The third episode of the Hashing It Out podcast, Cointelegraph’s Elisha Owusu Akyaw discusses the future of noncustodial cryptocurrency wallets with Kosala Hemachandra, CEO of MyEtherWallet.
Recent issues with centralized platforms have put the spotlight on decentralized applications (DApps), and self-custody — where users keep their funds completely under their responsibility — has become a major trend.
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MyEtherWallet is a non-custodial, oldest wallet that focuses on Ethereum blockchain. Kosala Hmachandra claims that the wallet was launched just two weeks after Ethereum’s mainnet launch. MyEtherWallet’s CEO explained that they made a decentralized wallet as it believed that it was the best way to interact with the blockchain technology.
“Blockchain, at its core, is a decentralized solution, so why would we create products that are centralized? Because we are defeating the whole purpose of using blockchain.”
Hemachandra says that MyEtherWallet was started as a hobby and became more difficult because there were no examples of the project. Javascript was used to create new Ethereum libraries.
Open source was chosen by the team because it was necessary to create a base of codebases that would allow for faster growth in the Ethereum ecosystem. What’s more, the open-source nature of the code allows the platform to have more eyes on its codebase to prevent potential vulnerabilities.
MyEtherWallet is a popular decentralized wallet with over 3 million monthly users. Most of these are from Japan and the United States. MetaMask is catching up to MyEtherWallet, which recently launched a multichain browser extensions. The decentralized wallet now supports more blockchain networks. Hemachandra pointed out that many users were looking for alternatives to storing their crypto in decentralized locations within the first two weeks following the FTX saga.
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Hemachandra spoke out about industry trends and said that MyEtherWallet had not yet made plans to launch an airdrop for its customers, despite rumors that its competitors might soon launch their tokens. According to the CEO, MyEtherWallet doesn’t see any use cases for tokens released by wallet applications at the moment.
Elisha and Hemachandra also discuss:
- New features for decentralized wallets
- The popularity of layer-2 platforms and the Ethereum ecosystem.
- The blockchain ecosystem promises a multichain future.
You have to get it out This podcast series from Cointelegraph features important stories and innovations in blockchain technology. Interviews with thought leaders in this space are hosted by Elisha, GhCryptoGuy.
Listen to the complete episode of Hemachandra for more information. You have to get it out You can find the latest Cointelegraph Podcasts page here Spotify, Apple Podcasts, Google Podcasts Oder Amazon Music.