A free as well as open-source client-oriented interface, MyEtherWallet lets you directly interact with the Etherum blockchain with the help of a web browser. Launched back in 2015, this online application allows users to generate a web wallet where you will be able to store, send as well as receive Etherum, Etherum Classic and several other ERC20 tokens without any hassle. It is very easy to use and the interface is completely user-friendly.
How does this wallet work?
Though the wallet on MEW is created online, it is unlike any other online wallets you have seen before. As a matter of fact, it will be an injustice to dub it as a traditional online wallet. Why is it so? Well, it is due to the fact that the crucial wallet information like your private key is not stored online in MyEtherWallet. Rather the information is stored on your computer or anywhere you decide without any trouble. Thus, it provides you with total control over your wallet, private key and the fund. It is really unique to MEW since no other online based wallet provides you with total control over your fund.
When you create an account in MyEtherWallet, a public and private key is generated. However, it does not store any user information in its database. Thus, the users are completely in charge of their private key and password. Plus, it does not anything for making transactions with MEW except the fee that you need to pay to Etherum miners.
Like we said before, the user interface of MyEtherWallet is very simple and friendly. Hence, you will never have trouble using it even if you are a beginner in this domain. Plus, it is even easier to create an account with MyEtherWallet and the process is pretty quick too. The system reminds you to store the files containing the keys before getting started with the wallet.
Receiving and sending Ether as well as tokens is pretty easy too using the MyEtherWallet. You will find three boxes in Receiving and sending page labelled as receiving address, gas limit and amount to be sent. Hence, it is really simple to use and you shouldn’t face any trouble. However, if you face any trouble; you can obviously refer to the robust knowledge base of MyEtherWallet to get your problem solved immediately with the help of detailed information and tutorial videos.
Security Features of MEW:
One of the most pressing concerns about web wallets is the lack of security. Nonetheless, MyEtherWallet is not a typical web wallet and it provides you with a plethora of security features. It offers great flexibility when it comes to accessing your wallet.
It is well known that a user account is protected by private key and password which is generated as soon as open your account. MEW offers you the chance to store it on your computer or on any external device. Hence, it is always to recommended to keep a backup copy of your private key on a paper or external storage device to keep it safe.
Plus, MyEtherWallet is completely compatible with the hardware wallets like Trezor and Ledger Nano S. Furthermore, you will have another security option available and that is MetaMask. It is a browser extension of Etherum which you can easily download using Google Chrome Store. This application is easy to use and makes unlocking your website very easy as well as quick. One of the main advantages of MetaMask is that it warns you immediately when you visit any phishing site that is blacklisted.
Lastly, you will be able to use MyEtherWallet to carry out offline transactions. And there are several other features too which assures you completely about the security of your fund.
Online reviews and public opinion:
Having received mostly positive reviews from the users, it has achieved huge popularity. While some users have complained regarding the security of the wallet and reported a theft of their funds, but it seems they have not followed the standard security procedures prescribed by MyEtherWallet.
Users have mostly provided positive reviews about MyEtherWallet since it is open source as well as free. The fact that information is not stored on the website makes it very unique and safe according to the users. The flexibility offered by the wallet is also viewed as a plus point by the users. Lastly, the user-friendliness of the wallet has garnered praises from users and experts alike.
MyEtherWallet offers the users the advantages of online wallets while carefully excluding the vulnerabilities. With flexibility and high-security assurance, it offers mental peace to users. Now, the experience you gain completely depends on how you utilise the options available. So, are you planning to use it?