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Nano Launches a New Wallet: User Safety Compromised

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Nano

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

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful trading…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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