One notable aspect highlighted by the audit is the wallet's ability to verify transactions independently. Magswap operates as a full node, ensuring the validity of transactions and performing operations on the network. This eliminates the need for trust in third parties and enhances the overall security of the system. While full nodes require more bandwidth and initial synchronization time, they do not compromise the user experience. Magswap's complete decentralization and isolation from both third parties and company employees contribute to its current highest level of security.
The user's control over their funds is another crucial factor emphasized by the auditor. Magswap ensures that no one, including the platform itself, can freeze a user's account or misplace their money. However, it is important to note that the responsibility for securing and backing up the private key rests solely with the user.
Transparency is a key principle upheld by Magswap. The wallet's source codes are openly available, and the build procedure is fixed, allowing developers worldwide to audit the code and verify that the executable code does not harbor any hidden vulnerabilities or secrets.
Magswap places great emphasis on environment security. The wallet cannot be loaded in an insecure environment, and the service requires two-factor authentication. This means that multiple devices or accounts must be accessed to steal funds, adding an extra layer of protection.
Regarding privacy, Magswap employs several measures to make it difficult for hackers to track users' balances and payments. This includes rotating the addresses used for transactions, employing new Bitcoin addresses for each payment request. Additionally, the wallet does not transmit payment information to other network nodes during the sending or receiving of funds. Users can also utilize Tor as a proxy to prevent attackers or internet service providers from linking their payments to their IP addresses. Even Magswap employees do not have technical access to user account data, transactions, wallets, funds, or balances.
The auditor emphasized the significance of choosing the right wallet when dealing with cryptocurrencies. Different wallets cater to varying needs, with some focusing on secure storage and others prioritizing convenience, albeit with limitations for storing large amounts. In conclusion, the auditor highly recommends Magswap.io as an e-wallet, emphasizing its exceptional safety measures and urging those interested in cryptocurrencies to consider it as a reliable option.
