Cryptocurrency wallet solutions come in many different forms, shapes, sizes, and versions. All of these offerings tend to offer something slightly different from its competitors, to varying degrees of success. ZenGo is a very different creature, as it is a wallet solution which doesn’t require key pairs whatsoever. As is to be expected, this controversial approach tends to leave the community a bit divided.
The ZenGo Concept is Unusual
While one has to commend cryptocurrency wallet developers on trying a different approach compared to the current offerings, one has to wonder how many of these options will prove to be viable in the long run. ZenGo, a project developed by KZen, is very different compared to what most people are used to by now. Unlike most, if not all of the other offerings, this wallet does not require key pairs to prove ownership of currencies or enable transactions.
More specifically, the KZen blog post confirms their project makes use of open source threshold cryptography. This is, in the team’s opinion, a viable way of replacing private keys and all of the hassle associated with this particular information. A lot of cryptocurrency users struggle to keep their private key safe from harm. Moreover, not everyone understands how that vital piece of information should never be shared with anyone else, thus it is considered to be a potential point of failure.
The ZenGo cryptocurrency wallet still benefits from the key features one would expect from such solutions. Users can backup the wallet if needed, recover it if something goes awry, and the funds will only be controlled by the end user. While it sounds too good to be true, the team is confident they have successfully pulled it off. Although their product is currently still in private beta for mobile devices, it seems the concept has tremendous potential for the future.
The big question is whether or not this software solution can succeed where others struggle or have failed. More specifically, cryptocurrency wallets are not for the masses, regardless of how simple they may have become to use in recent years. Getting people interested in Bitcoin and altcoins will remain the first order of business, and it appears ZenGo will not necessarily address that particular problem right away.
Once the application becomes available to more people, it will be interesting to see how the user base responds. It is likely this solution will be appreciated by veterans and those who are already involved in cryptocurrency. However, for the average person on the street, it will be of little to no interest. Without any cryptocurrency to be stored, it seems unlikely too many people will experiment with ZenGo. While the business model is more than interesting, it will not sway the public’s opinion on Bitcoin and altcoins.
In the end, this is another sign of how dealing with cryptocurrencies can be made a lot simpler and more straightforward. While it is an interesting idea, the key hurdle in this industry is to get more people interested in this new form of money in the first place. How the KZen team will tackle that particular aspect, remains unclear at this time. Rest assured this keyless crypto wallet solution will get plenty of attention, either for better or worse.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
Published at Sat, 20 Apr 2019 12:27:24 +0000