Kraken Says Its New Open-Source Self-Custody Wallet Is Built ‘On the Principles Central to the Crypto Space’

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On April 17, Kraken, a well-known cryptocurrency exchange, launched its new open-source mobile wallet. This wallet aims to offer users a safe and clear method for managing their digital assets. As shared by Eric Kuhn, Kraken Wallet’s Product Director, in an interview with CoinDesk, the wallet was developed adhering to the fundamental values of the crypto world, including user privacy and open-source coding.

According to a blog post by Per Kraken, the Kraken Wallet strives to tackle the restrictions imposed by mobile systems while ensuring a strong security structure that puts user autonomy and privacy first. A major hurdle for mobile crypto wallets is the inability to directly connect to the device’s secure element for key storage and transaction authentication. To surmount this issue, Kraken Wallet utilizes a JavaScript version of the NodeJS encryption module. This implementation uses the Cryptographically Secure Pseudorandom Number Generator (CSPRNG) present on the gadget to produce random numbers essential for creating keys and signing transactions.

This wallet follows the BIP39 standard for creating and managing keys, allowing users to effortlessly save and restore their mnemonic phrases. As a result, it’s compatible with most other wallets within the network. The wallet securely keeps your private key information in the device’s Keychain (iOS) or Keystore (Android). Meanwhile, non-confidential data is encrypted and kept in the application’s database using Realm.

To safeguard users’ information, Kraken Wallet utilizes several security measures. These include an app lock, password protection, encryption of the database, and a defense against brute-force attacks through a lockout mechanism. Users can select different encryption methods for their data based on their preferred settings, ensuring that all sensitive info remains encrypted at all times. For essential features like enabling the app lock, erasing data, and connecting to decentralized applications (dApps), biometric authentication is necessary.

In the Kraken Wallet, we’re always striving to enhance the process of transaction signing. One method we use is transaction simulation, which helps assess the possible risks before a transaction is executed. By doing so, users receive warnings and are shielded from potentially harmful transactions or incorrect message signings. Furthermore, the wallet double-checks addresses, networks, and fees to minimize user errors and unnecessary overpayments.

The Kraken Wallet safeguards user privacy by using an API gateway to shield IP addresses from external parties. Through this backend service, blockchain data inquiries are processed, allowing the wallet to access necessary information without directly engaging with blockchain complexities.

Kraken Wallet prioritizes transparency and mistrust reduction by making its source code openly accessible under the MIT license. This allows users to independently check the security claims and scrutinize the implementation for accuracy. In line with the industry principle “Don’t trust, verify!”, this approach puts control in users’ hands over their digital assets.

To enhance security even more, Kraken Wallet underwent a thorough examination by Trail of Bits, a well-known security auditing company. The findings from this evaluation are openly shared, showcasing Kraken’s dedication to transparency and allowing users to understand the wallet’s protective measures in detail.

Discover the latest addition to the wallet scene: the user-friendly, secure, and robust Kraken Wallet!

— Kraken Exchange (@krakenfx) April 17, 2024

To begin with, Kraken Wallet currently works with these blockchains: Bitcoin, Ethereum, Polygon, Dogecoin, Solana, Arbitrum, Binance Smart Chain (Base), and Optimism.

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2024-04-17 21:44