Opera browser tests built-in cryptocurrency wallet
Liam Sheasby, News Editor
13 Jul 2018, 12:23 p.m.
The Opera browser for Android phones is in beta testing of a new cryptocurrency wallet. The move is backed by Etherium and is designed to allow users an easier route into investing in digital currencies.
The decision to launch such software is due to the confusion for many users in downloading and utilising 'dapps' - decentralised apps. These new format apps are required to avoid information being held by governments and banks about the transactions you are performing.
The company announced the decision to launch the wallets on their blog, explaining that the new app would be a lot more interactive, explanatory, and detailed than current apps. The app will - as you can imagine - only support Ethereum at first, but other Ethereum-based coins look set to follow.
Charles Hamel, project manager of the Opera team, said in the blog: "Our hope is that this will accelerate the transition of cryptocurrencies from speculation and investment to being used for actual payments and transactions in our users’ daily lives."
Despite the positives, cryptocurrency theft is a major problem, with over $1.1 billion stolen since the start of 2018. So-called 'Cold wallets' are offline storage; a regular backup protocol that serves as a true ledger per customer. 'Hot wallets' are the active pot where cryptocurrencies enter and leave on their way from user to user across the blockchain. These are the targets for hackers and, while many coin exchanges allow only minimal funds in them, they are a weakness in the process that Opera and Ethereum will have to account for in their app process.
The app is limited to smart phones and tablets running Google's Android software, but it's not unlikely that success would see the extension of support to Apple's devices and their store.