MyEtherWallet: All Power To The People!

Painting by Sir Luke Fildes entitled ‘Applicants for Admission to a Casual Ward.

The denial of rights and opportunities to a particular group leads to unfair and undemocratic social structures, especially the structure of financial sector. Hundreds of years ago, before there was a bank, rich people use goldsmith’s vault to keep their gold safe. Today, we read a lot of news about bank’s racial discrimination to minority; from mortgage discrimination to auto loan discrimination.

We might think that blockchain is the absolute solution and must somehow “transform” the things found in the current financial structure, to eliminate intermediaries. But we should not forgot that blockchain is a huge collection of hardware and dApps distributed across hundreds of millions of devices worldwide, but for us to interact financially we need a “decentralized wallet”. Think of it like a bank account that can be open by anyone and can not be closed by governmental order.

MyEtherWallet is a free, open-source, client-side interface for generating Ethereum wallets. It is the most user-friendly wallet for storing, sending and receiving, both Ether and ERC-20 tokens. MyEtherWallet gives you an address at which you can receive the tokens from anyone else. This address is referred to as the public address of your wallet. Think of it as your bank account number, at which you can receive money from other people. The difference is that MyEtherWallet never judge you for who you are;  whatever your background, education or life story, you can create as many wallets as you need and benefit from MyEtherWallet features.

But remember, MyEtherWallet is not a bank. It is an interface that lets you have “full control” over your own wallet (account) and therefore you are responsible for your own security. But do also remember that as an interface, MyEtherWallet never charge a transaction fee or cost to the users. No fees, it’s free-free!

It is important to keep your “crypto” safe. If you are able to keep your gold safe then it’s also important to protect your “cryptocurrencies” against theft, loss and other potential risks. Treat your cryptocurrencies like gold! And that’s what MyEtherWallet is all about; to offer a secure wallet for a wide selection of cryptocurrencies, to all people.

The Goldsmith’s Vault

source: http://tapnewswire.com/wp-content/uploads/2015/10/goldsmith-banker1.jpg

MEW is a highly secure wallet that enables complete freedom, since private key and passwords are NOT stored on the MyEtherWallet servers. Users have complete control over their wallet as the private key is not shared with anyone else, not even with MyEtherWallet (but if you lose your private key or password, no one can recover it). You can even run MyEtherWallet without internet connection, in an offline and more secure environment. We can say that MyEtherWallet is “far more secure than a Goldsmith’s vault” 🙂

Each for all and all for each

MyEtherWallet is compatible with other types of wallet; cold storage wallet (MyEtherWallet works well with both Trezor and Ledger Nano S) or browser plugin-based wallet like Metamask. In fact, these other wallets rely solely on MyEtherWallet to handle ERC-20 tokens transfer, which means that you need to connect your Ledger Nano S or Metamask to MyEtherWallet in order to transfer ERC-20 tokens like EOS or OMG. MyEtherWallet supports ERC-20 tokens, while most other online wallets don’t.

With Liberty comes Responsibility

When you have full control of something then you have full responsibility of it. The same applies to MyEtherWallet, even though no one knows or store your password and private keys, and no one will be able to recover the wallet unless you have the private keys, you still need to use it responsibly. Why is that? Since there is no way to break or hack MyEtherWallet system the only way for hacker is to steal private key through phishing attempts. There have been many incidents where hackers have created similar looking websites to steal user’s private keys. MyEtherWallet users are being advised to check the “MyEtherWallet” website carefully before using them. There are a few ways to do this:

  • Always type in the domain name to make sure it is the right one “https://myetherwallet.com”. Once typed in correctly click enter,
  • Install EAL or MetaMask or Cryptonite by Metacert or the MyEtherWallet Chrome Extension to block malicious websites,
  • Before unlocking your wallet – always double check the URL and the SSL certificate, and make sure the URL bar has “MYETHERWALLET INC" in green,
  • Never click on any links from Telegram, Google, Coinmarketcap or anywhere! No, do not click it!

 

Having said that, MyEtherWallet has been an exceptional wallet inside the Ethereum environment. This is what we need to start the blockchain revolution. Almost all companies are using and recommending MyEtherWallet to participate in their ICOs because it is trusted by the majority. But what’s more important is that we don’t have to rely on anyone else to control our own money (read: crypto), nor banks nor governments institutions.

A wallet that gives back power to the people…

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Author: anti.cash

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