This Android app was first launched on 27th February 2018 and currently has more than 10000 downloads, a 4.6 stars rating from 170 users and the latest release is version 4.15.
We found these ways of contacting the developers:
- Website: www.ilcoincrypto.com/
- Twitter: @ILC_B_Project
- Facebook: ILCoinBlockchainProject
- Reddit: r/ILCoin
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The following Analysis is not a full code review! We plan to make code reviews available in the future but even then it will never be a stamp of approval but rather a list of incidents and questionable coding practice. Nasa sends probes to space that crash due to software bugs despite a huge budget and stringent scrutiny.
Do your own research!
Try out searching for "lost bitcoins", "stole my money" or "scammers" together with the wallet's name, even if you think the wallet is generally trustworthy. For all the bigger wallets you will find accusations. Make sure you understand why they were made and if you are comfortable with the provider's reaction.
The description talking about
- No Blockchain Download, Install and Run in Seconds
at least suggests that the target audience knows a lot about Bitcoin but there is no word about being your own bank …
The linked website is some alt-coin project website with a link back to the Play Store wallet.
They link to this GitHub where there is nothing about an Android wallet.
GitHub search is neither helpful.
As not even an implicit promise is indicating the contrary we assume the wallet is custodial and conclude with the verdict: not verifiable.
Not verifiable: Custodial
This verdict means that the app might or might not publish source code and maybe it is even possible to reproduce the build from the source code but as it is custodial, the provider already has exclusive control over the funds, so it is not a wallet where you would be in sole control of your funds.
Custodial wallets might not be the worst option for all users.
- Do your own research if the provider is trust-worthy.
- Do you know at least enough about them so you can sue them when you have to?
- Is the provider under a jurisdiction that will allow them to release your funds when you need them?
- Is the provider taking security measures proportional to the amount of funds secured? If they have a million users and don't use cold storage, that hot wallet is a million times more valuable for hackers to attack. A million times more effort will be taken by hackers to infiltrate their security systems. Will they detect when for some software error a hacker is spending other people's money before the losses are unrecoverable?
The app cannot be independently verified. If the provider puts your funds at risk on purpose or by accident, you will probably not know about the issue before people start losing money. If the provider is more criminally inclined he might have collected all the backups of all the wallets, ready to be emptied at the press of a button. The app might have a formidable track record but out of distress or change in management turns out to be evil from some point on, with nobody outside ever knowing before it is too late.
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