Transparency
How transparent and sustainable is your wallet's development model?
| Wallet | Source code license | Source visibility | Funding | Fee transparency |
|---|
Source code license
Free and Open Source Software (FOSS) licensing allows a software project's source code to be freely used, modified and distributed. This allows better collaboration, more transparency into the software development practices that go into the project, and allows security researchers to more easily identify and report security vulnerabilities. In short, it turns software projects into public goods.
Source visibility
When using a wallet, users are entrusting it to preserve their funds safely. This requires a high level of trust in the wallet's source code and in the wallet's development team. By making the wallet's source code visible to the public, its source code can be more easily inspected for security vulnerabilities and for potential malicious code. This improves the wallet's security and trustworthiness.
Funding
Wallets are complex, high-stakes pieces of software. They must be maintained, regularly audited, and follow the continuous improvements in the ecosystem. This requires a reliable, transparent source of funding.
Fee transparency
Fee transparency is crucial for users to understand the full cost of their transactions. Without clear fee information, users may be surprised by high transaction costs or hidden fees charged by the wallet.
Transparent fee disclosure helps users make informed decisions about when to transact and which wallet to use. It also builds trust between users and wallet providers by ensuring that all costs are clearly communicated upfront.
Additionally, understanding the purpose of a transaction is important for security. When users can clearly see what they're authorizing (e.g., a token swap, NFT purchase, or contract interaction), they're less likely to approve malicious transactions.