June 23, 2022

This wallet could protect your NFTs from potential hackers

Published: June 23, 2022 at 11:34 am Updated: June 24, 2022 at 2:55 am

Cryptocrime rages on. Now, ZenGo Crypto Wallet has stepped on the scene with new tech to shield your NFTs and other assets from the long arm opposite the law. At yesterday’s Samsung 837 event for NFT.NYC, ZenGo announced the launch of their latest ClearSign feature, which the company calls “an industry-first firewall for Web3.” Now, Web3 doesn’t have to feel “like a road without stop signs and red lights.” Buckle up!

“ZenGo introduces a new safe and simple way to sign Web3 transactions in order to reduce the risks of losing your NFTs and crypto,” yesterday’s press release from the Tel Aviv-based company explains. “With ClearSign, decentralized application (Dapp) users will gain unprecedented insight into what they are signing before granting 3rd party access to their crypto wallets, protecting their assets from malicious phishing scams, untrustworthy Dapps, and more.”

The company has prided themselves on their wallet’s safety since its inception–offering 24/7 in-app customer support to 600,000+ global customers, with financial backing from the likes of Benson Oak and Samsung Next. The company has pinpointed private key mismanagement as the most glaring weak point in cybersecurity.

“From the get-go, ZenGo removed this private key vulnerability, leveraging MPC cryptography to offer simple, secure, on-chain Web3 access for its users,” their release says. Now, they’re offering a better way for their wallet users to understand and sign on-chain transactions.

First, the new software translates signature messages according to their own template so users can see critical details with better detail and clarity. Then, they enable users to sign those agreements without a seed phrase–ie, with no takeover. Finally, ClearSign also “blocks unwanted actions of the supported Dapp (eg approve access to all funds for a ticketing app.)”

“Now, with ClearSign, instead of blindly signing transactions and offline messages, ZenGo customers will get detailed, transparent information and alerts about transactions they are about to sign,” their release says, “helping [users] avoid scams whenever they sign Dapp transactions and engage with NFTs, DeFi apps or Web3 games.”

In tandem with the news, ZenGo also announced that decentralized social app Collab.Land has signed on as ClearSign’s ‘pioneering’ launch partner, the first Dapp to employ the new tech. “This integration will make it simple for customers to confidently validate they are using the legitimate Collab.Land app and avoid phishing scams and bot impersonation,” ZenGo’s release continues. “Collab.Land has been leading the way in Web3 community building; their ClearSign integration demonstrates industry leadership in strengthening security for all Web3 users.”

Moving forward, ZenGo notes that “ClearSign will also support disabling unwanted and unexpected transactions, and prompting customized messages, ensuring a better overall experience.” Other measures like high-risk warnings will launch over the coming weeks. For interested partners, “ClearSign requires no particular Dapp integration and is setting an industry-first standard for simple, safe and secure Web3 interactions.”

“Needless to say that no wallet brings this level of information or protection to date,” their release concludes. “This is a first.” Those are big claims from a big name, but lord knows that Web3 desperately needs a superhero to step in and return the citizens’ sense of normalcy–especially in the wake of all this last week’s headlines.

ZenGo has pointed out that ClearSign is not an insurance–nor does it guarantee spotless scam safety, protection against direct p2p attacks, or stand in for good old common sense. But simply by pouring effort into this part of their product, ZenGo encourages their peers to follow suit. Or even better, to compete.

ZenGo was founded in 2018 and has been one of the consistently secure crypto wallets in the Apple and Google app stores. This addition to the system makes it even more interesting to NFT and Web3 fans and should keep some of our apes safe, if only for a little while.

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Vittoria Benzine is a Brooklyn-based art writer and personal essayist covering contemporary art with a focus on human contexts, counterculture, and chaos magic. She contributes to Maxim, Hyperallergic, Brooklyn Magazine, and more.

Vittoria Benzine

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