MyCrypto, found online at MyCrypto.com, is a free, open-source client side interface that offers services similar to a bank. Here’s how it works.
What is MyCrypto?
MyCrypto describes itself as “a free, open-source, client-side interface” where users can “interact directly with the blockchain while remaining in full control” of their keys and funds. However, MyCrypto is careful to insist that it is not a bank. It’s also careful to ensure users know they – and they alone – are responsible for their security.
MyCrypto was launched in February 2018 as a fork of MyEtherWallet. MyCrypto was launched by MyEtherWallet’s co-founder. Officially, development on MyCrypto began in 2015 with the launch of MyEtherWallet. However, MyCrypto is a new brand name, and MyEtherWallet continues to be a separate and active project available online.
What Problems Does MyCrypto Seek to Solve?
MyCrypto believes there are major problems with today’s banking system. Some of the problems listed on the MyCrypto website include:
- When you open an account with a bank or exchange, the bank creates an account for you within their system
- The banks keep track of your personal information as well as your account passwords, balances, transactions, and money
- The bank charges fees to manage your account and provide services, like refunding transactions when your card gets stolen
- The banks lets you write a check or charge your debit card to send money, go online to check your balance, reset your password, or get a new debit card if you lose it
- The bank decides how much money you can send, where you can send it, and how much money you can accept from other sources
Ultimately, MyCrypto argues that today’s banks provide inadequate service for an excessive fee. MyCrypto aims to solve that problem.
How Does MyCrypto Work?
MyCrypto offers the following core functions, features, and services:
- When you create an account on MyCrypto, you’re generating a cryptographic set of numbers, including your private key and public key
- The handling of your keys occurs entirely within your browser
- MyCrypto never transmits, receives, or stores your private key, password, or other information
- MyCrypto never charges a transaction fee
- With MyCrypto, you’re simply using its interface to interact directly with the blockchain
- If you send your public key (address) to someone, they can send you ETH or tokens
- If you send your private key to someone, they now have full control of your account
MyCrypto insists its services make it an interface – not a bank. It’s just an interface you use to interact with your private and public keys. You maintain full control of your accounts and funds at all times.
Because MyCrypto isn’t a bank, the platform insists that it has no control over users’ accounts. The platform cannot recover funds when lost, for example, or reset your password. Like other blockchain platforms, MyCrypto is unforgiveable if you lose your private keys. There’s no recovery process. You and only you are responsible for your security.
Ultimately, MyCrypto sees itself as a “true” decentralized financial service. It achieves the full benefits of decentralization and blockchain technology.
You can run MyCrypto in your browser – similar to MetaMask or MyEtherWallet. Or, you can run MyCrypto offline and locally. If you’re running MyCrypto from your browser, it runs from the Github servers. If you run MyCrypto on your computer, then it runs locally and does not require an internet connection. MyCrypto lets you generate a wallet completely offline. You can even send transactions from the send offline page.
Who’s Behind MyCrypto?
MyCrypto was founded by Taylor Monahan, who founded MyEtherWallet.com (MEW) with Kosala (kvhnuke) Hemachandra in 2015. In early February 2018, Monahan announced she was launching MyCrypto.com, a forked version of MEW.
Various media outlets posted stories talking about “wallet wars” between MyCrypto and MEW. Monahan issued a statement explaining her departure from the MyEtherWallet brand:
“MyEtherWallet LLC was sufficient for the early stages of growth. MyCrypto is designed with next-level scaling in mind from the beginnings…Kvhnuke remains in control of the MEW github repository, the MEW domain, the AWS instances, and the MyEtherWallet social media accounts.”
Today, there’s some controversy over the MyCrypto social media presence and the MEW brand. The LinkedIn page, for example, describes how MyCrypto was founded by the community in 2015. Adding to the confusion is that on February 10, The Merkle posted an article calling the rebrand “a hoax” after the MEW team “splintered.” (https://themerkle.com/myetherwallet-rebrand-a-hoax-taylor-censoring-reddit-as-damage-control/).
Ultimately, MyCrypto appears to be moving forward under the new brand name, although its core functions were developed under MyEtherWallet’s brand over the years.
MyCrypto is a “new” Ether wallet service. However, it branched off the MyEtherWallet project, which has been a leading wallet for the Ether community since 2015. MyCrypto was created by co-founder Taylor Monahan, who decided to launch her own wallet project to boost scalability.
To learn more about MyCrypto, or to download the wallet today, visit MyCrypto.com.