Debates concerning the Coinomi wallet have been springing up on Reddit. Majority of the people assume this solution is open source when in reality, it is not. An older version of the code can be retrieved from Github. However, the system is not applicable to the current wallet. Besides, their android repository is now marked as inactive. This causes some digital currency users to be worried as not most of them prefer a closed-source wallet.
The digital currency wallet development has emerged into a competitive business. For the most part, these wallets contain an audible source code on GitHub. That is no longer the case for Coinomi as the company confirms that their wallet is no longer open-sourced. The previous system is still accessible on GitHub sadly, that is not what people want to see. What they are looking for is the current repository which is restricted.
The issue is not limited to the Coinomi wallet. Several wallets are also closed source as of the moment. It is unclear why that is happening, but in the case of Coinomi, open sourcing is impossible because the wallet is ruled by a proprietary license. The access to certain parts of the wallet’s code is restricted. Although it is valid, it remains an infuriating situation to deal with. At present, no one would wish for a wallet which cannot be publicly audited no matter how credible the reputation of the company is.
Regardless of the situation, Coinomi wallet is still a functional one. However, the users are cautioned to bear in mind the closed source aspect, and they shouldn’t keep large amounts of money. Same goes with wallets which are only designed for hot storage such as Jaxx. When it comes to cryptocurrency cold storage, hardware solutions are preferably the safest bet. Unfortunately, most hardware wallets support a limited number of currencies.
The effect of being a closed source is yet to be seen for Coinomi. The number of digital currency wallets these days are sufficient. It all depends on the individual which wallet to choose. Coinomi is one of two significant wallets who carries Bitcoin Gold. Most developers are still itching to find out how they integrated the code and this would be an exciting situation to observe in the future carefully. Although it is not the case, it is ideal that all wallets become open sourced.