MyEtherWallet | MEW crypto wallet | DeFi Web3

An open-source, JavaScript-based client-side utility for creating Ethereum Wallets and transmitting transactions is called MyEtherWallet (abbreviated as MEW). It enables users to create new wallets and store their Ether on private keys rather than on exchanges. Instead of on a server, the entire procedure occurs on the user’s PC. Hence, you are in charge of securely backing up any new wallets you create.  

“Web Wallets” do not include MyEtherWallet.com or, MyEtherWallet CX. You do not give them your Ether to hang onto or create an account for them. The creation of all the data occurs on your computer or your browser, not on their servers. There is no website where you can enter your Ethereum and have it stored for you. They merely make it simple for you to save your wallet data on your computer or in your browser. They then provide a location where you can retrieve that information and perform operations on it.

ETH, ERC-20 tokens, and NFTs can all be stored, sent, and received using MyEtherWallet (MEW) Ethereum Wallet. MEW users have the option of exchanging tokens using the built-in swap functions. 

MEW users can stake ETH and purchase and manage blockchain-based ENS domains by accessing the interface’s connected dApp ecosystem and more than 2000 other dApps using the MEW mobile wallet. 

Users can also interact with and employ smart contracts, enabling advanced Ethereum users to build on the Ethereum blockchain. Additionally, MyEtherWallet users can sign and verify messages using MEW on the Ethereum blockchain. With MEW’s multichain browser extension, MyEtherWallet users can manage digital assets on a wide range of blockchains and layer-2 solutions, including PolkaDot, Polygon, and Optimism, and enables MEW users to store, send and receive BitCoin. 

Users in Europe can also sell cryptocurrency for euros and Swiss Francs using MEW, thanks to its partnership with Switzerland-based exchange Bity.com.

Pros Presented

• Users can store, send, and receive a wide range of Ethereum-based crypto assets. 

• MEW users can interact with smart contracts and decentralized applications (dApps).

• Users can manage non-fungible tokens (NFTs) within the Wallet interface. 

• The non Custodial Wallet supports other Ethereum-compatible networks, such as Ethereum Classic, Binance Smart Chain, and Polygon.

Cons Explanation

• MyEthereumWallet users have been repeatedly targeted with Phishing scams. 

• MEW web and mobile only support digital assets running on Ethereum and Ethereum-compatible blockchains.

MyEtherWallet is a non-custodial, open-source Ethereum Wallet where users have complete control over their private keys and the funds they hold in MEW. The company does not store any funds on behalf of its customer. The open-source code of MEW has been vetted to ensure the security and usability of the software. 

While MEW does not provide 2-Factor Authentication, it allows you to choose the 13th word in addition to the 12-word mnemonic phrase to access and/or recover the Wallet. The company encourages users to connect a hardware wallet to MEW for increased security.

MyEtherWallet has been a target of phishing scams and was hacked in 2018, which led to a loss of user funds.

You can set up MyEtherWallet as a web-based interface or as a mobile Wallet. 

Setting up for Web 

To utilize MyEtherWallet online, you must go to www.myetherwallet.com. Always make sure you choose the official domain.

Click "Create A New Wallet" to get started. Choose whether to build an online wallet, buy an electronic wallet that can be attached to MyEtherWallet, or download the smartphone application in the following step.

Utilizing a Keystore file that you save on your computer or creating a 12-word mnemonic phrase are the two methods available for creating an online wallet.

You must jot down the words and then type in three to verify the design of your wallet while using the mnemonic phrase. The next step is to sign in using the twelve words in your mnemonic.

Setting up for Mobile

You can download MEW Wallet to your smartphone. Both iOS and Android are compatible with it. To get started, look for MEW Wallet in your app store and download it.

After the app is opened, MEW enables you to easily study the wallet's features and capabilities. To use the full functionality of the wallet, you must first click "Create Wallet" on the "Make a free wallet" page and input a six-digit PIN.

You must enter and confirm your PIN before creating your Ethereum wallet. The next choice is "Begin using MEW Wallet."

You can download Enkrypt, a new browser add-on from MEW, at www.enkrypt.com. By choosing "Create new wallet" after installing the browser extension and providing a password, you can access your Enkrypt wallet. Check your password, then make a note of the 12-word recovery phrase for your protection. To demonstrate that you have written down your recovery phrase, you will need to submit a few of the words from it.

Users can use MEW on mobile and the web in conjunction with a wallet that is built on a browser extension to manage their Ethereum-based assets. Managing Ethereum assets is made simple for novice users by the web interface, which is easy to use. Due to its broad capabilities, which include the ability to construct smart contracts and sign conversations on the blockchain, the wallet is suitable for experienced users.

Using a bank card to buy BTC, ETH, BNB, and MATIC is made simple thanks to the wallet's link to Simplex, and exchanging one cryptocurrency for another is made simple because of the in-app switch option.

On its website, MyEtherWallet offers a help center with a large collection of articles, email support, and a chatbot. Downloading MyEtherWallet is free, and there are no wallet fees. Customers just have to pay petrol fees, which are negotiable in MEW, and blockchain fees, which are also negotiable.

With the multi-platform Ethereum wallet MyEtherWallet, you can manage your Ethereum-based assets and interact with Ethereum applications. Beginners will find the wallet's intuitive user interface (UI) to be easy to use, and advanced users will value the breadth of features and functionalities it provides.