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Monero Wallet Passes Security Audit, Introduces New Features

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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

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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