XMRWallet: Is XMRwallet.com A Safe Monero (XMR) Storage App?
Monero (XMR) is a token famous for its resilience in the market rank. XMR did not take as much hit as other cryptocurrencies in 2018, however, they failed to capitalize on the recent surge that digital assets experienced in the month of April 2018.
What Is XMRWallet?
The 13th largest cryptocurrency has obviously attracted some dedicated wallets. XMRWALLET is the newest one in the market.
The announcement for the new project had come on Reddit by user WiseSolution otherwise known as Nath(short for Nathalie). It has support for 10 languages and the ability to send a maximum amount. All these abilities are provided to the user while being good looking at the same time.
Monero can't be hacked to steal your funds, due to the power of distributed consensus. This means that you are responsible for your own money, and don't have to trust any entity to keep it safe for you.
The power of the blockchain usually increases security at the cost of privacy, but with Monero's sophisticated privacy-centric technology, you get all of the security benefits of the blockchain without any of the privacy trade-offs.
By taking advantage of ring signatures, Monero makes it ambiguous which funds have been spent, and thus extremely unlikely that a transaction could be linked to any particular user.
Because of its on-by-default privacy technologies, Monero is fungible, which means that one Monero will always be equal to another. This ensures that there will be no discrimination over the origin or history of your coins, lessening the worry of potential blacklisting by exchanges or vendors
- Full client-side operation
- Fast transactions
- Instant account creation
- Support for ten languages
- Compatibility with MyMonero seeds for wallet imports
- Compatibility with original Monero seeds for wallet imports
- No transaction import requirement
- Visible height synchronization with a progress bar
- An automatically-updated XMR/USD balance view
- Max function on send page
- Multiple seed access (in new tab)
- No registration requirements
- No logs
There are additional features currently in development, including seamless access to coins on forked chains, such as Monero Classic (XMC), Monero Original (XMO), and MoneroV (XMV).
The backend is not OpenMonero (the Mymonero Backend) and was developed with PHP which raises security concerns. It can contain security problems since users have reported having injected some code. Most probable backend checks for the inputs. The company hasn’t released any open source of the coding of the platform either which adds to the problem. Due to minification and backend being closed source, nothing can be said conclusively.
XMRWALLET hasn’t released if they are tracking speed, address, view key and spendkey. If you look closely at their technical details, the service doesn’t look trustable as of now.
XMRWallet Monero (XMR) Storage App Conclusion
The development of the platform took over 7 months of work. Founders of XMRWALLET used MyMonero.com for over a year and developed this platform to improve some aspects of the program and build out a bunch of cool new features. Addition of a monero wallet helps reduce monopoly and promote decentralization. Once the source code is released and scrutinized by the open community, it could be safe to be adopted.
More information about the platform is available on xmrwallet.com/. You can visit the site to try out the product too.