ZenGO, Israel founded startup has lately stated the open source program for non-custodial Libra wallet. Presently the test code is available only at libra testnet. In the latest wallet, the user will have complete control over the Libra funds.
The developers of ZenGo via a testnet demonstration has shown that the aforementioned wallet can support Facebook’s virtual currency. The news of the latest wallet has surfaced just after two weeks of Facebook’s announcement about their cryptocurrency.
As per the 2nd July announcement, the wallet of ZenGo is based on POC that empowers it to support the Libra coin. This is the foremost proposed alternative of Calibra wallet that will preserve the Libra fund. As per the demonstration, the POC project has shown its ability to perform the transaction on Libra blockchain.
Presently the wallet is available on Libra testnet and does not have any user interface. The wallet will be using Threshold Signatures Scheme, thereby ensuring its keyless feature. The firm believes that dealing with the private keys is difficult by the regular users, so they have developed TSS to evade custodial solution and private key entirely.
The Spokesperson of ZenGo has told the trial presently is restricted to testnet; they will explore the research after Libra makes its mainnet available. He also added the wallet currently does not have any UI presently and needs one to be a usable product.
The spokesperson also describes TSS for the average technology users. He said it eradicates the problem of the single atomic private key and divides the responsibility between multiple parties. Every single person participating in the transaction will generate a secret and sign the deal without revealing the secret.
David Marcus of Facebook has told Libra user can use both custodial and non-custodial wallet. The user can use wallets from different companies to send and accept payments. They can even use wallets independently.
ZenGo has received Fund worth $4 million from investors including Samsung, Elron, and Benson Oak. Early adopters of ZenGo wallet will get free access to the wallet for a lifetime. Later they are planning to switch to a paid subscription.