Today we have Kosala Hemchandra, CEO and Founder of MEOW (MyEtherWallet), the original Ethereum digital wallet and the main platform for accessing the entire Ethereum ecosystem. As an experienced founder with a demonstrated track record of working in computer software, Kosala has integrated MEW into a team dedicated to being at the forefront of innovation in the field of cryptography.
Gary Drenik: What is an Ethereum Wallet? How does it differ from a standard wallet?
Kosala Hemchandra: Since the first paper currency was introduced to the New World in the 1600s, traditional wallets have been developed to store valuable assets. They are readily available and allow individuals to manage and control their cash, including credit cards and cash. But what if you misplace your wallet? Or someone steals your driver’s license and commits identity theft? Inevitably, you’re out of luck.
Similar to a standard wallet, an Ethereum wallet still allows users to manage and control liquid assets; however, it alleviates the stress of someone stealing your credit card. An Ethereum wallet is software or hardware that allows users to interact with the Ethereum blockchain. Users can send and receive transactions, determine their balances, create smart contracts, interact with decentralized applications and much more.
In an Ethereum wallet, users can store and protect their digital identities, including their financial records, by managing their own private keys as they see fit, even if it means memorizing them in their minds. A standard wallet does not have this extra level of protection. If one loses a standard wallet, the owner must prove himself to the authorities to issue new documents, such as a new driver’s license or a new credit card. With an Ethereum wallet, users not only have an added level of protection, but exclusive control over their financial assets and identity.
Drenik: Why would users trust a digital wallet? How do they assure users that their assets are secure?
Hemchandra: We often hear about scammers using the Internet to hack users’ smartphones. However, what many users don’t realize is that almost every smartphone has a built-in secure hardware enclave. It’s a separate processor with isolated memory, which means that if your phone’s operating system is compromised, the secure enclave will remain protected. For example, an iPhone’s Face ID or Apple Pay uses the hardware enclave to efficiently store users’ private information.
For digital wallets, companies like MEOW (MyEtherWallet) leverage the hardware enclave to protect users’ private data by encrypting and storing private keys and allowing only authorized applications to decrypt them.
Drenik: Does a mobile wallet make it easier to buy/donate NFT?
Hemchandra: Cryptocurrencies and non-fungible tokens (NFTs) are simple and favorable gifts that offer enormous potential for benefits for the recipients. According to a recent Thrive Insights & Analytics Survey, over 60% of Gen Z are aware of NFTs and this generation will push the mainstream adoption of these tokens.
Now that we face higher gas prices and still suffer from supply chain issues, shipping and transporting daily consumer goods is becoming more difficult. The silver lining is that it gives crypto and NFTs time to shine. Crypto and NFTs are easy to ship, don’t take up physical space, and can increase in value over time.
Through digital wallets like MEW, users can easily access NFTs. If you send an NFT, include a note to the recipient explaining how to claim it and offer to help set it up through a digital wallet if they don’t already have one. Accompanying a friend or family member through the process of owning an NFT can be a great way to spend time together, virtually or in person. The recipient will not only enjoy the NFT, but also the learning experience.
Drenik: How does MyEtherWallet protect your wallet?
Hemchandra: MyEtherWallet (MEW) prioritizes user privacy and customer protection. Like many Ethereum wallets, a crypto wallet key is required to access all accounts and funds. MEW takes the process a step further by encrypting users’ private keys a second time, offering a PIN and biometric signatures, such as Face ID and fingerprints.
The security doesn’t stop there. To ensure the highest level of protection, MEW re-encrypts the encrypted key, with a key generated from Android Keystore or Secure Enslave (iOS). Users can store the super-encrypted key in their mobile devices, software-separated from the rest of the system.
The most valuable asset of MEW’s security system is that the platform does not collect user data. MEW is not able to access funds, user IP addresses or any other private information. The user ultimately has full control over their own security and privacy. I believe the community needs to do a better job of educating users about the risks and the steps that can be taken to secure their funds. MEW not only practices double encryption to ensure the highest level of protection, but has always been a noncustodial wallet, meaning only users have access to their private keys.
Drenik: What are the advantages of accessing a wallet on a mobile device rather than a desktop browser?
Hemchandra: With my company, it was not enough to have a web platform. Five years ago we saw the need to launch a mobile app to meet our users where they wanted to spend their time. A recent Thrive Insights & Analytics reported that nearly 93% of Gen Z use mobile payment apps.
At the same time, 43% of Millennials use these digital payment alternatives to invest in cryptocurrency.
Since the launch of the MEW Wallet, MEW’s mobile platform, we have seen a surge in demand for what can be offered via mobile. People gravitate to mobile apps for convenience and efficiency. If we can deposit money, verify our investments, buy crypto, and pay off our credit card all in one app, we will.
Drenik: Where do you see mobile crypto wallets in the next 6 months?
Hemchandra: Modern finance is already going mobile. The same Thrive Insights & Analytics According to a survey, over 90% of Millennials are already using mobile payment apps, which means the demand for mobile crypto wallets will continue to grow and manifest for generations to come. We are in the early adopter stage of the digital asset industry, and my company provides solutions to deploy the best crypto services for users in what I consider the first step in delivering the best services to a database. wider users.
Mobile apps are expected to generate more than $935 billion in turnover by 2023. Crypto is reshaping the way we invest and earn by billions. We are currently writing the script for what financial services will look like for the next fifty years, let alone six months. I believe we will start to see the biggest names in the financial industry adapt and decentralize their offerings or start consolidating the most popular services from blockchain companies for their users. Either way, the future of finance will become easier, more profitable, more people-centric and decentralized.
Drenik: Thank you very much Kosala, for explaining how our financial economy is going digital. I really appreciate your insights on how, by using mobile payment apps to educate users about cryptocurrency and blockchain, the future of finance will become easier and more profitable with a focus on user himself.
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Mobile Wallets Are The Future
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