Keyless Wallet Provider Zengo Now Holds SGA Stablecoin

Keyless Wallet Provider Zengo Now Holds SGA Stablecoin

Saga Monetary Technologies partners with ZenGo, allowing SGA users to hold their tokens on ZenGo’s keyless wallet

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Saga Monetary Technologies’ SGA stablecoin is now compatible with keyless wallet ZenGo, thanks to a recent partnership between the two companies.

“ZenGo provides guaranteed access, meaning that even if we stop operating, user funds will remain 100% available for the users to move them anywhere they wish,” ZenGo CEO Ouriel Ohayon explained to Cointelegraph about the keyless wallet.

Users can now hold their SGA tokens in ZenGo’s wallet, Saga said in a March 19 statement. ZenGo’s wallet does not employ private keys. ZenGo’s main wallet will now hold SGA compatibility, a representative confirmed to Cointelegraph.

The collaboration has an approach different than traditional wallets

Traditional crypto wallets rely on private keys as a backup for stored funds. Safe private keys essentially mean safe funds. Alternatively, “leveraging advanced biometrics and cutting-edge cryptography,” ZenGo takes a different approach without private keys, the statement said.

Saga Monetary Technologies founder Ido Sadeh Man said current global uncertainty pushes crypto and non-crypto folks toward stability. The founder referred to currency value fluctuations and people’s search for a different option aways from such fluctuations.

“Saga was designed to remedy these concerns in the sense that it is backed by a basket of the five most traded national currencies on one hand, and, on the other hand, it is gradually progressing towards independence, as its economy grows,” Man told Cointelegraph.

Users need simple solutions

Man also said that such options need simplicity to be accepted by the public, adding:

“ZenGo is extremely appealing in this regard, as they have managed to allow users to hold a wallet without needing to bother themselves with keeping the private keys secure, spreading them around, and being so concerned about security. At the same time, ZenGo allows users to remain in full custodianship over their funds, without actually needing to turn to a custodian.”

Simplicity appears to be key in the public eye, as a recent study from Edelman showed Generation X, Z and Millenials all voted lack of knowledge as the largest barrier to entry into crypto. A more simplistic approach might invite new users as it would not require as much additional knowledge.


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Saga Monetary Technologies partners with ZenGo, allowing SGA users to hold their tokens on ZenGo’s keyless wallet

ZenGo Demonstrates Proof-Of-Concept of a Keyless Wallet for Facebook’s Libra

ZenGo Demonstrates Proof-Of-Concept of a Keyless Wallet for Facebook’s Libra

ZenGo publishes its open source project, which purports to provide proof-of-concept that its keyless wallet product can support Facebook’s Libra

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The non-custodial crypto wallet solution ZenGo has created an open source project that purportedly provides proof-of-concept (PoC) for its ability to support social media giant Facebook’s virtual currency Libra, according to an official announcement by ZenGo on July 2.

According to the announcement, this proof-of-concept project shows that it is possible to perform Libra transactions on the Libra testnet blockchain. However, the findings are limited, as the report cautions:

“Obviously, this experiment is only based on a testnet and we will have to explore further once Libra makes its mainnet available. Additionally, there is no user interface in this PoC and it goes without saying that a proper UI is required for a usable product.”

The statement also briefly discusses Facebook’s announced native wallet, Calibra. According to the report, ZenGo views Calibra as a good custodial-based solution, but notes that users can’t have full control over their Libra — the slogan goes ’not your keys, not your Bitcoin’ — and are required to undergo a registration process with government-issued ID to use the wallet.

ZenGo, on the other hand, uses a technique called the Threshold Signatures Scheme (TSS) which removes the need for private keys. ZenGo believes private key management is too complicated for the average user, so they developed the TSS to avoid custodial solutions and private keys entirely.

In layman’s terms, this is how ZenGo describes the cryptographic function of TSS:

“TSS removes the burden of the single atomic private key and splits the responsibility between multiple parties. Each of the parties generates its own secret and uses this secret to distributively sign a transaction without revealing the secret to the other parties.”

In April, ZenGo received $4 million in funding from investors, including South Korean tech giant Samsung. 

As previously reported by Cointelegraph, Facebook does not intend to launch Calibra in India, due to its ban on cryptocurrencies. A recently-proposed bill in India called the “Banning Cryptocurrencies and Regulation of Official Digital Currency Bill 2019” suggests a jail sentence of up to 10 years for engagement in cryptocurrency operations within the country.


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ZenGo publishes its open source project, which purports to provide proof-of-concept that its keyless wallet product can support Facebook’s Libra