When it comes to storing, transacting, trading, and investing in cryptocurrencies, the most crucial component is a cryptocurrency digital wallet. Digital wallets operate through private keys and public keys. The cryptocurrency wallets can be in a hardware format such as paper wallets or software like browser extensions.
MyEtherWallet, commonly referred to as MEW, is among the top digital wallets in the industry today. Its popularity stems from the long list of supported coins and security.
Things at MyEtherWallet appeared to fall apart in April 2018 when one of the founders, Kosala Hemachandra, warned that MEW is not ready for mass adoption. In this MyEtherWallet review, we answer some of the hard questions about the wallet such as “Is MyEtherWallet safe?” and “Will MyEtherWallet break after co-founders part ways?”
What Is MyEtherWAllet?
MyEtherWallet was created in 2015 by Kosala Hemachandra and Taylor Monahan who wanted to make sending Ether easier. During the early phases of Ethereum blockchain, the only method of sending Ether was via a command line. But very few were conversant with it.
MyEtherWallet is a client-side tool, which implies that a user has full control over the keys and funds. Over the years, the wallet’s popularity has grown steadily as the number of supported crypto coins increased.
Because no one else has the private keys apart from the wallet owner, the danger of getting hacked is very low. However, this also implies that in the event of a loss, there is no way to recover lost tokens.
MyEtherWallet: A 4.7 Star Wallet
The architecture and application of MyEtherWallet makes it one of the most reliable wallets in the market today. By allowing users to have absolute control over their wallets and supporting many ERC-20 tokens, the wallet is considered very secure and reliable.
For many users, the trust they have in the wallet stems from the easy integration and support for different wallets. For example, they are able to extend the security of their tokens by storing them offline in hardware wallets such as Ledger Nano S and Trezor.
The support at MyEtherWallet is very effective in helping users understand how the system works. Most people who have used MyEtherWallet rate it very high because its knowledge base helps them make the right decisions and feel valued.
How Does MyEtherWallet Work?
MyEtherWallet, like other digital wallets, operates by generating the codes that help users easily manage their ERC-20 tokens. To use MyEtherWallet, you will need to start by setting it up correctly. Here is the procedure.
a. How to Open and Use MyEtherWallet
- Visit MyEtherWallet site and hit the “Create a New Wallet” icon on the main menu.
- Select the preferred password by keying it in the main field. Make sure to store the password carefully because it will be needed in the future.
- Download the keystone. The password you have just entered in step two will be used by MyEtherWallet to generate a unique keystone. Then, follow the prompts, taking care not to lose the keys.
- MyEtherWallet will generate a private key, which you must store securely. Note that the keys will not be stored in MyEtherWallet.
- Select the preferred wallet. After confirming that the private key has been secured, you will be prompted to select the wallet to access your account. Some options you can pick at this point include Ledger Nano S and Mist.
Now, the account is ready. You can sign in to see the public keys (account address), transfer the tokens, and get paid. Here is a video demonstrating how to open and start using MyEtherWallet:
b. MyEtherWallet Supported Coins
MyEtherWallet supports most ERC-20 tokens. ERC-20 is a technical standard for tokens issued on the Ethereum platform meant to facilitate approval and easier transfer. The rules define the following:
- Tokens transfer
- Transactions approval
- Token data access
- Total supply of tokens
Some of the ERC-20 tokens you can store and manage using MyEtherWallet include Ziliqa (ZIL), Bytom (BTM), Status (SNT), and Binance (BNB). You can get the full list of the ERC-20 tokens on EtherScan.
Is MyEtherWallet Secure?
One of the most outstanding things about MyEtherWallet is that it provides users with the option to set security to individual needs. As a customer-side wallet, it implies that only the user gets access to the private keys.
When setting up the wallet, you are required to select where the private keys will be stored. This is very crucial to your tokens security. The three main options for storing the private keys include:
- Hardware wallet: This is considered the most secure option because the keys are stored offline and, therefore, the tokens cannot be accessed without the device. You can opt for Trezor or Nano hardware wallets.
- Computer hard drive: The keys are stored on your computer hard drive. However, your computer is still susceptible to malware attacks.
- Paper wallet: MyEtherWallet provides users with the option of printing the private keys on a paper as a backup.
Since you are usually the only one who has access to MyEtherWallet private key as a user, it is extremely important to be vigilant of phishing attacks. Indeed, the wallet has suffered several phishing attacks in the past.
While such phishing attacks are not a reflection of coding defects at MyEtherWallet, users have been losing thousands of dollars through such attacks. It is also important to note that some users are also careless making it easy for phishing scams that result to huge losses and panic.
The best way to avoid such phishing attacks is by bookmarking the right wallet’s address, https://www.myetherwallet.com, and using it to ONLY enter the wallet. You need to appreciate that the The security of MyEtherWallet depends on you.
You must take care of the private keys by storing it carefully and not revealing to third parties. Also, avoid logging to your account directly using Google, Bing, and even email that are more susceptible to attacks.
MyEtherWallet Development Is Very Committed
If you take a closer look at most blockchains and digital wallets, the development takes very long or traces pre-defined targets. However, the development team at MyEtherWallet is always on the lookout to identify gaps and address them immediately.
On the 3rd of March 2016, the development team released an offline/online transactions feature following the community’s request. Earlier on in February 2016, the Beta Version of Chrome Extension was released while additional updates on the “Generate Wallet” page and “MewTwo” were released in April.
The progressive development indicates that MyEtherWallet can only get better. In August 2018, the development team told the community that it was working on the MyEtherWallet mobile app to enhance user experience.
The community was asked to suggest the features to be included in the system. This cordial relationship is what has helped to prop MyEtherWallet taller than most peers.
The Customer Support at MyEtherWallet
When designing MyEtherWallet, the founders and their entire development team were concerned about the numerous cases of poor customer support. In most cases, issues from clients in other wallets were not replied to or responses were very poor. An urgent solution was needed.
MyEtherWallet adopted a multi-approach strategy that allows users to get answers to issues as fast as possible. For example, the FAQ page provides answers to most of the questions that people ask about MyEtherWallet.
In addition to the comprehensive FAQ page, MyEtherWallet’s knowledge base is very informative. The knowledge base page contains videos, how-to articles, and info on individual components like wallets.
The development team also builds its community on social media platforms such as Reddit, Twitter, Facebook, and LinkedIn among others. Here, you can interact with the development team and Ethereum crypto community to discuss any issues of interest.
MyEtherWallet is a unique and flexible wallet that provides the user with all the features needed to interact with the Ethereum platform. Here are the main pros and cons of using MyEtherWallet.
- The wallet is open source.
- It is compatible with other wallets such as the Ledger Nano S, Trezor, and Mist.
- Provides an easy and secure interaction with Ethereum Blockchain.
- It supports many ERC-20 tokens.
- Does not store the user’s password or private keys.
- MyEtherWallet is free.
- It has one of the most comprehensive customer support services.
- The wallet is not very easy for beginners.
- The wallet does not handle tokens not compliant to ERC-20 standards, such as Bitcoin and Litecoin.
A closer comparison of MyEtherWallet with other wallets such as the Coinbase and Exodus among others demonstrates that MyEtherWallet stands taller because of the long list of supported cryptocurrencies and highly effective support. Its focus on security also makes it a better option because users have absolute control over their private keys and tokens.
During the MyEtherWallet review, we established that the recent assertion by Kosala Hemachandra that the wallet is not ready for mass adoption was a gimmick to lure users to his new wallet referred to as MyCrypto. While Kosala might appear bitter about leaving MyEtherWallet, the development team is already advancing the platform with new features such as the MyEtherWallet mobile app that has greatly excited the community.
Therefore, if you are still wondering how safe MyEtherWallet is, the answer is very safe. We cannot hesitate to recommend that you join the network. However, you need to be cognizant that the security when operating on the platform largely depends on you.