Zengo’s crypto wallets will now sport a new legacy transfer feature which will help its users ensure that their cryptocurrencies end up in safe hands after their death. It’s like having a will just for your cryptocurrency portfolio. With the new inheritance feature, Zengo users will be able to name a beneficiary who will inherit their crypto assets if the wallet remains inactive for a stipulated period of time. The asset will be transferred to the beneficiary in a non-custodial manner.
According to reports, Zengo wallet users can even add future recipients for their tokens and can even remove or change the names as and when they deem it fit. The new feature is powered by Zengo’s Multi-Party Computation infrastructure (MPC). The key USP of MPC is that it does away with the requirement for seed phrases or private keys. Instead, it leverages three-factor authentication and user controls.
Explaining the new feature in a post on X, formerly Twitter, on August 29, 2023, the Zengo team stated that the legacy transfer feature was developed to offer a multi-chain “inheritance-style” facility for owners of crypto assets. The team also said that the move would ensure hassle-free and secure self-custody of crypto assets like the Top 10 cryptocurrencies.
Instead of relying on a sole point of failure as is the case with private keys, Zengos’s next-generation infrastructure splits the responsibilities of the generation of private keys between its servers and the user’s device. To secure its network, Zengo leverages Threshold Signature Scheme cryptography.
As the shards are not stored in a single location, Zengo’s scattered approach boosts the security of digital assets and offers more resilience against cyber theft in comparison to regular private key wallets which have a single-point-of-failure approach.
In its whitepaper for the legacy transfer feature, Zengo has outlined that the new service is the brainchild of its Zengo X Research team. The paper which has been authored by Zengo CTO and co-founder Tal Be’ery, the whitepaper delves into how its code architecture leverages inheritance-style transfer methods that do not require KYC.
About Zengo:
Launched in 2018, Zengo enables its users to trade and swap cryptocurrencies and NFTs seamlessly with its self-custodial wallet. The wallet is compatible with multiple blockchain networks and can support more than 70 cryptocurrencies like Polygon, Bitcoin, and Ethereum. Its success can be credited to its MPC framework that eliminates the limitations of the seed phrase. Crypto users can easily trade and make changes to their portfolios while scanning live cryptocurrency prices with Zengo.
What’s more, is that it’s also preferred by a lot of crypto users because of its robust security framework that can shield your assets against hacking attempts. For instance, Zengo users can prevent unauthorized withdrawals from their wallets by activating the 3D biometric verification feature.
In case of any concerns, Zengo users can contact the platform’s 24×7 support team. Apart from purchasing and selling cryptocurrencies, one can also use the Zengo wallet for connecting to dApps.
Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
