MyEtherWallet launches a mobile hardware wallet, a beta version for iOS. The app, though still in the infancy of development, it will let the users use their funds without their private keys and also make funds be protected like it’s a hardware wallet.
MyEtherWallet Hardware Wallet App
My MyEtherWallet is an Ethereum wallet that enables users to generate new wallets so that they can store their Ethers themselves, and not on an exchange.
The new app is still in its infancy according to the MyEtherWallet web post. The beta app version of the hardware wallet produced is said to be meant for testing and debugging, and the customers are asked not to use it as a permanent ETH storage solution.
A unique security feature of the app is the ability of the users to log in and access funds without their private keys. This feature gives it an edge over phishing attack that is rampant in the crypto ecosystem. With MEW having been a victim of such attack when hackers hacked the core internet structure to scam its users.
As it was further stated on the site, another security feature is the security of a cold wallet on a mobile phone. It was said that,
“We want to provide you with an instant and secure way to store and exchange ETH, while at the same time facilitating wider cryptocurrency adoption. We believe MEWconnect is that missing link the Ethereum community has been looking for.”
The beta version meant for testing and debugging will be replaced with a proper version for iOS and Android, which will be released in August. According to the founder of MyEtherWallet, Kosala Hemachandra. In his statement to TechCrunch, he said the beta app comes with a bug bounty. A bounty reward within range of $250 and $2,000 will go to users that submit a bug report. The bugging check and the testing is meant to improve the security features of the application.
Other features such as payment options will be added in the future, even as MyEtherWallets add credit card purchase to its features through a new partnership.
MyEtherWallet is not the only company into a mobile hardware wallet, as firms such as MyCrypto, also look forward to venturing into it.
The new development is a positive expansion for MEW, as it will enable it to satisfy the demands of its clients more, and as competition grows between different tech firms, more innovations are to come into the blockchain world.
Photo credit: Crypto Globe