Over the past few years, cryptocurrency exchanges and platforms have endured many cyber attacks, which resulted in the theft of millions of dollars worth of digital assets. So to tackle the potential vulnerabilities, many platforms are now engaging with security firms to conduct platform audits.
Though the audit was performed in early June, New Alchemy recently published the reviews and results publicly. This has given the three-month-old platform substantial credibility as many of XMR Wallet’s competitors, for example My Monero, are yet to conduct a formal third-party audit.
In a Reddit post, the creator of the platform, who goes by the username WiseSolution, wrote:
“…I thought it would be a good idea to have the site audited. I’d like to think I covered my bases well, but considering the magnitude of a service like this that handles money, I found it mandatory to perform an audit.”
Before the audit, the platform had a number of potential vulnerabilities, as noted in New Alchemy’s Medium post, and some of them were critical ones including insecure auto-completion of login fields, cross-site scripting vulnerability, outdated client-side application dependencies, and potential vulnerability with OS command injection.
In total, the audit firm reported seven “critical” issues on the wallet platform and all of them have been resolved by the development team. In addition to that, there were six major and six minor issues. XMR’s developers have addressed all the bugs and have marked some of them as “informational” given the nature of them. Only one minor issue – “server discloses sensitive information” – is partially fixed, but the team is working on a solution, according to the audit firm.
“The XMR Wallet application exhibits a high-quality user experience, a modern development approach, and a clear separation of client and server functionality,” New Alchemy noted in the detailed Medium post.
Unlike Bitcoin or Ethereum, the Monero community is very concentrated. However, due to the anonymous nature of the coin, the cryptocurrency gained massive popularity and has gained a substantial user base over the years. XMR Wallet, a relatively a new platform compared to its competitors, was launched primarily to overcome the limitations of other Monero wallets.
According to the creator of XMR Wallet, developers of the platform are working to make it a more user-friendly service and have recently implemented some design improvements. The team has added a few new features which include the ability to set a USD price for sending Monero, a customized page for printing the seed, and a cleaned up confirmation window when sending any amount of Monero. Most of these features like setting USD price against XMR are not available in any other XMR specific wallets.
XMR wallet is one of the few wallet platforms in the cryptocurrency ecosystem which conducted a third-party audit and published the results in the public domain.
Apart from these added features, the wallet also boasts its existing ones like multi-language support, full client-side operation, compatibility with MyMonero and original Monero seeds for wallet imports, multiple seed access and many more. All these features make it a suitable option to store and use an anonymous digital coin like Monero.
With all the added features and the recent audit, XMR Wallet is receiving positive feedback from the XMR community, as seen on Reddit, which in itself is a huge success given the vocal nature of the concentrated community.