The keyless crypto wallet maker Zengo is about to embark on a daring challenge that aims to test the prowess of hackers around the world. In a blog post, the company announced the “#ZengoWalletChallenge,” where it will dare hackers to try and steal 10 BTC (approximately $420,000 USD) and a Pudgy Penguin NFT (worth around $25,000 USD) from a Zengo wallet. The challenge will last for 15 days, starting on January 9. The team at Zengo has decided to make things interesting by sharing two out of the three recovery factors required to access the wallet, leveling the playing field for attackers and making it harder for their own team to protect the funds.
Unwavering Confidence in Security
Zengo proudly claims to be the most secure crypto wallet on the market. With over a million customers since 2018, they assert that not a single wallet has been hacked, drained, or phished. Additionally, the company has undergone six audits in the past five years, further solidifying their confidence in their product’s security. The team is putting their money where their mouth is, showing the world that Zengo is more secure than traditional single-factor hardware wallets.
One of the main reasons behind Zengo’s confidence is their unique security framework. Unlike traditional wallets that rely on a single point of failure or seed phrase vulnerability, Zengo employs a 2-of-2 Multi-Party Computation (MPC) framework. During the wallet creation process, both the Zengo app on the user device and the Zengo server independently generate their own Secret Share. Even if a hacker manages to gain access to one of the secret shares, it would be rendered useless. They would be unable to spend any of the user’s funds. Zengo’s use of MPC technology ensures that user funds remain secure and protected.
In a surprising move, Zengo has decided to reward those who participate in the challenge. They are inviting individuals to create content about Zengo’s MPC cryptography, recovery process, and advanced features. The contest will run from January 9 to 24, with up to three awards available each week. The first-place winner will receive $750 in bitcoin, the second-place winner $200, and the third-place winner $50. These prizes will be sent directly to the winners’ Zengo Wallets. To qualify, participants must create relevant content, such as a 5-15 minute YouTube video or a long-form post on a blog, Twitter, LinkedIn, Medium, or other platforms. The content should detail the author’s attempts to hack the Zengo Wallet and discuss Zengo’s unique approach to secure self-custody, highlighting how it differs from traditional hardware wallets.
The Zengo Wallet Challenge is not just about testing the security of the wallet but also about encouraging a dialogue on advanced security measures. In an industry where security is of utmost importance, this challenge opens up discussions about the strengths and weaknesses of different approaches. It serves as a platform for experts and enthusiasts to showcase their knowledge and contribute to the advancement of secure crypto wallet technology. Zengo’s willingness to reward those who try and fail demonstrates their commitment to transparency and continuous improvement in the field of cybersecurity.
As the competition concludes on January 24, Zengo will announce any relevant winners, runners-up, or insights they have gained from the challenge. This exciting event will not only serve to gauge the security of Zengo’s wallet but also push the boundaries of innovation in the crypto industry. The company’s boldness to put their reputation and assets on the line showcases their unwavering confidence in their product. The Zengo Wallet Challenge is set to captivate the attention of the crypto community and elevate discussions on security to new heights.
The Zengo Wallet Challenge represents a groundbreaking and audacious endeavor by Zengo. Their confidence in their product’s security, as well as their willingness to engage hackers and reward their efforts, sets a new standard in the industry. This challenge serves as a catalyst for discussion and innovation, ultimately benefiting the entire crypto community. As the crypto landscape continues to evolve, it is vital for companies like Zengo to push the boundaries of security and provide users with the utmost confidence in their products. The Zengo Wallet Challenge is a testament to their commitment to excellence in this crucial aspect of the industry.
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