MyEtherWallet to Launch Mobile Application, MEW Connect
MyEtherWallet has recently revealed that it will be releasing a mobile application that will prioritize security for crypto investors. The app, dubbed, MEW Connect will simplify entry into one’s MEW account, as users no longer need to use their private key. What makes MEW Connect different from its competitors, is the fact that this iOS app will be offered free of charge.
** Monday MEWsings **
We're happy to announce the upcoming MEWConnect Beta! 😲
— MyEtherWallet.com (@myetherwallet) July 23, 2018
This appears to be a trial run for the company, as they will be limiting the iOS beta. This may likely to change given that demand for it increases. At the same time as the iOS launch, crypto investors are told that an Android version will also be released.
So, what does the app use in place of the private key? It appears that MEW will now turn to the QR code scanner to get into one’s wallet account. This was mainly done to avoid theft and hacks from bringing immense losses for users. As for the technical side of things, MyEtherWallet has applied Apple’s Keychain to encode the app, that way users can use Apple’s Touch ID feature as well.
Steps to Accessing Via MEW Connect:
Step 1: One must either create new wallet or restore their existing wallet
Step 2: One must pick a password
Step 3: One must write down a recovery phase, in the event that the mobile device either gets lost or stolen
As per Tech Crunch’s analysis, MEW Connect houses a debit card like design, making the assumption that an additional feature, mainly that of payments method, might be implemented depending on the MEW Connect’s overall trends and demand.
The Founder of MEW, Kosala Hemachandra supposedly reached out to Tech Crunch to share the specs of MEW Connect. Hemachandra confirmed that adding new features is not on their list of priorities for the time being, but something that is surely to come gradually. So, if the payments feature does not show up now, he has confirmed that it is bound to, but not anytime soon.
More specifically, Hemachandra said:
“That’ll be the best-case use for crypto we can implement I the future […] First, we want people to get used to this MEW Connect concept, scanning a QR code and creating a P2P link”.
Why Get Rid of Private Key?
Private keys were considered the safeguard of anyone’s account, therefore replacing that with QR code scanners can definitely be uneasy for users at first, however Hemachandra seems to have faith in MEW Connect and trusts that being an “open source”, proves to everyone that “we [the team] don’t plan to hide anything.” As for future goals, it appears that the code for MEW Connect will be publicized, just like that of MEW.com.
A similar approach to MEW Connect, is that of MyCrypto.com, which is run by MEW’s former partner, Taylor Monahan, who believes that ensuring users’ funds are not compromised is crucial. This could also facilitate cryptocurrency adoption, as users will have formed trust and confidence in such applications.
Do you think it’s right to switch from private keys to QR code scanners? Will safety be maximized this way?