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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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Altcoins

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social
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When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve,…

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CoinFlip Scores Big with BRD Wallet Partnership

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CoinFlip
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As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…

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Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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