On April 17, Kraken launched its innovative open-source mobile wallet, offering a secure and transparent solution for managing digital assets. Developed with a focus on user privacy and open-source principles, I-Kraken Wallet addresses key challenges in mobile crypto storage, such as secure key management and transaction signing, which are often hindered by mobile operating systems’ limitations.
According to Eric Kuhn, Kraken’s Product Director, the wallet utilizes a pure-js implementation of NodeJS’s crypto module to leverage the device’s Cryptographically Secure Pseudorandom Number Generator (CSPRNG) for generating keys. It adheres to the BIP39 standard, allowing for straightforward backup and recovery of mnemonic seeds, enhancing compatibility across the crypto ecosystem.
For security, private keys are stored in the device’s Keychain (iOS) or Keystore (Android), with other data encrypted in the app’s database using Realm. Kraken Wallet features several layers of security measures, including app lock, password protection, database encryption, and lockout mechanisms against brute-force attacks. It also supports biometric authentication for critical operations like enabling app locks or connecting to decentralized applications (dApps).
Innovatively, the wallet uses transaction simulation to warn users about potential risks and validates addresses and fees to prevent common errors. To safeguard user privacy and prevent IP address leaks, Kraken Wallet proxies requests through an API gateway, keeping blockchain data querying secure and private.
The wallet’s design principles are rooted in the crypto community’s ethos of transparency and minimal trust. The source code is available under the MIT license, allowing users to inspect and verify its security. Furthermore, an external audit by Trail of Bits confirms the robustness of the wallet’s security features. Kraken Wallet currently supports multiple blockchains, including Bitcoin, Ethereum, and Solana.
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- Source: https://www.cryptocompare.com/email-updates/daily/2024/apr/18/
