ZenGo Wallet Review

ZenGo reimagines wallet security by eliminating seed phrases, using Multi-Party Computation (MPC) instead. With biometric recovery options, ZenGo offers a wallet where losing your phone doesn’t mean losing your crypto. Ideal for those who value security and simplicity over traditional methods, ZenGo provides a fresh approach to managing your digital assets on both Ethereum and Bitcoin networks.

Wallet Name: ZenGo

• Type: Software (Mobile)
• Official Website: zengo.com
• Date Reviewed: December 29, 2024

Basic Features

• Platform Compatibility:
  • Mobile: iOS, Android
• Cryptocurrencies Supported: Bitcoin (BTC), Ethereum (ETH), and multiple ERC-20 tokens.
• Blockchain Networks: Primarily Ethereum and Bitcoin, with support for some Layer 2 solutions.
• Non-Crypto Assets: Supports NFTs on Ethereum.

Security

• Key Management: Employs MPC to split private keys, reducing single points of failure.
• Security Features:
  • No Seed Phrase: Uses biometric authentication for recovery instead.
  • Biometric authentication for wallet access and recovery.
  • No 2FA or multi-signature support directly, but the MPC model adds significant security.
• Seed Phrase Management: Replaced by a unique recovery process involving email, cloud storage, and biometrics.
• Open Source: Maintains an open-source library for its MPC technology, ensuring transparency.
• Past Security Breaches: Impressive record with no hacks reported, emphasizing their security model.

User Experience

• Ease of Setup: Extremely user-friendly, with no seed phrase to manage at setup.
• Interface: Clean, modern UI designed for ease of use and security.
• Accessibility: Highly accessible for beginners due to its simplified security approach.
• Customer Support: 24/7 support with priority options for Pro users, including live chat.

Functionality

• Transaction Management: Send, receive, and manage your crypto with ease, including gas fee customization.
• dApp Interaction: Supports connecting to Ethereum dApps but lacks a built-in dApp browser.
• Staking, Yield Farming, DeFi: No direct staking, but can interact with DeFi platforms through wallet connection.
• NFT Management: Basic support for storing and managing NFTs on Ethereum.
• DID and SSI Features: No direct support, but the wallet’s security model could be advantageous for identity management in the future.
• Exchange Integration: In-wallet token swaps available, leveraging decentralized exchanges.

Privacy

• Data Collection: Minimal data collection, focusing on enhancing user experience.
• Privacy Policy: Strong emphasis on user privacy, with transparent data handling practices.
• Anonymity: Transactions are pseudonymous on blockchain; privacy depends on how users manage their addresses.

Performance

• Speed: Depends on network conditions but generally performs well due to its focus on user experience.
• Scalability: Supports Ethereum’s and Bitcoin’s scalability solutions effectively.

Additional Features

• Backup and Recovery: Unique system involving email, cloud storage, and biometric data for recovery.
• Customization: Offers settings for transaction fees and asset visibility.
• Educational Resources: Provides educational content on security and wallet usage.

Costs

• Pricing: Free basic version; ZenGo Pro offers advanced features for a fee.
• Transaction Costs: Users pay network fees; wallet helps optimize these.

Community & Ecosystem

• Community Support: Active community with a focus on security, growing on social platforms.
• Developer Ecosystem: While not primarily developer-focused, ZenGo’s unique security model has implications for broader wallet security solutions.

Pros and Cons

• Advantages:
  • No seed phrase vulnerability; biometric recovery.
  • High security through MPC.
  • User-friendly for all skill levels.
• Disadvantages:
  • Limited blockchain support compared to some wallets.
  • No desktop application.

Affiliate Links & Calls to Action

• Download/Setup Links: ZenGo Wallet
• Next Steps:
  • Download ZenGo to experience a wallet that redefines security.
  • Try the biometric recovery feature to see how it works.

Detailed Section DID/SSI

• Detail on DID/SSI with ZenGo
  • Current State: ZenGo doesn’t explicitly support DID or SSI, but its security model could be particularly beneficial for identity management due to its biometric focus.
  • Potential Use Cases: Could serve as a basis for secure identity management where biometric verification is key.
  • Updates or Plans for Direct Support: No specific announcements, but ZenGo’s commitment to security suggests potential for identity-focused features.