NFT domain provider Unstoppable Domains and an alliance of 30 of the top crypto wallet has formed an alliance aiming to establish “a new global standard” for blockchain transactions, meant to replace the impossible to memorize and lengthy alphanumeric wallet addresses we use today.

Calling it the 'Wallet Alliance' the group includes Trust Wallet, imToken, BRD Wallet, MyEtherWallet, Birdchain, Litewallet, Klever, CoinFlip, 1inch, Nimiq Wallet, OWNR Wallet, Digifox, Bitcoin.com, and others.

The 'Wallet Alliance' Represents 40 Million Users...

That's enough users to answer the question 'will people adopt it?' with a likely yes.

“This alliance of wallets is taking this unparalleled user experience a step further” said Matthew Gould, founder and CEO of Unstoppable Domains.

They also claim the custom wallet addresses will also work with 275 different digital assets at launch.

Since the beginning people have pointed out that current wallet addresses intimidate the average user...

Countless transactions over the years have gone to addresses containing a typo that went unnoticed - often with the sender promising they double checked, but still missed the error.

The proposal suggests a system where a custom .wallet address such as "johndoe.wallet' would be owned by someone and configured to route transactions to the wallet of their choosing - so setup would still require working with the long wallet addresses we have now.  But once that's done they may never need to again. 

According to the announcement, many of the participating wallet providers will “soon” add the option for their users to create a .wallet username directly from within their apps. However, a more specific timeline for when the new feature may be available for users has not been provided.

“This collaboration brings us closer to making wallets the standard for peer-to-peer crypto payments globally” said MyEtherWallet founder Kosala Hemachandra.

Not Yet Mentioned - The Price Tag...

There's currently no information on how much a custom address will cost, and just like domains names you can expect prospectors to snatch up any predictably desired addresses to re-sell at a higher price.

The current system with it's $0 per wallet price and the freedom to create as many as you want won't be replaced anytime soon, but think of this as an option to make things easier.

I could see this becoming standard when a crypto based business is facing the general public, and everyday people as the address they put on their website/social media.

There is no specific launch date yet - but we're told the wait 'won't be too long' and people can expect to see a rollout 'in the coming months'.

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Author: Justin Derbek
New York News Desk

This is as high-level of a security alert we can possibly give.

According to a report by Norwegian app security firm Promon, the Android operating system has a security flaw that allows cybercriminals to gain access to a user’s crypto wallet. The vulnerability, called StrandHogg, has infected nearly all versions of Android.

It was first announced in a tweet from the security firm stating "Serious Android vulnerability leaves most apps vulnerable to attacks. All versions of Android affected... and real-life malware is currently exploiting the flaw" along with a link to the report.

CTO for Promon, Tom Hansen explained:

"We have tangible proof that attackers are exploiting StrandHogg in order to steal confidential information. The potential impact of this could be unprecedented in terms of scale and the amount of damage caused because most apps are vulnerable by default and all Android versions are affected."

Once infected, the malware allows someone to mimic other apps. An identical clone of your wallet could replace your real one, stealing your password when you type it in.

Hansen continued "When the victim inputs their login credentials within this interface, sensitive details are immediately sent to the attacker, who can then login to, and control, security-sensitive apps."

In short - nothing is off limits to malware using this exploit.  Beyond stealing funds, Promon also claims they're able to listen to users through the infected phones microphone, read and send texts, and access all their private photos.

An update that closes this security hole is expected soon. 

Until then, the quickest way to make sure your safe is to retain the data needed to access your wallet later, and uninstall it for now.  If the wallet app isn't here, it can't be exploited. Just make sure you have everything you need to restore it, typically a login and a longer secret phrase.

Also remain off any websites that could potentially install malware, you know exactly which ones we're talking about. Not just the ones you wouldn't visit from the office, but sites with seemingly harmless things like free MP3s or TV shows as well.

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Author: Ross Davis
E-Mail: Ross@GlobalCryptoPress.com Twitter:@RossFM
San Francisco News Desk