D’CENT WalletLatest release: 15.5.5 ( 8th June 2022 ) 🔍 Last analysed 10th January 2022 . No source for current release found
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Please help us spread the word discussing transparency with D’CENT Wallet via their Twitter!
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 Analysis ¶
(Analysis from Android review)
Note that this wallet can operate as a software wallet and also used with a hardware device. This review is only in relation to the software wallet usage.
As with using the wallet with a hardware device the private keys would be managed by that device and we are not reviewing that setup.
After some research on this wallet it was not clear as to how the app manages private keys, so I reached out to the twitter handle…
“Hi with the mobile wallet app, the user is given 24 words backup recovery. Do you as the provider also keep a copy of these for backup, or are they the sole ownership of the wallet user?”
And the teams speedy response….
“D’CENT Wallet is a completely self-custody wallet. User has the sole ownership and access to the wallet and assets (privates keys) that are created in it.
The mnemonic code is created randomly when the wallet is installed. Since D’CENT (company) does not keep a backup at all, you will lose your assets if you lose the recovery words. Please be careful in handling your confidential information.”
With the provider confirming they have a non-custodial wallet we need to locate some source code in order to check the wallet for reproducibility.
I have contacted the provider to direct us to the correct repository
However their response below, was that the source code is only partialy open source.
Partial code open: https://github.com/DcentWallet The secure OS is proprietary and is not open source. Here is an article on the 3rd party security evaluation on D’CENT Wallet: https://medium.com/dcentwallet/coinspect-audit-of-the-dcent-wallet-b8a6cf50cfa4
They have pointed to a blog post regarding a third party audit of the software, however this is a blog and does not provide any documentation as to the audit results itself.
This was pointing at there hardware device software, so I asked a little more specifically on the software wallet.
“… with the software wallet option however is that part of the source code open sourced and public?”
app is also not open source
Our verdict: This ‘wallet’ claims to be non-custodial, however with no source code at the providers github repository it is not verifiable.
Without public source of the reviewed release available, this product cannot be verified!
As part of our Methodology, we ask:Is the source code publicly available? If not, we tag it No Source!
A wallet that claims to not give the provider the means to steal the users’ funds might actually be lying. In the spirit of “Don’t trust - verify!” you don’t want to take the provider at his word, but trust that people hunting for fame and bug bounties could actually find flaws and back-doors in the wallet so the provider doesn’t dare to put these in.
Back-doors and flaws are frequently found in closed source products but some remain hidden for years. And even in open source security software there might be catastrophic flaws undiscovered for years.
An evil wallet provider would certainly prefer not to publish the code, as hiding it makes audits orders of magnitude harder.
For your security, you thus want the code to be available for review.
If the wallet provider doesn’t share up to date code, our analysis stops there as the wallet could steal your funds at any time, and there is no protection except the provider’s word.
“Up to date” strictly means that any instance of the product being updated without the source code being updated counts as closed source. This puts the burden on the provider to always first release the source code before releasing the product’s update. This paragraph is a clarification to our rules following a little poll.
We are not concerned about the license as long as it allows us to perform our analysis. For a security audit, it is not necessary that the provider allows others to use their code for a competing wallet. You should still prefer actual open source licenses as a competing wallet won’t use the code without giving it careful scrutiny.
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