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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

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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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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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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