ZenGo AMA Recap

ZenGo AMA Recap

CryptoDiffer team

Hello everyone!

We are glad to meet here  Ouriel Ohayon (@ourielohayon), CEO & Co-Founder at ZenGo! 

Can you introduce yourself to the community? What is your background and how did you come to the idea to create your project?

Ouriel Ohayon
CEO

So i am the CEO of ZenGo a new generation of crypto wallet with one of the simplest and most secure user experience out there (maybe the simplest?)

We have been working at it for more than 2 years and launched only recently. I have been personally in tech for over 20 years and built multiple companies (i created one of Techcrunch main blogs), worked a lot in mobile and consumer marketing.

We are a team of 14 based in Tel Aviv, we have a hybrid know how of deep cryptographic skills, consumer product and high scale software – the end result is ZenGo.com

 

CryptoDiffer team

Can you briefly describe what is ZenGo in 3-5 sentences? What technology stands behind ZenGo and why it’s better than the existing one?

 

Ouriel Ohayon
CEO

ZenGo is a mobile crypto wallet with a new approach to user experience and security, traditional wallets (software or hardware) that are non custodial require the user to be in charge of his security – you need to manage a private key – this step is tedious, risky and often leads to hack and errors.

Most people do not know how to manage secrets security, however everyone is told to keep a private key “somewhere safe”.  We decided to take another approach by buiding a wallet without private key, you are reading correctly. ZenGo is the first wallet on the planet to not generate or store any private key – we use MPC and threshold signatures that distribute your security and unlock this new experience – this has enabled us ot be a completely password less experience where nothing needs to be stored or rememberd. We support multiple chains and in that sense we are multi assets (not just ERC20 ….) and we provide one of the simplest UX to buy crypto in a few clicks.

ZenGo is all about absolute simplicity and peace of mind. You will not find on the market a simpler and more elegant solution to get started with crypto.

 

CryptoDiffer team

What are the major milestones you have achieved so far?

Ouriel Ohayon
CEO

The first major milestone was to actually produce the code to support the crypography. our research is already well known and celebrated.

The second milestones was to actually deliver a first class, consumer grade mobile application. The numbers are still small but are growing very quickly, we have a consistent high reviews on iOS. We are proud of such a product!

Both the research and product are what makes zengo – zengo. We are also backed by some of the best investors and even crypto chains. We are new to the space but managed to get our name out there in a short period of time. We are also very proud of recovery mechanism: we even provide garantees if we go out of business!

 

Cryptodiffer Community

Encrypted code of device share will store on the Zengo Server. It means we need to store decrypted key instead of private key to open  encrypted code.

Then what is benifit of Zengo keyless wallet?

 

Ouriel Ohayon
CEO

You are storing only a part of the secret. ZenGo is multi factor!

 

Cryptodiffer Community

How 3D-Biometric Face Authentication will work on Android mobile because too many Android mobile not support 3D Face Authentication?

Ouriel Ohayon
CEO

The live scan works on any device that has a selfie camera. independant of the OS.

Cryptodiffer Community

On which group of people ZenGo is focusing on? How are you planning to attract the different communitues?

Ouriel Ohayon
CEO

We focus on individual investors in search of simplicity and reliability. too many accidents happen and too many are intimidated by current solutions. we believe simplicity is a major focus the industry has ignored and we believe it will attract naturally an audience that could not come to the space

Cryptodiffer Community

1. The Cryptographic technique called threshold signatures is making the wallet secure or not ?

2. Can we stake other crypto assets in ZenGo wallet ?

Ouriel Ohayon
CEO

You will be able to stake. As a matter of fact we are launching soon Tezos support.

Cryptodiffer Community

Why that name is Zengo?

Ouriel Ohayon
CEO

Excellent question: initially we had a codename “Django” in reference to the movie. we quickly wanted to have a name could trademark and that was talking about our values: simplicity and peace of mind. we did not want any word in reference to money, blockchains, or crypto. something that could go beyond that

ZenGo became quickly our choice because it sounded natural and universal. we could also acquire the .com and the @ on twitter and register it as a trademark

Cryptodiffer Community

If ZenGo wallet is privatekey less so, how we can recover our wallet if my phone was lost ? Is it centralized wallet ?

When Zengo launches wallet app for Android phone and as well as any plans for desktops ?

Ouriel Ohayon
CEO

Recovery is one of the most important aspect of the wallet. We have been told for 10 years  “not your keys, not your crypto” but the reality is that there is a different (and we believe) better way.

We have created a solution where you do not have to be as a user a point of failure, and because we dsitribute the security and we cannot spend the money you own, we can assist you in recoveing in nearly every scenario. Including if you lose your phone. 

All details are explained here http://zengo.com/security

Basically you control the secrets to recover your account by just relogging with your email, cloud and your face!

You control those 3 elements that do not require you to remember anything, and the good news: unlike other wallet, only YOU can access your funds. Traditionally any wallet can be accessed if you own the passwords! Here is there is no password to hack

Cryptodiffer Community

1. Can we use ZenGo wallet as a payment Gateway wallet and Will ZenGo provide custodial funds as security fund or SAFU fund in ZenGo wallet.

I mean is ZenGo insured by any investment firms.

(eg: 1 million USD as backup funds)

2. Did ZenGo has any native token.

Ouriel Ohayon
CEO

1. no and 2. no. we are focused on non custodial support only. we do provide 100% garantee recovery if we stop operating

 

Cryptodiffer Community

Whenever you started this project  then what points do in mind. tell about that     2)How many members are there in your team? What qualifications are required for future new members who want to be part of your team?

Ouriel Ohayon
CEO

We started with just me 🙂 we are not 14 and mostly engineers. we are looking for a full stack engineer to join and a security researcher. jobs are on our website zengo.com

Cryptodiffer Community

ZenGo Sounded interesting at first, but seems you are swapping “inconvenient” use of a key for multiple potential points of failure targets of attack – ZenGo themselves, iCloud, an escrow agent, a trustee, and GitHub – this seems a lot of 3rd parties to involve just to avoid inputting a key. Please explain

Ouriel Ohayon
CEO

There is no 100% security approach to custody. right now you have accept trade offs. The point is that none of the factors you mentioned are a single point of failure. Current wallet can be hacked if the private key is compromised and generate an aweful user experience. You pick your poison!

We don t say our solution is perfect but for people who need absolute convenience and want to avoid the head ache of a potential total loss on one accident we are a good solution.

Cryptodiffer Community

Does ZenGo wallet support Fiat system? Can users convert assets directly on the wallet?

Ouriel Ohayon
CEO

We do not and won ‘t. however you can buy crypto via credit card via our partnership. We will also support all main stable coins pegged to fiat.

 

Cryptodiffer Community

I currently use Trust Wallet, Atomic Wallet, etc. Why should I switch over to ZenGo?

Do ZenGo take extra fees in transaction and how do you earn money?

Ouriel Ohayon
CEO

First those are cool options but again…you need to be in charge of your own security. if you are 100% comfortable with that then fine. we do not take fees. users are charged traditional network fees. We optimize for convenience and simplicity. if this is what you need we are the best solution out there. over time you will find unique services trust and atomic cannot build because they are fully decentralized….

1. No hardware. ever. the only hardware you need if your phone (maybe one day desktop). the whole point was to build a solution that augments security and user experience via math and software only

 

Cryptodiffer Community

1. There are 3 core issues prevalent in crypto and blockchain: security, interoperability and scalability. How does ZenGo plan to rise above these plagues, setting your brand unique from others?

2. What is biggest strength for ZenGo to attract User? Which market ZenGo focus on? 

Ouriel Ohayon
CEO

Our biggest strenght is our distributed security and absolute simplicity in user experience. nothing comes even close to those two strengths

Cryptodiffer Community

Hello team, I know you just implement first threshold signature for Binance Chain on May. Congrats! How is it important that makes CZ tweeted about it? and how does it improve security compared with other solutions?

Ouriel Ohayon
CEO

it was a nice achievement. we wanted to demonstrate the superiority of threshold signatures compared to multi sig and this got noticed by the binance team. they even announced recently they want to funds “projects like KZen (us)”

It was a great learning experience for us and we got to improve significantly our code and servers doing so

Cryptodiffer Community

If I lost my mobile and i want to open Zengo wallet in new mobile, then how i can access same wallet in new mobile?

Ouriel Ohayon
CEO

Yes, you can . check zengo.com/security

Cryptodiffer Community

What is the long term viability of the Foundation’s current funding model, and by extension, the ZenGO?

Ouriel Ohayon
CEO

Confused. we do not have any foundation 🙂

Cryptodiffer Community

I am an android user and can’t use your wallet can you tell how many words seed zengo wallet provides? When can we expect zengo wallet for android? Do you have plans to work for windows?

Ouriel Ohayon
CEO

Android is currently in development and hopefully will be available in a few weeks. sign up on zengo.com to be notified

Cryptodiffer Community

As you use 3rd party company which is ZoOm for 3D biometric face map. How can we rest assured that our data will not be leaked? What will happen with our data in ZoOm if ZenGo and ZoOm stop your cooperation?

Ouriel Ohayon
CEO

The data is fully encrypted and absolutely unreadable and unusable by any party including us or zoom. even if the data was leaked it would not be worth more than the last shitcoin 🙂 if you see what i mean

Cryptodiffer Community

Other than Keyless, what are your other advantages/unique features compared with other wallets on the market? Do you have any plans to add dApps section on your wallet?

Ouriel Ohayon
CEO

If you follow correctly the keyless technology is unlocked through the role of our secured server (unable to spend). we will deploy new services that we are in a unique position to have thanks to that configuration. This will include services related to safety, dapps support, and investment management. we cannot disclose all our plans yet because…you know…. too many are listening…..

Cryptodiffer Community

How Zengo will prevent us from attacks such as malware attacks on phone, sim attacks etc?

Ouriel Ohayon
CEO

We never ask you a phone number, all the factors involved who may depend on a phone number are alone useless.  it is the combination of all those factors that is making the security what it is.

If your entire email was hijacked and icloud was hijacked you would still be safe.

Because no one else has your face!

 

Cryptodiffer Community

What is zengo vision and what’s your biggest challenges ?

Ouriel Ohayon
CEO

Our vision is to become the best place to start with crypto. we are focusing on that use case and are well positionned to deliver on that promise thanks to our security approach and ability to build first class consumer apps. our biggest challenge? is coming late and introducing a new paradigm where everyone still things “not your keys, not your crypto”. but we are getting there.

Cryptodiffer Community

How many developers are working on ZenGo and what does your research focus on primarily?

Ouriel Ohayon
CEO

We are a team of 14, we focus on developing MPC cryptography directly applied to custody but always with the end investor in mind. we manage an independant group of 140 first class researchers accross the world helping us building the best open source library for MPC

 

Cryptodiffer Community

Who are the Escrow and Trustee and how do they work in sync with ZenGo?

Ouriel Ohayon
CEO

This is explained in details in ZenGo.com/security where their role is detailed and disclosed. those are well established companiies untied to ZenGo and perfect able to deliver their mission

Cryptodiffer Community

When will Zengo have version apps for androi?

Zengo e-wallet aims to support users in storing private keys with a new storage solution that is supported by many parties, instead of existing private keys in the form of current characters.  Does having multiple private key store parties ensure safety?

Facebook is still developing its own Calibra e-wallet.  So what is the value of Zengo supporting Facebook’s testnet Libra?

Ouriel Ohayon
CEO

Android coming soon .We were the first consumer grade wallet to support Libra. Calibra will support Libra. ZenGo will support Libra and hundreds of other coins. Investors and customer will need a remote control and not a collection of wallets. this is what we build

Cryptodiffer Community

Lot’s Of Hype Everywhere that ZEN Wallet Has Very Unique Features Than Other Blockchain Based Crypto Wallet? Mention Some Decent Features of ZEN Wallet?  Do you have plan to collobrate with any existing crypto Projecect? Does Zen Wallet Support BEP2-2 Tokens?  

 Why You Choose your Project A Crypto Wallet Not Like Others? What do you need to do to increase #ZEN Wallet awareness to attract more users  in the future? What is the big milestone in your roadmap you want to achive & When Android version

Ouriel Ohayon
CEO

Bep 2 tokens will be supported. it is a matter of priority

Cryptodiffer Community

I would like to know could you please explain more about MPC & threshold signature &  Currently zen go is only available on ios, when do we expect it’s availability on Google Play store for android?

Ouriel Ohayon
CEO

MPC is about disrtributing operations between multiple parties that do not need to “know each other”. it s a new form of security paradigm that is starting to catch up and many are now investing in this field. we are one of the most advanced companies in the world for that topic. MPC enables you to run complex security set ups without exposing secrets and therefore not having a single point of failure like in traditional wallets or exchanges

 

Cryptodiffer Community

How zengo works on open source and provide guaranteed access ?

Ouriel Ohayon
CEO

All our cryptography is open source, peer reviewed and audited. we also manage a group of 140+ researchers. Garanteed access is explained in detail on our site. Basically it means that if we stop operating a set of organizations is able to take over to release the funds back to the owners (and just that)

Cryptodiffer Community

There are so many crypto wallets out there on the market, and all of them can do almost the same job. In what aspect #Zengo is unique from the rest?

Ouriel Ohayon
CEO

Absolutely simplicity and convenience. we are by far the best in that respect. think of all the people who are coming to crypto or have been harmed by current solutions or are intimidated …..we are here for them. Soon we will have unique services that will make it obvious you want to use ZenGo

 

Cryptodiffer Community

How ZenGo was created? What about ZenGo and consumer protection? Can  ZenGo scale to become a major payment network?

What is the advantage to using ZenGo over regular money at banks? What impact do you believe ZenGo will have on economic growth?

Ouriel Ohayon
CEO

The story is simple: we did not think any current wallet solutions was good enough to scale to a large audience so we decided to build one because we had the skill and tech stack to make it happen.  we are not building a payment network for now. we could. but this is not our focus

Cryptodiffer Community

1. How would you introduce the concept to people who have not heard of zengo before?

2. We’ve seen a few exchanges being hacked in the past months. Do you have any safety in place to avoid this, and reassure your customers and zengo doesn’t have privatekey so how we can expect security from that?

Ouriel Ohayon
CEO

Actually the best way to introduce it is to take 10 seconds and create an account. the onboarding experience is the most delightful ever created in crypto (maybe in fintech). exchanges have been hacked because they were storing private keys. in ZenGo there is no private key to be stolen.

 

Cryptodiffer Community

1. What were the major difficulties that you faced while starting this ZenGo project  ? And what was your motivation to continue  ? 

2. Why your team First Chooses to develop and publish iOS users ZenGo Wallet . There are many users ( like me ) who use Android device so when ZenGo Wallet  will be available for Android Users .

Ouriel Ohayon
CEO

We had to build the software in a fast and reliable way. we are the first consumer grade app built with MPC done in such a way. it was a major challenge to make it happen and with such a flawless execution. we paid attention to every details. We chose iOS because we know well this environement and because we felt it was a safer place to start (more security). android is coming soon

Cryptodiffer Community

1.  The ZenGo system uses a two-of-two signature system,  requiring two “shares”. An encrypted copy of a share is stored on ZenGo’s server, while the decryption code is stored on the user’s iCloud account.  Do you think this will make it centralized since it needs Apple server to work?

2. As a design of sending transaction via Apple’s FaceID feature, how about Android users?

Ouriel Ohayon
CEO

We are not a fully decentralized solution, that is correct. we are more a hybrid. the trade off in a fully decentralized solution is that you are alone in case of problem. can you handle it?

We will provide additional security so you are not depending too much on Apple and more on whatever you feel comfortable with

 

Cryptodiffer Community

Is ZenGo the leading e-wallet for Libra integration? Currently, there are posts about getting Libra free on Facebook, is it a scam?

Ouriel Ohayon
CEO

We are one of the best wallet for libra test net. indeed be careful with scams. always verify

 

Cryptodiffer Community

A transaction requires signatures from both holder and server? Or how does ZENGO works with this “no private key” feature?

What happens if someone deletes ZENGO app or looses access to it? How will he get back his funds?

Ouriel Ohayon
CEO

Indeed ZenGo server co signs but can never spend alone. Only the customer can start and define how much is sent and to who

 

Cryptodiffer TEAM

Thanks you for the answers 🙂

It was a pleasure to conduct an AMA with such a cool project like ZenGo. Thank you for your time!

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Maks Kyryliuk
query2212@gmail.com

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