NanoVault — Open Source wallet for Nano (XRB) — Review

Draft on Tech
Feb 18, 2018 · 4 min read

Amidst the launch of the Nano Node v10.0, the beta test invites for the Nano iOS wallet and the desktop wallets, this open source wallet was also released in the past week. NanoVault is an open source client side wallet for accessing your Nano/XRB account and receiving and sending your coin. NanoVault is developed by by cronoh.

Initial Configuration

The wallet can be used through the native web interface, and is also downloadable on Windows, Mac and Linux (Download link).

Client side operation ensures your seed and private keys are stored only in your browser and are never shared with anyone else across the network.

Note: While client side wallets ensure your seeds are never stored on any external server, you still have to be extremely careful in handling your seeds.You can still be phished by malicious websites that resemble the real website.

Initial Configuration

When using the wallet initially for the first time, it requires configuring the wallet. There are two options — to either create a new wallet along with a new seed, and also import existing wallet from a seed.

When proceeding to create a new wallet, it is IMPORTANT TO SAVE THE CREATED KEY, and store it in an encrypted document.

On creating a new wallet or importing an existing wallet, a password can also be configured to lock the wallet locally.

Once the configuration is complete, View Accounts option can be used to access the accounts and create new addresses.

Accounts View

In the accounts section, the first account is automatically created. New accounts can also be created with the Create New Account option (An account in Nano denotes a wallet address. A wallet can have several accounts).

Accounts — NanoVault

Receiving XRB

If coins are received when the wallet is open, the receive block is performed automatically and the updated balance is instantly reflected in the balance dashboard. The account and the individual transactions and also be viewed on clicking the account to go to the Account Details section.

However, if you receive coins when the wallet is closed, you can process the receive blocks and complete the transactions when you open the wallet again. You can see the Pending balance at the balance dashboard, and on selecting “receive” from the menu, you can complete the transactions.

Receiving transactions when wallet is offline.

Send XRB

You can send XRB to any other account from the Send menu. While sending, you have to select the accounts to send your coins from, and the wallet has an inbuilt address book to label addresses and save commonly used address you transact with.


First Impressions

Its great to finally be able to use a web wallet that can access an account from the seed. This will be extremely useful for people who wish to spend kxrb and even mxrb regularly. One more step crossed in making Nano easily accessible for everyone!

To test out the functionality of the wallet, I sent coins from my account on Nanex.co exchange (which offers free withdrawals) to a newly created account using NanoVault.

And sure enough it arrived to my account within seconds.

That is possibly the fastest withdrawal I have ever done from an exchange, but hey every Nano transaction is equally impressive! ;-)

Sending coins from the NanoVault wallet to another wallet is also a extremely simple with the Send function. Transactions in Nano are affected instantly, and there is no transaction fees to worry about. This means you can send 0.00000001 XRB and the other person will receive the whole thing!


Conclusion

NanoVault has an easy to use interface, works effortlessly and managing your transactions is a breeze.

In future releases, I would like to see features to manage multiple wallets and quick lock/logout functions.

I would suggest Nanowallet.io for users who do not wish to deal with seeds every day, while this wallet is a good option for those who would like to access their accounts with their seed.

If you liked this review, here is my tip box: xrb_3ddpd7dpsy3x4pzo7tf33poiew9s8h1ef445ousrj3itwf1iu5wfoenitrpm

FutureBlock

Future Block is a publication focussing on new and interesting cryptocurrencies and innovations in the digital asset space.

Draft on Tech

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Technology analyst with a focus on innovations in the emerging digital asset class.

FutureBlock

Future Block is a publication focussing on new and interesting cryptocurrencies and innovations in the digital asset space.