ZenGo, the non-custodial crypto wallet has come up with proof-of-concept for a keyless wallet for Facebook’s Libra coin. They have successfully managed to send/receive Libra using the keyless wallet on a testnet. The development on the wallet was shared on an official blog post of ZenGo.
As per ZenGo, Facebook’s Calibra wallet doesn’t allow users to exercise full control over Libra. Also, the users have to sign-up with a government ID to use Calibra. So, ZenGo makes use of the Threshold Signature Scheme or TSS. It removes the requirement of private keys and overcomes the custodial solutions.
If we put it into simple words, each party involved in the transaction generates its own key. They use this key to distributively sign a transaction without revealing it to the other parties.
It is worth noting that the Proof-of-concept demonstration did not have a user interface. This was just for testing purposes. A proper final product must make use of the working interface. ZenGo is also looking forward to carrying out further experiments once Facebook releases the Libra Mainnet.