If I create a html 5 application for a phone (using phonegap or Icenium) that calls a webservice which needs a username/password, can a person look at the code somehow or is the JavaScript compiled away or obstructed in some manner?
Assume in this case that the url is in a javascript file with username and password.
If I create a html 5 application for a phone (using phonegap or Icenium)
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Neither Phonegap nor Icenium (both based on Apache Cordova) obfuscate or compile the JavaScript code of your app.
You can take any Cordova app for iOS or Android and simply unzip the .ipa or .apk package to reveal the HTML, CSS and JavaScript code that powers the app.