Opera launches Browser Wallet, Raises Questions

Date : 08/09/2018 @ 5:04PM
Source :InvestorsHub NewsWire
Stock : Bitcoin (BTCEUR)
Quote : 3045.00000000  85.90000000 (2.90%) @ 3:48PM

Opera launches Browser Wallet, Raises Questions

Bitcoin Global News (BGN)

August 09, 2018 -- ADVFN Crypto NewsWire -- Opera, the browser that is known for openly promoting anonymity and ad-blocking alongside giants like Firefox, has released its own in-browser Cryptocurrency wallet.

What many of you may not yet know is that the Opera company has already been offering a crypto wallet that is mobile compatible, for the beta version of its browser for Android phones.

Company spokespeople reportedly said that a strong response from its customers was the major motivation for adding its Crypto offering to its strongest browser.

While it may sound like other products like Metamask that have led the way for quite some time in the Browser wallet niche, Opera’s offering does have the added benefit that it was built specifically to be a connection to its existing mobile wallet. Thus, unlike Metamask, which is essentially as of now a stand-alone product, Opera now has a Crypto wallet suite.

Furthermore, the connection between Opera’s mobile and desktop wallets enables the suite to use a sort of 2FA(two factor authorization) to further secure user accounts. On top of this, this bridge apparently also means that the public and private keys to each user’s wallet need to be stored on his or her Android phone.

This raises a few difficulties. First of all, since Opera has structured their suite in this way, this appears to mean that the only people who can use their Crypto wallet are those who own Android phones.

Given that apparently around 33% of the world now owns smartphones, this seems to have been an unnecessary narrowing of Opera’s potential market. As of now, however, since there is no indication that this will be a paid product, this point is most likely insignificant.

The second difficulty that the Opera wallet’s dual existence raises is the question of where the user’s Crypto is stored. Judging by the company’s statements related to the wallet’s public and private keys as well as related to the mobile version being the primary wallet, one can reasonably assume that the answer is on the user’s phone.

Despite all of this, because of the fact that Opera has chosen to put anti-crypto jacking software into its Crypto wallet, it just might rise above those that came before it.

If you’re not yet aware, this software is special because it has the sole aim of preventing hackers from mining on computers that belong to others without their knowledge. With events like the Coinhive hack, which involved hackers illegally attaching Monero mining software to around 400 websites, the importance of such software has only grown over time.

In addition to this, Opera is providing users with a link to a dedicated website for periodically checking if your device has been compromised.

Over all, while it is possible that other wallets are using similar software, at the same time, this possibility has not been widely publicized. As time presses on, it will be interesting to see if this extra security helps Opera rise above the pack in some way, as well as if they eventually move their wallet onto other mobile platforms.



By: BGN Editorial Staff




Opera Browser

Cryptocurrency Wallet

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