On the 25th of January 2023, Polygon shared info about ZenGo, a self-custodial wallet with no seed phrase vulnerability.
— Polygon (Labs) (@0xPolygonLabs) January 25, 2023
ZenGo is a self-custodial wallet with no seed phrase vulnerability and they have integrated with the Polygon network, to provide the same level of security to Polygon users.
With the level of hacks prevalent in the crypto space, providing adequate security for digital assets is one of the major concerns in the industry, especially for newbie users just joining the space. That’s why ZenGo’s innovative security is necessary for the Polygon ecosystem.
This is relevant because of the saying that resurfaced in 2022 after the FTX debacle and other similar centralized establishments crashed. The loss of billions worth of user funds brought back “not your keys, not your crypto”. While that preaches self-custody, the massive challenge of losing seed phrases, hacks, or even stolen funds can cause new users to avoid the crypto space, negatively affecting the adoption rate of crypto tech and Blockchains.
ZenGo helps to solve that problem by using multi-party computation instead of seed phrases. Unlike a single point 12 phrase private key which can easily be overcome, multi-party computation allows multiple parties to compute functions without revealing their inputs.
This means both a computer, remote server, and a mobile phone can jointly perform all the cryptography needed to generate keys, sign transactions and verify them, without revealing their respective inputs. This builds a management system without single keys, since single keys aren’t generated, split, or reconstructed throughout the whole process.
This provides a security protocol that’s way superior to the traditional methods rooted in single keys and is a major breakthrough in the world driving towards self-custody. There aren’t any single keys to steal since multiple anonymous parties are involved, and each party backs up their individual inputs, making it difficult to compromise the system.
ZenGo has not lost a single wallet to hacks or theft, and they aim to provide Polygon users with the same sense of security and peace of mind, knowing that their assets are secure.
This would also make the Polygon network more attractive to new users, allowing them to enjoy the advantages of decentralization without worrying about losing or wrongly backing up their seed phrases. This would help onboard many more users into the Web3 space.
The capacity to truly secure assets for crypto users is truly a groundbreaking innovation.