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Nano Launches a New Wallet: User Safety Compromised

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Ever since the developers of Nano announced that the new wallet is soon to be released to the public, the community has been eagerly waiting for the new digital wallets to arrive.

The wallets were announced for release at the latest by June 24th, however, the team has been working hard on the new developments regarding the latest Android wallet, while also waiting for Apple to approve their application and allow iOS users to use the newly released wallet.

The team has gone forward with releasing the wallet a couple of days earlier around June 20th, however, problems with the new wallet appeared shortly after the wallet was released into the public.

Security Issues Strike: New Nano Wallet Not Safe

The team announced on June 18th with the release update on Medium that they will be releasing g their new Nano Android wallet during the following week, which happened only two days after the original update on Medium.

The team stated on this occasion that the wallet is to be open-source once released, also stating that they are waiting for Apple to review their app, adding that this is a common protocol of all crypto related applications, adding that they are hoping to have the wallet ready for iOS users as well.

Further, in their weekly update, the team has also stated that they have received numerous designs for the wallet interface as submitted by some community members, adding that once the wallet is released, the team Nano will work with the community to bring the smoothest and the sleekest, user-friendly interface.

However, the team now seems to have bigger problems than choosing a wallet design, since not long after the wallet was released and gone live, the team has reported serious security issues regarding their new digital wallet.

Upon the release of the new wallet into the public, Nano tweeted from their official Twitter account addressing their holders by stating that “anyone who generated a seed using the Android wallets immediately move your funds to another wallet, derived from another seed”.

The tweet began with capitalized “attention” at the beginning and at the end of the post, so Nano holders probably took it more than seriously as it was the case.

Although, the new NANO wallet should have bought some momentum to Nano coin, lifting up the spirits within the community and acquiring g the possibility to make safe and fast, while cheap peer-to-peer NANO payments with this wallet, it seems that the security issue found in the Android version of the wallet has burst that bubble.

Nano has already gone through a phase with security issues not that long ago when there was a hack attack targeting NANO coins on the exchange BitGrail, and now we have another case where this asset is showing signs of compromised security of its users and holders, which probably sank NANO for additional round of drops alongside with the newly established market trend of having the majority of assets trading in the red for the past couple of days.

Although the security of the newly arrived Android wallets was compromised, the community can still give kudos to Nano community as they have reacted in a proper manner while immediately announcing the flaw in the seed that has been discovered shortly after the live release of the wallet.

To confirm the assertiveness of the team NANO, the team has released an update regarding the security issues with the wallet seed, deeming the problem solved.

Nano Team Announces Fixed Wallet Security Bug

Around June 22nd, the team behind Nano has released an official update stating that the problem they have had with the security seed is now marked as fixed and solved.

The new Android version of the wallet is dubbed 1.0.2, and to reflect on the previously discovered problem with the seed, the tea has stated that the new wallet now uses Secure Random protocol in order to securely generate the wallet seed.

The team has shared a link to the pull request and the related code for Nano users, which means that there shouldn’t be any security-related issues with the wallet.

Nano (NANO) Performance

Not being able to bounce off outside the current market trend, Nano is seen dropping by -4.64% against the dollar, which means that NANO can now be traded at the price of 2.56$ per one unit.

Ranked as the 36th best currency, NANO had its record price of around 34$ set at the beginning of January, however, the crypto only went down in its price from that point on.

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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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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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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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