Cryptocurrency wallet provider Zengo introduces Legacy Transfer feature
Zengo, a cryptocurrency wallet provider, has launched Legacy Transfer, a new feature that allows users to designate a beneficiary for their crypto assets in case they become inactive. Users can choose future recipients for their assets and have the flexibility to change or cancel these assignments. The feature is built upon Zengo’s existing Multi-Party Computation (MPC) infrastructure, which eliminates the need for traditional private keys or seed phrases. Instead, it focuses on user controls and three-factor authentication.
Main breakdowns:
– Zengo’s Legacy Transfer feature allows users to designate beneficiaries for their crypto assets.
– Users have the flexibility to change or cancel these assignments.
– The feature is built upon Zengo’s Multi-Party Computation (MPC) infrastructure.
– It eliminates the need for traditional private keys or seed phrases.
– The system divides the responsibilities of private key generation and signing between the user’s device and Zengo’s servers.
Zengo enhances security with scattered approach
Zengo’s infrastructure uses a scattered approach to enhance the security of digital assets. Instead of relying on a single point of failure with traditional private keys, Zengo’s system divides the responsibilities of private key generation and signing between the user’s device and its servers. This approach, combined with Threshold Signature Scheme (TSS) cryptography, provides better resilience against theft when compared to traditional single-point-of-failure private key wallets.
Zengo releases whitepaper on Legacy Transfer
Zengo has released a whitepaper outlining the technical aspects of the Legacy Transfer feature. The paper, led by co-founder and CTO Tal Be’ery, explains how the system leverages non-KYC, inheritance-style asset transfer methods. Zengo is considered one of the leading MPC wallet providers, alongside firms like Fireblocks, Coinbase, and Web3Auth.
Hot Take
Zengo’s Legacy Transfer feature offers a unique and secure solution for cryptoasset inheritance. By allowing users to designate beneficiaries and eliminating the need for traditional private keys, Zengo enhances the security and simplicity of self-custody in the crypto industry. With its scattered approach and advanced cryptography, Zengo sets itself apart as a leading provider in the MPC wallet space.
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