ZenGo is a consumer-facing wallet that puts the power of MPC technology in the hands of everyday Chad.
This sounded interesting, so I spoke to Ari, the Head of Communications, where I asked him questions on his approach to self-custody and hypothetical scenarios to see how the wallet compares to the other hardware wallets in the web3 world.
ZenGo MPC Wallet Episode 2 Audio
What Is ZenGo?
By using MPC technology, it enables users to have complete custody of their own coins, removes the need for a seed phrase which is a single point of vulnerability for a wallet, and enables a level of “wallet recovery” should you lose access to the physical device (your phone) that holds your wallet.
The company is now 4 years old and boasts more than 700,000 users as of date.
More About MPC Technology
The crypto industry is expected to grow to one billion users by 2030. But current bankruptcy cases filed by exchanges like FTX and Celsius, where there was no regulation on using public crypto assets, have shaken public trust.
So with centralized exchanges out of the question, what is the best option for self custody of your crypto? Traditionally, we have turned to hardware wallets like Ledger or Arculus that use see phrases. But what if you lose your seed phrase?
Multiparty computation (MPC) allows multiple parties to jointly compute a function with their private inputs without revealing those inputs to each other.
You can use MPC to enable secure communication and cooperation between parties who may not fully trust each other or who may want to keep their inputs private.
ZenGo MPC Podcast Conclusion
It was great to talk to Ari, the Head of Communications at ZenGo. He is knowledgeable about the crypto world and explained seed phrases and MPC concepts to me the simplest way possible.
It will be interesting to see how ZenGo evolves as an MPC wallet as we move into the era of widespread crypto adoption.