Buzz
In the following article, Mytour will introduce you to all the ins and outs of MyCrypto wallet, a branch of MyEtherWallet, launched in 2015.
What is MyCrypto? How does MyCrypto wallet store and transact bitcoin?
Understanding MyCrypto
MyCrypto is described as a 'free, open-source Client-side interface', where users can 'directly interact with the blockchain while maintaining full control' over their keys and funds. MyCrypto emphasizes that it is not a bank, and users are responsible for the safety of their funds.
MyCrypto was launched back in February of this year, as a branch of MyEtherWallet, which was introduced in 2015. The co-founder of MyEtherWallet is also the individual behind MyCrypto's development. However, it's important to note that MyCrypto is a new brand, and MyEtherWallet is still operational with no rebranding announcement yet.
What Issues Does MyCrypto Address?
MyCrypto believes that modern banking systems face numerous significant issues. Some of the problems listed on MyCrypto's homepage include:
- When users open accounts with banks or exchanges, the bank creates an account for them on their system.
- Banks track users' personal information as well as account passwords, amounts, transaction counts, and balances in users' accounts.
- Banks charge fees for managing users' accounts and provide services such as reimbursing transaction amounts when users' cards are stolen.
- Banks allow users to write checks or charge debit card fees when depositing money, performing online transactions, checking account balances, resetting passwords, or registering new debit cards in case of card loss.
- Banks determine the amount of money users can deposit, where to deposit money, and the amount that can be withdrawn.
In summary, modern banks do not provide users with comprehensive services, coupled with high fees. MyCrypto aims to address these issues.
How Does MyCrypto Operate?
MyCrypto offers the following core features and services:
- When creating an account on MyCrypto, you are generating a set of cryptographic keys, including public and private keys.
- Handling user keys in the browser.
- MyCrypto never sends, receives, or stores private keys, passwords, or other user information.
- MyCrypto does not charge transaction fees.
- Users only need to use the MyCrypto interface to interact directly with the blockchain.
- If you send someone your public key (address), they can send you ETH or tokens.
- If you send your private key to someone else, they have full control of your account.
MyCrypto asserts that it is not a bank, merely an interface for users to interact with their private and public keys. Users must maintain full control over their accounts and funds.
Because MyCrypto is not a bank, the platform asserts that it has no authority to control user accounts, cannot recover lost funds, or reset user passwords. Like other blockchain platforms, MyCrypto does not have a process to recover private keys; users are entirely responsible for securing their funds.
Ultimately, MyCrypto resembles a 'true-style' hierarchical financial service, encompassing all the benefits of hierarchy and blockchain technology.
You can access and use MyCrypto directly in your browser, similar to MetaMask or MyEtherWallet, or you can use MyCrypto offline and internally.
If accessing and using MyCrypto in the browser, the wallet will run from the Github server. If running MyCrypto on your computer, the wallet will run internally and does not require an internet connection. MyCrypto allows you to create an offline wallet; you can even send transactions from the offline page.
Who Stands Behind MyCrypto?
Behind MyCrypto stands none other than Taylor Monahan, the co-founder of MyEtherWallet.com (MEW) alongside Kosala (kvhnuke) Hemachandra in 2015. In early February 2018, Monahan announced the split of MyCrypto.com, a small branch of MEW.
Media outlets raised numerous questions and concerns about the feud between MyCrypto and MEW. Explaining the reason for leaving MyEtherWallet, Monahan stated that MyEtherWallet LLC had fulfilled all the factors in the initial development stage. MyCrypto was designed as a small branch of MEW, with Kvhnuke still controlling the MEW github repository, MEW domain, AWS instances, and MyEtherWallet social media accounts.
Despite controversies and suspicions, MyCrypto is gradually evolving into a new brand, although the core functionalities of the wallet have been developed based on MyEtherWallet's core features over the years.
So, the above article just introduced you to all the information about MyCrypto. Essentially, MyCrypto is a new Ether wallet service, a small branch of MyEtherWallet, the leading wallet for the Ether community in 2015. Ultimately, MyCrypto was developed by the co-founder of MyEtherWallet, Taylor Monahan.
To discover more about MyCrypto, you can visit MyCrypto.com and delve deeper into its features. Additionally, explore other wallets such as Xapo Wallet - a secure bitcoin storage and trading service that's currently trending.
