ZenGo Announces Formation of MPC Alliance

Biometrics News - ZenGo Announces Formation of MPC Alliance

The cryptocurrency specialist ZenGo has announced the formation of the MPC Alliance, an organization that will advocate for the more widespread use of multiparty computation (MPC) technology. ZenGo formed the MPC Alliance in conjunction with the MPC providers Unbound Tech and Sepior.

In the announcement, ZenGo argues that MPC tech is particularly well-suited to blockchain applications, though it can ultimately be deployed in a variety of different industries. For instance, ZenGo’s cryptocurrency wallet is built with open source MPC technology.  

With that in mind, the MPC Alliance will serve as a resource for companies that are interested in MPC solutions, and educate those companies about MPC best practices. By doing so, ZenGo is hoping that MPC users will be able to learn from each other’s mistakes, and avoid repeating errors that have already been overcome in another circumstance. It will also make MPC technology feel more accessible for newcomers.

ZenGo notes that MPC tech is rapidly evolving at the academic and industrial level, so the MPC Alliance will make it easier for companies to keep track of the latest MPC innovations. The MPC Alliance plans to collaborate with the NIST to develop comprehensive MPC standards, and is encouraging other companies to reach out to the newly formed organization.

In the meantime, ZenGo has made several improvements to its own cryptocurrency platform over the course of the past few months. ZenGo was the first consumer wallet to offer support for the Libra cryptocurrency from Facebook, and added support for QR codes while updating the app’s user interface shortly after its debut.

The app itself leverages FaceTec’s facial recognition software to provide biometric authentication and account recovery. ZenGo offered a one Bitcoin bounty to anyone who could hack the wallet, but no one was able to claim the prize in the month-long challenge window.