We’re excited to share with you an inside look at Zengo’s unique technology through the eyes of Zengo’s founders. We’ll be bringing continuous insights about Zengo’s software, cryptography, and security from those who know it best. You can also check out Part 1: Cryptography and Part 2: Engineering.
This week, we bring you a video interview with Tal Be’ery, co-founder and security expert at Zengo. Crypto wallets are honey pots for hackers and it takes hard work and innovation for wallets to stay one step ahead of them. Tal discusses how wallets generally manage security and some of the resulting problems that users encounter. Many users are uncomfortable with having full control of their private keys and some choose instead to store their keys with custodians on exchanges. Unfortunately, exchanges are notoriously insecure.
Tal discusses how Zengo solved this dilemma by using threshold signatures. Zengo successfully provides users with an extremely secure, non-custodial wallet without a private key. The resulting wallet is super simple, user-friendly, and has no single point of failure — a first for crypto wallets.
Tal also discusses why the decision to make Zengo passwordless and available only on mobile devices was important from a security perspective. Unlike other crypto-management solutions, Zengo’s simplicity doesn’t sacrifice security. Zengo’s security has even been heavily audited and recently passed a public hacker challenge.