Ever since Facebook has announced its cryptocurrency project Libra, there are always new exciting developments and updates coming to the surface. The latest being ZenGo introducing the very first non-custodial keyless wallet for Libra (testnet). And what’s astonishing is that the company has managed to do this in a timeline of just two weeks post the announcement by Facebook.
This interesting update was shared with the larger crypto community by ZenGo through their official Twitter account on 2nd July 2019, generating a string of excitement. ZenGo, based in Israel, is the first keyless crypto wallet of the world by KZen Networks.
Special announcement: We are excited to introduce the first non-custodial wallet for @Libra_ (testnet) in open-source. Details and demo here: https://t.co/wicolBuw2O
— ZenGo Wallet (@ZenGo) July 2, 2019
The company has already published the open source code on the testnet of Libra for the wider community base to use. However, at present, it comes with a user interface which is not consumer-grade and they are working towards it, read one of the series of the announcement tweets by ZenGo.
It is important to note that ZenGo’s non-custodial wallet will be the first alternative to Facebook’s custodial Calibra wallet. Crypto enthusiasts closely following the news already know that Calibra is the division of Facebook that will be handling the financial service offerings for their Libra currency while also developing the Calibra wallet.
While Calibra wallet has been designed to maintain the administration of users’ funds, ZenGo’s offering is designed to allow full control to users as far as their funds are concerned. In addition to that, ZenGo’s product will be completely keyless and based on TSS, i.e., Threshold Signatures Scheme, which is a cryptography technique. The TSS technique helps in creating an easy-to-utilize and secure transaction process.
To throw more lights on TSS, ZenGo stated that TSS will remove the burden that comes with the private key by splitting the responsibility among multiple parties. Here, each party will be generating its very own secret and using it to sign a particular transaction distributively, without having to reveal the secret to the rest of the parties.
According to Ouriel Ohayon, the CEO of ZenGo, the idea is to free the user from the complexities associated with key management. If Libra is to become a mass-adopted coin, there’s no way the mainstream audience would have an idea about dealing with things such as key recovery, back-ups, and multi-signature system. Through the TSS backed wallet, users will be able to have the custodian-level experience minus the self-custodian wallets’ complexities, Ohayon added.