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Monero Wallet Passes Security Audit, Introduces New Features

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Monero
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Frederick Ives

The XMRWallet, an open-source web app created to store and transfer Monero, a claimed anonymous and secure cryptocurrency, has passed a security audit from New Alchemy blockchain strategy and technology group. The review revealed critical and minor issues, promptly amended by the XMRWallet team and confirmed by the auditor. The project has also introduced new features upon the completion of the security test.

It is well-known that popular cryptocurrencies use transparent blockchains, meaning transactions are openly verifiable. This way they may be potentially traced and linked to a real-world person. Unlike Bitcoin or Ethereum, Monero was built from scratch as an anonymous crypto, specifically using the CryptoNight algorithm, which lets every transaction obfuscate sending and receiving addresses as well as transacted amounts. This anonymity means it is no surprise that Monero is among the top cryptocurrencies by market сapitalization.

The XMRWallet.com, a web wallet specifically for Monero, was created by Nathalie Roy seeking to facilitate usage of this altcoin.

The project relies on Monero’s community to develop a wallet since it’s an open-source app, and its code can be improved by enthusiasts. Another major feature is that XMRWallet does not charge any transaction fees apart from mining fees. The project depends heavily on donations for funding.

The app does not keep any logs, as there is no need to register to start using XMRWallet. In order to log in to the app, users may use a once generated Seed, which is a unique combination of 25 words. The Seed is not kept anywhere except with the user.

The wallet already supports 10 languages, including English, German, French, Chinese, Spanish, Japanese, and Russian.

The startup, launched about 3 months ago, has recently performed a security audit through collaboration with New Alchemy, a blockchain strategy and technology group specializing in tokenized capital solutions. The current market cap of all New Alchemy client projects exceeds $1.2 billion USD. New Alchemy’s blockchain security division carried out XMRWallet’s security audit in early June.

The review was technical and focused on identifying the susceptibility to security flaws in the application’s behavior that may impact trustworthiness. The app’s user interface and web traffic were inspected, along with a portion of the source code.

The results, officially published on July 18, show that New Alchemy found a set of critical and minor vulnerabilities, including insecure auto-completion of login fields, cross-site scripting, outdated client-side application dependencies, insufficient server-side session expiration, lack of randomness in ring signature outputs, and non-obfuscated display of private fields.

However, all the critical issues were fixed, which was confirmed by New Alchemy during a re-test. It is stated in the audit report that XMRWallet “provides an excellent and intuitive user interface”, while “the private server-side API functionality, obfuscated client code, and cryptography was out of scope”. “A key strength of the application is minimal endpoints, minimal external data dependencies, and minimal unrelated web traffic”, New Alchemy concluded.

While inspection was being carried out, the development of XMRWallet did not stop. Some new features were added, including the option to set a USD price for sending Monero, a cleaned up confirmation window when sending, and a customized page for printing the Seed code.

“I will continue to consult with the New Alchemy over any changes made to the site to ensure a high level of security that everyone deserves”, said XMRWallet founder Nathalie Roy.

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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Bitcoin crash
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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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coins
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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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crypto credit cards
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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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