After months of intensive development, the Execoin team has released its own open-source implementation of stealth addresses technology based on the Electrum-EXE wallet.
Unlike proprietary closed-source stealth payment solutions currently available on the market, the Electrum-EXE code can be audited in order to make sure that there are no security vulnerabilities or intentional backdoors .
Integration of Electrum wallet and stealth payments provides unique features and offers more security, reliability, and convenience for payment transactions.
Electrum-EXE wallet now heads the line of Execoin’s SPV wallets (Exelite and Android mobile wallet) and will be a base for a newer mobile Android wallet with stealth transactions support.
Privacy: stealth transactions and Electrum wallet are better together
What are stealth payments? It’s a technique that protects the privacy of a recipient involved in a transaction. It allows one to accept coins using a public coin address while preventing anyone else from knowing your transaction history.
When you receive some coins without using stealth technology all transaction information is open to the public, and everyone can track it in the blockchain.
With stealth technology this information is securely protected with a key so that only the person involved in the transaction can view and track it. The Secret key allowing one to see the transaction is not stored on a server.
That’s why it is reliable and truly secure. The only information that can be seen in the blockchain without the secret key is the time and amount sent, all other recipients’ details are cloaked.
Execoin’s stealth technology is unique because it is integrated with the new Electrum-EXE wallet to add even more reliability, security and convenience to stealth payments. In addition, Execoin’s Electrum-EXE is the first open-source fully functional wallet with stealth addresses support.
While security of using proprietary closed-source stealth payments’ solutions may be questioned, open-source Electrum-EXE wallet with stealth addresses code can be audited anytime.
Why are stealth transactions even better with Electrum-EXE?
Improved reliability: It allows you to restore stealth addresses from a single mnemonic phrase that you can memorize or write on a piece of paper. If you make a mistake, you will never lose your data; your wallet and your coins are securely protected in a way that ordinary wallets simply cannot provide! And you don’t need to perform regular backups of your wallet data!
Amazing speed: Execoin is a fast coin and transactions are performed quickly. However, any wallet client needs a significant amount of time to sync with the blockchain. This time is far shorter for a lightweight wallet like Exelite but it still takes several minutes before it’s ready to use. With Electrum-EXE you can do stealth transactions immediately after launch, no more delays!
Freedom of access: You can access your wallet and make stealth transactions from any computer where Electrum-EXE is installed, since you can safely restore your wallet on any computer using your secret phrase without physically moving your data! This operation is absolutely secure; no private keys are stored on servers.
Highest security level: Electrum-EXE allows you to split your wallet into an offline “cold storage” wallet which contains your private keys and an online “view only” wallet that only contains your public keys. Your Execoins are absolutely protected by your private keys in the offline wallet on a separate computer that never connects to the Internet, and thus are not accessible for hackers’ attacks.
Safety. Your private keys, including stealth ones are protected with a password and cannot be stolen! Your private keys are not shared with the server and a compromised server cannot compromise your wallet.
What advantages does the Execoin stealth technology give to users and merchants?
Electrum-EXE with Stealth allows merchants to keep their privacy while still receiving EXE payments and coin transfers. In addition, it provides the highest level of security and protection from accidental data loss.
It’s ready to use immediately after launch, so you don’t need to wait, and can perform stealth payments immediately.
Merchants can easily add Execoin support to their payment systems using coinpayments.net or a one-click solution provided by C-CEX. Together with Execoin’s fast transactions, this makes EXE a perfect payment tool for everyday transactions.
Future plans and development of Execoin
The Execoin development team has many goals to improve Execoin and make it even better. They’re constantly working on new features, implementing new technologies, and releasing increasingly more advanced wallet clients.
An update is in the works that will completely replace the Kimoto Gravity Well difficulty retarget algorithm. KGW has vulnerability, is too processor-intensive, and slows down the wallets; also there will be measures implemented to make Execoin an even more rare coin, and to balance coin production depending on the net hashrate.
The development team is also working on porting CarbonWallet to Execoin. In addition, they are going to create their own JS wallets for mobile devices (iOS and Android) with stealth transactions support.
Key features of Execoin
- Fast transactions
- Scrypt-ASIC resistance
- Privacy: first Electrum wallet with Stealth addresses support
- First open-source wallet with stealth addresses
- Variety of advanced wallets (Electrum-EXE, Exelite Java wallet, Android wallet)
- Most coins are already mined (new reward system limits the inflation)