The Zengo cryptocurrency mobile wallet has presented several new features in combination with a new premium subscription.
The new premium subscription is called Zengo Pro. Its cost is $20 per month. Additional features are an offer that is appropriate for those virtual wallet users who have significant digital assets or pay increased attention to security issues.
Basic accounts are still available for free. As part of the implementation of innovative solutions, the application as a whole was updated, but this did not affect its availability.
Zengo is a self-service crypto wallet that uses multiparty computing. This digital asset repository cannot be restored using the initial phrase. Such a security technique makes sense because it minimizes the risk of phishing. Also, Zengo does not control users’ cryptocurrencies, which is an important difference from other similar platforms.
To make a transaction from this wallet, the approval of all participants in the process is required. In this case, secret shared access stored on the client’s device and secret shared access stored on the company’s server is needed.
Users can restore the Zengo wallet on a new phone using a recovery file that is stored in one of the online cloud welfares, such as iCloud Drive or Dropbox. Also in such a situation, the client must confirm the action from the mailbox and scan his face.
Zengo users have processed transactions of over $1 billion. Company co-founder and CEO Ouriel Ohayon stated that at some point it was discovered that there are many options for using the wallet, within which a full-fledged solution to the security issue is not provided. As a result of receiving this information, the firm decided to launch a set of security services as part of a paid subscription. Ouriel Ohayon stated that the problem could be solved in certain blockchains, but in this case, a set of innovative algorithms was applied.
Zengo, investigating security issues, found that the pain point is the potential for unauthorized access to the smartphone of the owner of the crypto wallet, as a result of which third parties get the opportunity to spend and transfer money from financial mobile applications. Zengo Pro offers a solution to this problem. Users can set an additional level of digital protection through a mandatory face scan procedure to confirm an outgoing transaction.
Also, as part of a paid subscription, the company seeks to solve the problem of transferring ownership of digital assets. The user can offer a close person whom he trusts to become a kind of heir. As part of such a solution, two persons receive something like a shared secret, which they store in an online repository. This innovation makes it possible to deal with the issues of ownership of the user’s financial assets in the event of the termination of his physical existence or in the situation of the completion of his activity in the digital dimension. Such cases in the standard practice of proceedings are characterized by expensive procedures involving lawyers and notaries.
Zengo Pro provides that a trusted person can begin to dispose of digital assets if the owner of the wallet has not logged into the corresponding application for a maximum of two years. The period of maximum permissible virtual inactivity can be determined by users independently, but without going beyond 24 months.
Over time, the company plans to expand the functionality of a paid subscription. For example, the firm intends to simplify the access of paid users to customer support services.
As we have reported earlier, Crypto Wallet Manufacturer Ledger Values at $1.4 Billion.
