In the middle of February Changelly announced its partnership with the pioneer among Ethereum-based crypto wallets — MyEtherWallet. Moreover, this collaboration matched with the launch of a new wallet version called MEW V5. We’ve already written a tutorial on how to swap tokens inside the new MEW.
So, now it’s time to talk to the one who’s at the helm of MyEtherWallet. Please welcome Kosala Hemachandra, the MEW wallet founder and ideologist of the “no hardware” hardware wallet concept. We asked Kosala about his brainchild, the principles of a successful and reliable crypto wallet and his views on the future of blockchain as a whole. Have a nice read!
Hello Kosala, nice to have you at ‘Crypto Talks’ on Changelly and thanks a lot for the interview! For those who haven’t installed MEW V5 yet, can you describe the main updates of the new wallet version in simple terms?
We recently launched a complete redesign of MEW’s interface (MEW V5) to bring a more universally intuitive way of interacting with blockchains to users everywhere. The most noticeable change is that MEW V5 is far more friendly in its layout, design, and visuals.
We’ve also simplified the layout so a new user, for instance, can easily access customer support and find education resources, while someone who is more familiar with our older interface (Vintage MEW) can still find their way around. You can find out more details on MEW V5 from our official blog.
Could you please explain what the term ‘no hardware’ hardware wallet means?
We launched MEW Connect last year to bring the security benefits of a hardware wallet to smartphones everywhere. ‘No hardware’, beyond a smartphone, is needed with our official and free companion app and users can simply sign into their wallet, with their private keys stored safely inside the device
It’s additionally secured by the fact it’s separate from your computer, where you carry out transactions. You’ll need to interact with the website as well as the app to undertake certain tasks, which ensures only you are able to access these features.
What are the top 3 key factors of a modern and reliable crypto wallet?
The first is security. As cryptocurrency adoption grows, so does the sophistication of the scams and phishing attacks. Crypto wallets need to provide users the tools to keep themselves safe and their crypto secure; whether it’s stored on a mobile wallet or elsewhere.
The next would be usability. The only way we are going to continue to drive adoption will be with usable experiences that don’t overwhelm newbies. Educational resources and intuitive user interfaces both play a role here.
The third would be transparency. After all, the point of cryptocurrencies are to be decentralized and immutable. As we’ve recently seen with QuadrigaCX, that isn’t entirely the case in the crypto space.
Since the launch, what have been the first impressions users have had to MEW V5?
It’s been incredibly exciting to see the user response to MEW V5. We have put a lot of work into this update, and we are very happy to see that people are enjoying the new streamlined interface! Of course, some users adapted to the new flow immediately, while others have commented on features that they miss from the old interface.
Our goal is to make the crypto experience simpler for beginners, but also to give expert users convenient access to all the functionality they have become accustomed to. This is a tricky balance to maintain, but we are getting a lot of useful feedback from our community, which inspires us to continue improving MEW V5.
What about the future of blockchain? What do you think the crypto wallets will look like, let’s say, in a few (2–5) years?
Honestly — we don’t believe there will be that huge a change in how crypto wallets operate in the next couple of years. There will likely be more secure elements added, to increase the security of the wallets, but the way they operate and function should stay the same.
But if you look a bit further ahead, in the next 5–10 years, we believe adoption will ramp up. Wallet functions will have to evolve to support increasing demand. This might mean better hardware wallets, which are more secure and easier to onboard, or a transition to all smartphones being built with a hardware wallet inside, to support and facilitate the daily experience of a user.
We also anticipate an increase in vendors accepting crypto — especially as Starbucks has just thrown their hat in the ring — so wallets will develop the functionality to support mobile payments.
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Nice swaps, #Changellions!