The developer of non-custodial wallet ZenGo has announced on 18th August they will be supporting the upcoming cryptocurrency from Facebook Libra on testnet. The website of the company further confirmed the news.
The users of the wallet can now send and accept Libra on ZenGo wallet just like any other cryptocurrency. The developers have further said that the testnet assets do not hold any actual value and are only for the testing purpose.
Proof-of- concept is released for the libra testnet by the firm. POC uses TSS, a cryptographic technique that will produce a protected and easy transaction process. TSS eliminates the reliance on sole atomic private key and allots the obligation between the various party. The parties then create their secret and sign the contract without revealing the secret.
As per the website of ZenGo, the user can do testing on Libra by simply switching on the Testnet of the wallet located on the AccountTab. But before experimenting, the user should take a backup of their wallet. The user will receive their first Libra from the firm.
Facebook does not yet release Libra, but once it gets released, the wallet will become custodial, which means Facebook will have control over fund stored in the wallet. This is not the sole option for the user, ZenGo will offer non-custodial wallet for Libra and people can make their own choice.
Although the wallet of ZenGo is still in its testing phase so that periodical changes may reflect on the wallet regarding maintenance and updates. All the information on the network may get rearrange, including operation history.
The company has promised a complete peace of mind for the user with its keyless wallet. They can manage Libra while having control over their funds. The company believes the keyless feature of the wallet and on-chain user experience offered by ZenGo will attract many users.
Presently ZenGo wallet supports cryptocurrencies like Bitcoin and Ethereum. It is making preparations to support BNB of Binance, Zil of Zilliqa and XTZ tokens. Recently $4 million was raised from the investors like Samsung and Benson Oak Ventures by the company to make the cryptocurrency storing experience easier for the ordinary people.