MyEtherWallet CEO talks about the future of crypto self-custody

In the 3rd occurrence of Hashing It Out podcast series, Cointelegraph’s Elisha Owusu Akyaw discusses the aboriginal of noncustodial cryptocurrency wallets with Kosala Hemachandra, CEO of MyEtherWallet.

Recent issues with centralized platforms person enactment the spotlight connected decentralized applications (DApps), and self-custody — wherever users support their funds wholly nether their work — has go a large trend.

MyEtherWallet is 1 of the oldest noncustodial wallets with a absorption connected the Ethereum blockchain. According to Kosala Hemachandra, the wallet went unrecorded conscionable 2 weeks aft the Ethereum mainnet launch. The CEO of MyEtherWallet explains that they chose to marque a decentralized wallet due to the fact that they believed it was the lone due mode to interact with blockchain technology.

“Blockchain, astatine its core, is simply a decentralized solution, truthful wherefore would we make products that are centralized? Because we are defeating the full intent of utilizing blockchain."

Hemachandra explains that MyEtherWallet started arsenic a hobby project, which became much demanding since determination were nary examples to look astatine during its development. The developer had to constitute caller Ethereum libraries successful javascript.

The request to physique a instauration of codebases that could accelerate maturation successful the Ethereum scenery was the crushed wherefore the squad opted to marque the codification unfastened source. What’s more, the open-source quality of the codification allows the level to person much eyes connected its codebase to forestall imaginable vulnerabilities.

Despite increasing competition, MyEtherWallet has implicit 3 cardinal monthly users who are chiefly from the United States and Japan. To drawback up with the likes of MetaMask, the decentralized wallet is adding enactment for much blockchain networks and precocious launched a multichain browser extension. Hemachandra besides pointed retired that the archetypal 2 weeks aft the FTX saga brought successful galore caller users looking for decentralized alternatives to store their crypto.

Related: Crypto trader regrets not catching the apical of the bull run

On trends successful the industry, Hemachandra mentioned that MyEtherWallet has yet to marque plans to bash an airdrop for its users contempt galore rumors that immoderate of its competitors whitethorn motorboat their ain tokens soon. According to the CEO of MyEtherWallet, they don’t spot immoderate usage cases for tokens released by wallet applications astatine the moment.

In the episode, Elisha and Hemachandra besides cover:

• New features for decentralized wallets.
• The Ethereum ecosystem and the popularity of layer-2 platforms.
• A multichain aboriginal successful the blockchain ecosystem.

Hashing It Out is simply a caller Cointelegraph podcast bid covering innovations and important stories successful the blockchain industry, featuring interviews with thought leaders successful the abstraction hosted by Elisha Owusu Akyaw (GhCryptoGuy).

For much treatment with Kosala Hemachandra, perceive to the afloat occurrence of Hashing It Out connected the caller Cointelegraph Podcasts page oregon Spotify, Apple Podcasts, Google Podcasts oregon Amazon Music.