MyEtherWallet – Secure & Private Open Source Ethereum Wallet?
MyEtherWallet is an open-source, client-side Ether wallet. Find out everything you need to know about the popular wallet today in our review.
What is MyEtherWallet?
MyEtherWallet, found online at MyEtherWallet.com, is an online ether wallet that works as a free, open-source, client-side tool. The wallet, like most cryptocurrency wallets, lets you easily and securely interact with the Ethereum network.
The unique thing about MyEtherWallet, also known as MEW, is that you can use conventional cold storage wallets like Ledger or Trezor to access your account. Your device is your wallet. MyEtherWallet is a wallet software that lets you interact with the Ethereum network.
Obviously, you can use MyEtherWallet with or without a hardware wallet.
Unlike a conventional online wallet, MyEtherWallet doesn’t allow you to create a wallet on their servers or even create an MEW account. Instead, it just allows you to create your own wallet, then store that wallet however you like. You can also broadcast transactions on the blockchain over the MyEtherWallet full node.
With that in mind, let’s take a look at how you can create a wallet using MyEtherWallet
How to Create a Wallet with MyEtherWallet
Creating a wallet with MyEtherWallet is easy. Here’s a step by step guide:
Step 1) Visit MyEtherWallet.com, where you’ll see an online entry form where you can create a new password. That password encrypts your private key, but it does not generate your private key. The password alone will not be enough to access your Ether. Do not forget your password.
Step 2) Click the “Generate Wallet” button.
Step 3) Download your Keystore/UTC file and save that file to a USB drive. This is the encrypted version of your private key. You’ll need the password to access it. It’s safer than your unencrypted private key, but you need to use your password to access it again in the future.
Step 4) Read the warning. If you understand the warning, click the, “I understand. Continue” button.
Step 5) Print your paper wallet backup or carefully write the private key on a piece of paper. As with other wallets, it’s recommended that you write it 2 or 3 times to decrease your chances of making a mistake or falling victim to messy handwriting.
Step 6) Copy and paste your address into a text document somewhere. Search your address on https://etherscan.io, then bookmark that page. This is how you’ll view your account balance at any time.
Step 7) Send a small amount of Ether (0.0001 ETH) from your previous wallet or exchange to your new wallet.
Step 8) Unlock your new wallet from the Keystore / UTC file on your USB drive, or using the private key that you printed it. Check to make sure it unlocks the wallet you are sent to, then matches the bookmark you have.
Step 9) Send a small amount of Ether (0.00001 ETH) from this new wallet to another address.
Step 10) Ensure you have recorded all necessary bits of information and the addresses match at all times. If the addresses don’t match, then you mis-wrote something somewhere. That means you need to repeat all steps from the beginning to avoid losing access to your funds.
Obviously, this is a tedious and time-consuming process. However, most cryptocurrency securitization methods are also tedious and time-consuming. This is the price you pay for locking down your cryptocurrency and avoiding unsecure digital wallets.
Who Made MyEtherWallet?
MyEtherWallet was made by two developers kvhnuke and tayvano (Taylor Monahan).
Obviously, MyEtherWallet is not a standard web wallet. It does not allow you to create an account or store your Ether on MEW’s servers. It simply allows you to create a wallet. Then, you can store that wallet anywhere and keep it safe. You can also broadcast your transaction on the blockchain through the MyEtherWallet full node.
Follow the steps listed above to create your own MyEtherWallet today.