Crypto inheritance: We’re giving $1,000 of Bitcoin with Zengo Wallet – AMA!

We’re giving $1,000 worth of Bitcoin into 2 Zengo Pro accounts and picking 2 winners to “inherit” the assets!

  • 2 Zengo Pro wallets hold $500 USD in Bitcoin each: (TX links coming soon!)
  • Winners picked from this AMA (details below)
  • 5 runners up get free Zengo Pro access

Legacy Transfer allows you to pass on your crypto legacy:

  • No KYC
  • Assets remain on-chain
  • No seed phrases required (institutional-grade MPC instead)
  • Cancel or re-assign the Legacy Recipient at any time

https://preview.redd.it/7j2wj0qjdj5d1.png?width=1600&format=png&auto=webp&s=4f9c1cede450873a1bede6b5a3e7d5068e5763bb

The AMA Challenge: Win Bitcoin

To be eligible:

  1. Post a question about Legacy Transfer in this AMA below
  2. Download and backup a Zengo wallet here
  3. Move at least $5 worth of assets into your Zengo wallet

On Monday, June 10th, the Legacy AMA goes live from 9am EST – 11am EST (but you can begin posting questions now).

On Sunday, June 16th, the Zengo team will select 2 winners and announce them in an updated edit on this post; we will then begin the Legacy Transfer process. We will also select 5 runners-up to get free Zengo Pro access.

  1. Once set up, the transfer will occur in approximately 4 months, which is the shortest inactivity period allowed. Learn more.
  2. If the announced winners don’t finalize their end of the Legacy Transfer Setup within 24 hours after winning, we will select and announce alternate winners.

Learn more about Legacy Transfer in our White Paper on GitHub

Questions? AMA!

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More about us at Zengo Wallet: Self-Custodial with No Seed Phrase

https://preview.redd.it/t0onuukxpj5d1.png?width=3072&format=png&auto=webp&s=4b29514d5ce0defd5b0e7421c92cabbaeff579c5

Using a 2-of-2 Multi-Party Computation (MPC) framework, each of the two Zengo parties (Zengo app on the user device and Zengo server) independently generate their own “Secret Share” during the wallet creation process. The secret shares are cryptographically locked to prevent MITM attacks.

  • The share randomly generated on the user’s device is called the Personal Share and leverages the device’s hardware-based random number generator (TRNG). Only the Personal share can initialize and sign transactions, all of which are verified by the device’s hardware (Secure Enclave or TEE/Trusted Execution Environment).
  • The share randomly generated on Zengo’s remote server is called the Remote Share and is used to co-sign transactions emerging from the Personal Share.

Using MPC, these two Secret Shares are able to compute their corresponding public key securely.

Even if a hacker gains access to one of the two secret shares, it is still useless to them as they cannot spend user funds. Check out our recent ZengoWalletChallenge and AMA to hack a Zengo Wallet holding 10 Bitcoin.

Lose your phone? The 3-factor wallet recovery process is biometrically locked to the user. More info here.

14 thoughts on “Crypto inheritance: We’re giving $1,000 of Bitcoin with Zengo Wallet – AMA!”

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  2. Zengo Wallet burned 1,800 moons to host this AMA.

    Transaction: https://nova-explorer.arbitrum.io/tx/0xaeb464af92d7b22542c67310388dc5ab71b101b330a7f72dbfeb4ca726f85a7e

  3. Marketing even better than Poopring Smart Wallet already .

    Oh wait Poopring Smart Wallet got hacked for $5 million dollars

  4. Very cool. How does it work? It’s not just EVM but includes Bitcoin too? Can they see what’s in my wallet before the system activates?

  5. Interesting! So you can pull back a sent transaction? Am I reading that right? That’s huge if so.

  7. The biggest challenge with legacy transfers has always been that the beneficiary might know absolutely nothing about crypto, and might not have the technical ability to figure it out. They don’t know what MPC is, they don’t even know what an exchange is, all they know is that their loved one has passed, their will mentions that they have been left a large sum of “bitcoin” whatever that is, and some additional USD in their bank account would really come in handy right about now. This of course often opens the door for scammers who claim to “help” the beneficiary. How does your service address this issue?

    Also, your MPC architecture from a quick glance at the whitepaper requires that one of the signers go through Zengo. One of the reasons of “not your keys not your crypto” is that Bitcoiners don’t want that a third party might have the ability to deny them access to their funds. Additionally, this may open the door to legal challenges where your company might be compelled to freeze access to a particular user’s wallet by a court order, or maybe the terms might change one day where you are legally required to ask for KYC before unfreezing wallets. How is this issue addressed on your platform?

    (To be clear: I skimmed the section on “Guaranteed Access” but it seems like this doesn’t meet the standard because this requires both that Zengo go out of business and a key could still be ordered to be withheld.)

    Further, on the topic of legal compliance, what if the name listed as a beneficiary on the account doesn’t match the contents of the will? For example, if the person forgets to update their account beneficiary to match the latest will. Alternatively, wills can be challenged in court, and such.

  8. This looks pretty cool. Just wondering on the Legacy Transfer side, what if both the owner and the legacy recipient are demised. Say an accident where now both parties are deceased. Can you add multiple recipients which cascades in some way?

  9. Act now! We’re giving away 1/61,789th of a Pingucoin with Dingus wallet! Zero hacks! Zero pump and dumps!

  11. You guys are really cool and when I tried your wallet a few years back it seemed nice but I didn’t have any particular reason to shift. It’s what you’re talking about now something that I can use to leave someone access to my crypto accounts in the event of my death? I need some way that access can be granted to my spouse who knows nothing about this world of crypto.

  12. Do I have to move all my crypto to the Zengo wallet? Or does it hold the recovery keys to my existing wallets?

    What crypto does the wallet support?

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