that we use to keep you safe:
Confirm when signing up with a magic link
Used to store a decryption code associated with your account in your personal cloud service
A securely encrypted representation of your face stored on our servers so that in case you delete the app or switch devices, you can still restore your account.*
By combining these 3 factors, as well as our cutting-edge, MPC-based cryptography, we’ve minimized the risk that comes with cryptocurrency storage. ZenGo’s Keyless security keeps you safe by eliminating a significant point of failure in crypto storage – the private key.
We also implemented a first of its kind guaranteed access solution – Chill Storage™,
which guarantees access to your funds even in extreme cases.
*The face map is encrypted before reaching our servers.
As long as you have access to the 3 factors mentioned above, you will nevernot lose access to your account.
The level of safety can be reinforced depending on how you set up and protect each one of your 3 factors. Keeping the 3 factors safe is critical, since losing access to any of the factors means you will not be able to restore your account.
Here’s what you should do to make sure that your 3 factors are safe:
Unless all of your factors are compromised, your funds are not at risk. However, for extra safety, if you have the device at hand, take control over your account and upgrade its security as described above. Then resume to ZenGo.
If your device is stolen or lost, here’s what you should do:
Here’s how you can increase the safety of your device and more generally of your online setup. These tips are not exhaustive but should already give you an edge:
Cryptocurrencies and decentralized finance services (also known as “DeFi”) are innovative and cutting-edge products. But innovation always comes with risks, and it is important to act responsibly when dealing with volatile assets and new technologies. There is no such thing as perfect security or a guaranteed return on investment: always exercise caution and stay alert while managing and investing in crypto assets.
These are some of the things that you should know or do to make your crypto journey safer. Improving your safety is an ongoing practice. Keep revisiting this page if you want to get the latest tips from us.
Updated: March 22nd, 2020