MyEtherWallet CEO talks about the future of cryptocurrency self-custody

In the third episode of the Hashing It Out podcast series, Cointelegraph’s Elisha Owusu Akyaw discusses the future of uncustodial cryptocurrency wallets with MyEtherWallet CEO Kosala Hemachandra.

Recent problems with centralized platforms have put the spotlight on decentralized applications (DApps), and self-custody, where users keep their funds completely under their responsibility, has become a major trend.

MyEtherWallet is one of the oldest non-custodial wallets with a focus on the Ethereum blockchain. According to Kosala Hemachandra, the wallet was activated just two weeks after the Ethereum mainnet launched. The CEO of MyEtherWallet explains that they chose to create a decentralized wallet because they believed it was the only correct way to interact with blockchain technology.

“Blockchain, in essence, is a decentralized solution, so why should we create centralized products? Because we are defeating the whole purpose of using the blockchain.”

Hemachandra explains that MyEtherWallet started out as a hobby project, which became more challenging as there were no examples to look at during its development. The developer had to write new Ethereum libraries in javascript.

The need to build a foundation of codebases that could accelerate growth in the Ethereum landscape was the reason the team decided to open source the code. Additionally, the open source nature of the code allows the platform to have more eyes on its codebase to prevent potential vulnerabilities.

Despite growing competition, MyEtherWallet has over 3 million monthly users who are mostly from the US and Japan. To catch up with the likes of MetaMask, the decentralized wallet is adding support for multiple blockchain networks and recently launched a multichain browser extension. Hemachandra also pointed out that the first two weeks after the FTX saga brought many new users looking for decentralized alternatives to store their cryptocurrencies.

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On industry trends, Hemachandra said that MyEtherWallet has yet to make plans to airdrop its users despite many rumors that some of its competitors may launch their own tokens soon. According to the CEO of MyEtherWallet, they currently do not see any use cases for tokens issued by wallet applications.

In the episode, Elisha and Hemachandra also cover:

  • New features for decentralized wallets.
  • The Ethereum ecosystem and the popularity of tier 2 platforms.
  • A multichain future in the blockchain ecosystem.

Hashing It Out is a new podcast series from Cointelegraph covering key innovations and stories in the blockchain industry, featuring interviews with thought leaders in the space hosted by Elisha Owusu Akyaw (GhCryptoGuy).

For more discussions with Kosala Hemachandra, listen to the full episode of Hashing It Out on Cointelegraph’s new podcast page or on Spotify, Apple Podcasts, Google Podcasts or Amazon Music.