The enterprise-focused Monero wallet is now free! Rino Wallet is one of the leading open-source Monero wallets on the crypto market today.
The free community edition has always been great but focused on individuals. On the other hand, the Rino enterprise wallet comes with features that one would expect of a conventional enterprise bank account – multiple signatories, and approver roles, among other features that we are going to explore later on. Being free means that enterprises can now store their Monero digital assets while enjoying a unique kind of Rino service that was hitherto only reserved for paying clients.
This review is part of my series in search of the best Monero wallet.
Overall Rating: 1.25/5
Rino is intended for enterprise use. I would not recommend this wallet for individual use as there are many other wallets that have better features and design.
[I] Rino community edition vs enterprise edition
While both editions share many features, each edition has unique features depending on the targeted users.
Before we delve into the unique features that each wallet presents, let’s explore the features that are common to both wallets.
1. General features common to both wallets
These two editions of the Rino wallet share the following common features:
Rino does not keep custody of your digital assets. This enhances your privacy and self-sovereignty which are the two key principles that gave rise to the Monero blockchain.
Rino achieves this by employing the power of multi-signature technologies that allow users to transfer or exchange funds from one wallet to another without surrendering their custody to a third party such as a crypto exchange platform
(b) Real-time availability
Rino Wallet is always on. This means that you can always access real-time data. Even when your wallets are switched off, you still get notifications about transaction activities.
(c) Multi-device syncing
Rino Wallet supports real-time multi-device syncing. This means that you can get real-time data about your digital assets on whichever device you choose to access your wallet.
(d) Multisig support
Each wallet has 3 signature keys. The wallet holder keeps the first two keys and can use either during the transaction while Rhino keeps the last key. The Rino signature is used for transaction confirmation only.
(e) 2FA authentication
A two-factor (2FA) authentication check has become the standard in the online banking industry. This helps to weed out impersonation fraud.
The Rino wallet has a 2FA check to confirm that those making transactions are authorized to do so.
2. Features unique to the Community edition
In addition to the general features, the following are Rino’s unique features that characterize the Community edition:
- The Rino community edition is targeted at individual holders of Monero coins.
- The community edition is free forever. This means that at no time will you start paying to use it.
3. Features unique to the Enterprise edition
The following are Rino’s unique features that characterize the Enterprise edition:
- Spending limits – like an enterprise bank account, spending limits can be established so that a given signatory cannot spend more than the funds allocated.
- Exchange integrations – you can swap your XMR coin with more than 100 other coins while within the wallet. The built-in exchange provides the best XMR rates in the market.
- Wallet sharing – like an enterprise bank account, authorized signatories can view transactions on the wallet. For example, in an enterprise setting, bookkeepers would need a view of these transactions to keep a record of accounts. On the other hand, accountants would want a view of these records to manage funds, and top management would want to do so for the sake of making strategic decisions.
- Approver roles – just like an enterprise bank account, approver roles exist to determine what each signatory can do with the wallet.
- The Rino enterprise wallet is targeted at enterprise holders of Monero digital assets.
- The enterprise edition is free for a limited period. Currently, it is free for one year.
[II] Things that make Rino Enterprise Wallet stand out from other Monero wallets
Rino Enterprise wallet is the only Monero wallet in the market today that is specifically targeted at enterprise usage.
Consequently, it has unique features catered to enterprise users that are not available on ordinary wallets that are generally targeted at individual users.
This means that it has wider potential applications and a greater impact on the Monero ecosystem so far as enterprise applications are concerned.
1. Potential applications
Apart from ordinary enterprise use, some of the potential applications of the Rino enterprise wallet are:
- Community crowdfunding system – a community crowdfunding system requires transparency such that all contributors can view the funding progress of the project in which they are participating. An ordinary wallet cannot allow this. However, the wallet-sharing mechanism enables the wallet data to be shared by all contributors to the project.
- XMR donations – donors have a right to transparency. They would like to have first-hand information about the progress of their project. The wallet-sharing feature makes Rino enterprise wallet an ideal choice for XMR donations. For example, Alex Bornyakov, the Deputy Minister of Digital Transformation of Ukraine opened up an XMR wallet to facilitate XMR donations to support Ukraine during its war with Russia. This shows how, even governments, can use Rino Wallet to achieve a public cause.
2. Strong impact on Monero ecosystem
The lack of professional tools has been a major obstacle to the adoption of Monero coin for enterprises. This has made many enterprises stay away from Monero.
The number of Monero transactions from the enterprise sector is predicted to rise exponentially, thanks to this new type of Monero wallet which is already increasing the adoption of Monero applications in the enterprise sector.
[III] The Monero FAQs
1. Why isn’t Monero hitting headlines like Bitcoin?
Privacy advocates have touted the virtues of Monero. However, their Monero talk hasn’t hit the waves characteristic of Bitcoin talk in the wild speculation of cryptocurrency exchanges. Why? The privacy-focused nature of Monero means that those who choose it are unlikely to flaunt their wallet addresses or expose themselves.
2. Does Monero have the privacy features of a Swiss Bank account?
If we were to take the analogy of the conventional world of banking, Monero would be akin to Swiss Banks… they are not available at every corner of the street. Most of us have heard about them, but very few of us have encountered them and just a tiny fraction of us have banked with them. This is Monero for you. Monero is for those who consider privacy a top priority.
3. Where can I access Monero?
Yet, unlike Swiss Banks, you can access Monero right on your smartphone, tablet, laptop, or desktop. It is available. It is accessible. Why then doesn’t it attract the masses? Well, just as privacy-focused individuals don’t attract lots of people into their circle, Monero hasn’t. Just like Swiss Banks, it operates in unique ways that many aren’t accustomed to.
4. How promising is Monero’s future?
The Modern Swiss Banks are no longer the Swiss Banks of yore. The Swiss Federal government has bowed down to ‘international’ pressure to remove the veil of secrecy that characterized its banking industry. Furthermore, the Swiss’ long-standing policy of neutrality has been breached by the war in Ukraine. Its financial instruments are no longer top-secret.
Thus, it is time for privacy-focused blockchains such as Monero to take over. As the veil of secrecy wears off from the Swiss Alps, Monero continues to gain traction as the best alternative.
5. Can governments breach the Monero blockchain?
Governments have found a way of raiding the Bitcoin blockchain. What Bitcoin did was to keep its members pseudonymous while leaving their BTC addresses easily traceable on public nodes. What government agencies simply do is trace the financial transactions via a given BTC address to the bank accounts and thus reveal the pseudonymous owners.
Governments can use all manner of pretexts to intrude on people’s privacy. The war in Ukraine is being used as a pretext by Western governments to intrude on people’s privacy. For example, the White House can simply issue an Executive Order to ransack blockchain exchanges on the pretext of pursuing certain Russian individuals, tracing funds of major Russian figures, or barring Russian citizens from evading the unilateral sanctions imposed by the US government. The legitimacy of these claims may be questionable but governments are known to be duplicitous and, at times, nefarious.
Members of the Monero community don’t have to worry about this breach of privacy. Even though Monero coins can be traded on government-compliant platforms such as the cryptocurrency exchange Coinbase, their privacy is guaranteed by the Monero blockchain system.
6. How can I get updates on Monero Community events?
The Monero community is one of the most vibrant cryptocurrency communities today. The best way to stay updated on things Monero is to participate in Monero community events.
(a) Attend Monero community events
You can attend the upcoming Monerotopia event and subscribe to their new weekly Monero newsletter that provides additional information on Monero price analysis, dev activity reports, and top gainers in the crypto space.
Following the #monero-events IRC channel is another way of staying updated with the latest happenings in the world of Monero.
You can also attend the next Monerokon conference to hear from various privacy advocates and experts. The upcoming Monero Conference has an amazing lineup of speakers that will keep you informed yet inspired.
The available information on Monero community platforms can greatly supplement your own research. Furthermore, you can receive community feedback on pressing questions and community support for your pressing needs.
(b) Follow opinion leaders and experts
John Foss, author of The Monero Moon provides great insights. The Monero Moon is a curated weekly newsletter that covers all things Monero. Justin Ehrenhofer of Cake Wallet is another resource person. Justin is the head of the Monero Community Workgroup that organizes meetups on topics dealing with Monero. You can even make workshop proposals to be considered.
Ragnar Lifthrasir has a newsletter that is such a worthwhile read. It is such a fantastic resource. Sir Bud Fox provides tons of investment advice regarding Monero money and warns against the dangers of a poor mindset that leads to many wasting away their wealth in flashy expenditures such as the Lamborghini Aventador or extravagant shopping at De Louvois Company just to soothe their low self-esteem. To him, the litmus test of intelligence is prudently staying your course to accomplish your goals without being distracted by attractive glitters.
Guns N’ Bitcoin is a podcast focused on Bitcoin, Monero, privacy, and cybersecurity. Another notable figure worth following is Nassim Nicholas Taleb, the author of ‘Black Swan’. His views have been widely cited by top financial media houses, including the Financial Times.
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Are you wondering whether you should use multiple crypto wallets or one wallet to rule them all? Using many wallets means you need to manage multiple seed phrases and makes it hard to keep track of your total portfolio. Using a single wallet exposes you to more risk. What if you get hacked or lose your seed phrase? What if you lose your device if you use a hardware wallet? Is there even a single wallet that can accommodate everything you want to do with your crypto assets? Having used more than 17 different wallets, I guarantee you that you will end up using many wallets yourself as you become better acquainted with the world of crypto. Read more.