MyEtherWallet Review: Secure or Security-Risk?
MyEtherWallet, or the Mew wallet, is one of the most popular wallets for storing Ethereum. The wallet is free to use and allows for simple management of Ethereum-based tokens, including the ability to send, receive, and store the range of Ethereum tokens.
The wallet was created by Kosala Hemachandra and Taylor Monahan and was made available for public use in 2015. This was only shortly after the initial launch of Ethereum yet filled the public need for a more varied range of Ethereum wallets.
In our MyEtherWallet review, we’ll be looking at the function of the MyEtherWallet and how well it has been received. The MyEtherWallet review will also cover the interface, accessibility, and security of the well-known Ethereum wallet.
How Does the MyEtherWallet Work?
When you create your wallet through the MyEtherWallet website, you’re provided with a public address and private key. No actual coins or details are stored in the MyEtherWallet, instead funds can be received via the public address, and sent via the private key and public address (which is the user’s responsibility to keep private).
MyEtherWallet doesn’t operate online, the vital information is locally stored; this could be on your desktop, or wherever you feel that the information, like your private key, is the safest. This untraditional method of local storing gives the user a good level of control over the information stored and their funds on the MyEtherWallet.
What Is the General Consensus on MyEtherWallet?
Before we dive into our MyEtherWallet review, the general consensus on MyEtherWallet sums up what you can, in part, expect. In general, the public opinion is very positive towards MyEtherWallet, both in terms of usability and security.
While there have been some rocky patches, where the interface of MyEtherWallet has been deemed less than user-friendly, and the security not quite up to scratch, there are similar stories about other cryptocurrency wallets.
The overall consensus is that the extent of MyEtherWallet popularity comes down to experience using a wallet and personal caution when it comes to keeping private keys secure. Those users familiar with wallets will have an easier time working out the ins and outs of MyEtherWallet, while cautionary use is something that no cryptocurrency wallet can provide for their users.
Let’s jump into our MyEtherWallet review, and see where the grounds for the general consensus have come from…
How Does the User Interface Perform?
Running on an Ethereum network node, the MyEtherWallet interface is client-side and open-source, which means that MyEtherWallet can be used for Ethereum blockchain interaction through a browser, like Internet Explorer or Google Chrome.
The interface itself is simplistically designed, and quite nicely tailored to use by beginners, without instantly deterring those who can jump into wallet-use like old pros. Important information, like the public address, is easy to find, and transactions are simple to manage, with boxes for the address, sending amount, and gas limit. While the general pages are kept clean and simple, there is plenty of extra information provided in the Knowledge Base, for additional help with the Wallet.
While the initial generation of the MyEtherWallet may not be the most straightforward, the platform itself is very flexible. Many types of Ethereum token can be used from the wallet, custom tokens can be added, and you can invest in initial cryptocurrency offerings from MyEtherWallet.
Is Security Good Enough to Keep Ethereum Safe?
No matter which web wallet that you’re considering, security is always going to be one of the biggest reasons for choosing a wallet. With MyEtherWallet, security is pretty extensive, starting with the fact that MyEtherWallet is locally stored and not stored online. Through MyEtherWallet, you can make transactions online and offline, which really boosts the security of the wallet.
The main security measures in place are the use of the private key and the wallet password, both of which should be kept private, and the private key should be backed-up. However, there are a couple of concerns with phishing on MyEtherWallet, which the service addresses, in part, by warning the user of a potential phishing site.
The wallet is also compatible with certain hardware wallets, like Trezor, which operate offline and can protect against phishers, as well as keyloggers and malware. Further security is provided with compatibility with Geth, Jaxx Wallet, and Mist, as well as the ability to make use of the Ethereum browser extension, MetaMask.
MyEtherWallet: The Verdict
As you can see from the security measures that we’ve covered in our MyEtherWallet review, the reason that so many people choose MyEtherWallet is because it’s considered to be an extremely secure wallet, both because it can be used online and offline, and because of the private key control.
For a wallet that accounts for the needs of less experienced users, without compromising on the needs of users after heightened security and advanced features, MyEtherWallet seems to be more than up to the task.