Zeal | a new competitor to other cryptocurrency wallets?

[cygan]

Hannes Graah is the former vice president of growth at Revolut. he left the company in 2022 and began building his own platform called Zeal. HG has assembled a team of 11 former employees from Revolut, Spotify and the Coinbase exchange to create an innovative cryptocurrency wallet. the team has announced that the wallet will launch as early as q1/2024. will Zeal be good enough to compete with other cryptocurrency wallets currently on the market?
the main goal of the Zeal platform is to solve problems such as lack of security, poor user experience and transaction fees. the project aims to be a digital cryptocurrency wallet with advanced security controls and free bank transfers. according to the press release, Zeal wants to set new standards in the wallet user experience when managing cryptocurrencies, using web3 applications and decentralized finance (dapps).

https://www.theblock.co/post/263969/former-revolut-employees-launch-new-crypto-wallet-called-zeal

[1714678503]

1714678503

[1714678503]

1714678503

[1714678503]

1714678503

[Upgrade00]

Before it can b discussed if it will be a competitor to other digital wallets, we need to see more details about the wallet and how exactly it will functon and then it has to actually function as promised without lag or other issues.

the project aims to be a digital cryptocurrency wallet with advanced security controls and free bank transfers.

I will like to see how the wallet will pull off bank transfers and decentralized, or if it will encourage self custody.

[Yamane_Keto]

the main goal of the Zeal platform is to solve problems such as lack of security, poor user experience and transaction fees. the project aims to be a digital cryptocurrency wallet with advanced security controls and free bank transfers. according to the press release, Zeal wants to set new standards in the wallet user experience when managing cryptocurrencies, using web3 applications and decentralized finance (dapps).

this is more like to crypto exchange than crypto wallet. I don't think it will be open source or will encourage self-custody, so it may be a competitor to the trust wallet or a new type of wallet that will meet regulatory requirements. The problem with such wallets is that they will focus on accepting more tokens and adding traditional verification methods such as 2FA, which will be very bad for privacy and more likely to be hacked.

[satscraper]

I would never trust any wallet which don't has at least two years of history in user experience. Former Revolut employees have never been involved into software&hardware-wallets design so I would even extend (up to  5 years) this "precaution"  period for their might-be wallet,  you can't be too careful. To build wallet from scratch is nothing to sneeze at.

[bayu7adi]

this is more like to crypto exchange than crypto wallet. I don't think it will be open source or will encourage self-custody, so it may be a competitor to the trust wallet or a new type of wallet that will meet regulatory requirements. The problem with such wallets is that they will focus on accepting more tokens and adding traditional verification methods such as 2FA, which will be very bad for privacy and more likely to be hacked.

I actually see this as a kind of mix between MetaMask and TrustWallet, but with more features like free transaction fees to bank transfers.

You can use Zeal Wallet anywhere that you can use Metamask. Here’s how to connect to websites/applications using Zeal

Quoted from https://docs.zeal.app/getting-started-with-zeal/connecting-to-websites

According to what I read there, it seems like Zeal is trying to outshine MetaMask and snatch its users. It's highly likely they're targeting the altcoin user market, as that's what both MetaMask and TrustWallet have been doing. Even though this wallet can store BTC, I'm a bit skeptical about BTC users keeping their assets here.

[ABCbits]

https://www.theblock.co/post/263969/former-revolut-employees-launch-new-crypto-wallet-called-zeal

This news doesn't mention anything about open source or transparency. So this wallet is likely to be closed-source and possibility being custodial wallet/service which doesn't interest me and many reader in this forum.

Zeal hopes to solve issues related to scams and hacks with a wallet that the company said "solves the security problem with advanced security checks and previews for web3 transactions that keep people safe from scams."

I don't know about how their security check works, but transaction preview already available on many wallet.

[shield132]

Hannes Graah is the former vice president of growth at Revolut. he left the company in 2022 and began building his own platform called Zeal. HG has assembled a team of 11 former employees from Revolut, Spotify and the Coinbase exchange to create an innovative cryptocurrency wallet.

This is already bullshit. Former employees of Revolut, Spotify and Coinbase (three of them centralized platforms that aim to become the central power of their industries) are never going to create a honest, decentralized wallet that will be the competitor of Electrum and Sparrw.

the main goal of the Zeal platform is to solve problems such as lack of security, poor user experience and transaction fees. the project aims to be a digital cryptocurrency wallet with advanced security controls and free bank transfers. according to the press release, Zeal wants to set new standards in the wallet user experience when managing cryptocurrencies, using web3 applications and decentralized finance (dapps).

I read this part right now, guess what? The above is truth. They are going to create competitor of blockchain.com wallet but no one should use them because digital bitcoin wallets are not secure and destroy the core principles of bitcoin. There is no difference between using a centralized exchange and digital bitcoin wallet, they both have the ownership of your coins. It's better to use Electrum and Sparrow, both tried and tested multiple times, they are the best choice right now next to Hardware wallets. If I learnt anything from 2016, it's that 3rd party platforms should never be used if someone prioritizes privacy and security of their assets.

[aylabadia05]

From the zeal.app site, I think this wallet is more focused on crypto swaps.
More information about this wallet, it seems to be something like metamask. Due to its planned launch in 2024, we will wait to see how Zeal is rumored to be a solution amidst security concerns in the digital currency environment[1]. If in the end Zeal is the same as TrustWallet or other closed source wallets, it means that Zeal is not a solution for the security in question.

[1] https://www.investing.com/news/cryptocurrency-news/zeal-digital-wallet-set-to-transform-crypto-and-web3-transactions-93CH-3240455

[joniboini]

Due to its planned launch in 2024, we will wait to see how Zeal is rumored to be a solution amidst security concerns in the digital currency environment[1]. If in the end Zeal is the same as TrustWallet or other closed source wallets, it means that Zeal is not a solution for the security in question.

They don't offer anything new. From what they said, their new offer is. basically a phishing/scam list check if I get it correcly. Not really groundbreaking since most of them are available in many apps today. Other than probably a better blocking list, or the so-called advanced AI-powered list, I don't see how it will be different compared to what we have today. Even if they offer something new, it will likely be a closed source as mentioned above. CMIIW.

[pooya87]

Although we need to first see this released before we can judge it but with the available information I wouldn't even categorize it as a "cryptocurrency wallet". It is more like a centralized service where you create an "account" and give up all control over your own money to this company that just popped up out of nowhere and trust them with it.
So if anything it should be compared with its counterparts such as coinbase accounts or centralized exchange accounts!

[PrivacyG]

the main goal of the Zeal platform is to solve problems such as lack of security, poor user experience and transaction fees.

I wonder how they will solve Transaction Fees in a way that does not interrupt Decentralization.  By interrupting Decentralization, it is pointless to use Zeal and think it is safe.  Defeats the purpose of holding and using Bitcoin.

Unless they create a Second Layer or make use of Lightning Network.  But I doubt that is the case.

Every time I see 'Crypto Wallet' next to 'Banks' I raise a big red flag and one more of disinterest.  I am not using Cryptocurrency to then transfer it to Banks.  I use Cryptocurrency to NOT use Banks any more.

[cabron]

the main goal of the Zeal platform is to solve problems such as lack of security, poor user experience and transaction fees.

I wonder how they will solve Transaction Fees in a way that does not interrupt Decentralization.  By interrupting Decentralization, it is pointless to use Zeal and think it is safe.  Defeats the purpose of holding and using Bitcoin.

Unless they create a Second Layer or make use of Lightning Network.  But I doubt that is the case.

Every time I see 'Crypto Wallet' next to 'Banks' I raise a big red flag and one more of disinterest.  I am not using Cryptocurrency to then transfer it to Banks.  I use Cryptocurrency to NOT use Banks any more.

As they try to solve the lack of security, they are also creating another such as security from them since they are just acting like Zeal will be holding the coins. This would only mean the user will have no keys to this wallet. Not the ideal type.

But I can see they are already promoting the project and gained popularity.  I saw a bounty campaign using the Zeal as a platform for the distribution of the tokens. I think this was also what Musk wanted to do with his X.

[PrivacyG]

As they try to solve the lack of security, they are also creating another such as security from them since they are just acting like Zeal will be holding the coins. This would only mean the user will have no keys to this wallet. Not the ideal type.

Then Zeal is not a Personal Wallet to me.  It is just custody for my Coins.

[logfiles]

If it's not open source, then there is nothing competitive about it that we have not seen. Just another one on top of a pile of junk, replacing and competing with the likes of coinomi, Jaxx etc

[tech30338]

This might attract users since they are quoting zero bank transfer, I am not sure about the limit amount has zero transfer fees, they said it supports usdc on polygon network, BGP NGN, EURO

[NotATether]

will Zeal be good enough to compete with other cryptocurrency wallets currently on the market?

How is anyone supposed to know the answer to this when nobody has even tried it yet?

[Husires]

I see they announced that the cryptography libraries will be available as open source and that they will have all the features of current wallets with a friendly UI. Many people may not like it here, but if they provide a simple UI and a highly organized service for exchanging between cryptocurrencies to the bank account within the wallet, they may get a lot of downloads.


Some simple features like this may help beginners to avoid losing their investments.

[ABCbits]

I see they announced that the cryptography libraries will be available as open source and that they will have all the features of current wallets with a friendly UI.

Then it's similar with Trust Wallet where they only open source their library at https://github.com/trustwallet/wallet-core.

Some simple features like this may help beginners to avoid losing their investments.

That's true. Although since they rely on certain database or API, it's possible for open-source wallet may implement such feature in the future.

[cygan]

will Zeal be good enough to compete with other cryptocurrency wallets currently on the market?

How is anyone supposed to know the answer to this when nobody has even tried it yet?

the question was also aimed at the future with the upcoming information that we should then receive from the developers for their wallet
but i am clearly leaning towards no...

[pooya87]

I see they announced that the cryptography libraries will be available as open source

Generally speaking this is what shady wallets do. They open source "part" of their tool to look open source and less shady. For example libraries, the UI (front-end), etc. but the actual project is never open source which is the only thing that matters. Otherwise libraries are always open source specially cryptography ones like libsec256k1, they aren't doing anything special by using them!