MyEtherWallet CEO talks about the future of crypto self-custody

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In the third episode of the Hashing It Out podcast series, Cointelegraphs Elisha Owusu Akyaw discusses the future of non-custodial cryptocurrency wallets with MyEtherWallet CEO Kosala Hemachandra.

Recent issues with centralized platforms have brought decentralized applications (DApps) into the spotlight, and self-custody where users keep their funds entirely under their control has become a major trend.

MyEtherWallet is one of the oldest noncustodial wallets focused on the Ethereum blockchain. According to Kosala Hemachandra, the wallet went live just two weeks after the launch of the Ethereum mainnet. The CEO of MyEtherWallet explains that they chose to create a decentralized wallet because they believed it was the only proper way to interact with blockchain technology.

Blockchain, at its core, is a decentralized solution, so why would we create centralized products? Because we defeat the purpose of using blockchain.”

Hemachandra explains that MyEtherWallet started as a hobby project, which became more demanding as there were no examples to watch 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 why the team chose to make the code open source. Additionally, the open source nature of the code allows the platform to have more eyes on its code base to prevent potential vulnerabilities.

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

Related: Crypto trader regrets not catching bull run top

Regarding industry trends, Hemachandra mentioned that MyEtherWallet has no plans yet to airdrop for its users despite numerous rumors that some of its competitors may launch their own tokens soon. According to the CEO of MyEtherWallet, they don’t see any use cases for tokens published by wallet apps at this time.

In the episode, Elisha and Hemachandra also cover:

New features for decentralized wallets. The Ethereum ecosystem and the popularity of layer 2 platforms. A multi-chain future in the blockchain ecosystem.

Hashing It Out is a new Cointelegraph podcast series covering important blockchain industry innovations and stories, 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 the new Cointelegraph Podcasts page or Spotify, Apple Podcasts, Google Podcasts or Amazon Music.

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