MyEtherWallet is one of the most popular services of cryptocurrency wallets, finally will acquire its own mobile app.
Last night, the company introduced the MEW Connect app for iOS, which allows users to access their wallet via MyEtherWallet, but without entering private key. There are already solutions that allow this – for example, hardware keys best wallet and Ledger, but the MEW Connect offers it for free.
The beta version of the app for iOS will appear in the coming days. Given that the website is visited by over 600,000 users a day, the demand for beta is likely to be high.
Android version also is in the works and is expected to be released around the same time as the version for iOS.
How does it work?
The app uses a QR code, which replaces the need to enter private key. As you know the input private key pair on the website is the most weak point of many web wallets. A recent analysis shows that more than $ 7 million was stolen via phishing attacks on the sites of the purses, but even so people do not rush to purchase hardware wallets.
Now, using the MEW Connect app, you simply scan the bar code on MyEtherWallet.com and this will open up your account using a peer-to-peer connection.
On the technical side MyEtherWallet uses Apple’s keychain services to encrypt the application that, according to the developers, it stores data on the device, and sinhroniziruete them with the web version. In the future we plan to use the Touch ID function in iOS, but so far, it is not available.
Before starting, the application requires to set the primary password, and provides a set of backup words, like devices best wallet or Ledger. The master password is designed to prevent unauthorized access, for example, if you lose your phone. Backup words are the key to gaining access to your wallet in case you lose your phone.
In fact, it is everything that makes the app at the moment. When testing the author notes on TechCrunch, it worked pretty well, although with the alpha versions usually have problems.
The main screen of the application contains design elements commonly found in applications that work with Bank cards. Obviously, this is not done just so, and to add the possibility of making payments in the future.
However, according to the founder of the Kosala MyEtherWallet of Hemacandra, this should not be expected in the near future. Hemchandra intends to ensure that the application with its current functionality it will be convenient to use, and then enter the new function.
It will be a huge benefit for the entire industry. First, we want people getting used to the concept of the MEW Connect: access through QR code, and creating links for P2P payments.
At this point, the application has a link to where you can buy cryptocurrency using the services of other companies. This approach to monetization used on the site, and thus obtained profit enough to make the business profitable, to pay the salaries of 15 employees and support the development of the project.