Hey fam - Zengo Wallet here. We're the self-custodial wallet with no seed phrase vulnerability (MPC instead of seed phrases, founded in 2018, 1 million+ customers globally):
We were wrong.
MPC isn't the future, and it's time for us to re-architect our wallet. It's been a long road to get here, and a challenge to align all stakeholders - so it's important we communicate this clearly. Below is our thinking ⬇
Ultimately, seed phrases are the way to self-custody instead of MPC:
After all, what does it matter that over $100 Billion of #Bitcoin (alone) has been lost or stolen due to seed phrase mismanagement?
There's NOTHING like saying crypto is the future like writing 12 random words on some good-quality paper with a pen that won't smudge (please god don't smudge - wait was that an i or an l?!)
It doesn't matter that Zengo's MPC architecture has secured over 1 million customers - or that ZERO Zengo wallets have been phished or taken over.
It doesn't matter that our recent $500,000 bounty competition to Hack a Zengo Wallet resulted in ZERO successes (despite 200+ hacking attempts).
It doesn't matter that MPC enables industry-defining features like Legacy Transfer (groundbreaking inheritance-style feature) or Theft Protection (a biometric lock hardware wallets can't even dream of offering).
Oh. April fools.
Don't be the fool ????
Self-custody
Study MPC
Fin.
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