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My mist-wallet is used for purely for dapp development. To fuel my future ambitions, I went to an online exchange and bought some ether coins and used a mobile-only wallet for these real ether. When trying to research how a mobile wallet differs from Mist-wallet, it seems mobile wallet is a contract and my mobile wallet company participates on my behalf in EVM. If this is the case, how can I trust my mobile wallet company? Can my mobile wallet company transfer all the currency I got into their own and blame it on hackers? TIA

  • You can choose a mobile wallet company with 2-of-2 signature. This means that a transaction needs to be signed by 2 private keys - yours and the company's. This way, the company alone cannot send transactions/transfer ether without your consent. Check Multisignature. – galahad Aug 5 '16 at 16:10
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If this is the case, how can I trust my mobile wallet company?

Unless you know specifically the details of the contract's code you can't (you can get the EVM byte code from the block chain by knowing the address at which it has been deployed to).

Can my mobile wallet company transfer all the currency I got into their own and blame it on hackers? TIA

It depends on how the contract was written as contracts can send balances to other contracts.

  • I can understand for Ethereum, there may be soft contracts. How are wallets like JAXX manage bitcoin wallets? There were no contracts on bitcoin blockchain. Isn't it? – eth.dev Aug 5 '16 at 16:12
  • I haven't used JAXX. No, bitcoin does not have Turing complete scripting language like Ethereum. – Sebi Aug 8 '16 at 8:23
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Just did a bit more research and came to know that MIST is both a node and a wallet whereas JAXX is just a wallet and not a node. Basically, JAXX server is a node and creates accounts for each of the wallet customers. So, it's better to use only reputed wallets. As any wallets server node implementation isn't open source, there may be a chance that server source can look deep into your keys when you do transactions at a node related to your wallet. My 2 cents.

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