Review on MyEtherWallet by David Olayide
MyEtherWallet: A Brief Review
MyEtherWallet is known as a very flexible user interface is designed to give users or traders and merchants, access today Ethereum blockchain network. The project allows users to create cryptocurrency wallets on the network. Now contrary to popular opinion MyEtherWallet is not actually a cryptocurrency wallet on its own rather, it is a sort of interface, that allows the easy storage of Erc20 tokens and assets on the Ethereum based platform to take place. Although it can be accessed through the internet, users’ cryptocurrency wallets are stored directly on their computer hardware, not on the MyEtherWallet servers.
The wallet’s interface is primarily designed to work with a Ether based tokens and coins such as Ethereum, Ethereum Classic and other ERC-20 based tokens. It can be accessed by both iOS and Android mobile devices because it is primarily web-based. It is available in many countries and supports a variety of different language options. It’s open source nature should make it compatible for both Windows Linux, Mac and any other operating systems available.
An added advantage of the wallet is that because it only serves as an access point and it’s not a full-fledged wallet on its own, there is no need to pay any fees at all. In terms of security make sure to access the site with the correct https tag before you log in on the website. Also the provision for offline transactions makes it a very good option for crypto traders. In addition we are also provided with your own special private keys that cannot be used by anyone else.
Pros
- It is open source
- Secure on the users own computer
- Support for offline transactions
Cons
- It is not a full-fledged crypto wallet
