Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The mobile application provides an easy-to-use, intuitive and hassle-free interface while promising to protect your crypto asset holdings, just like hardware wallets.
The demand for secure crypto wallets has been growing exponentially especially after several crypto exchanges being a victim of online hacking and thefts this year. MyEtherWallet, one of the most popular online crypto wallet services announced the launch of a limited beta version of its long-awaited MEW ‘hardware wallet’ application for mobile phones — MEWconnect, on iOS platform.
The wallet makers claim that the MEWconnect application will straight-away put the security of cold-storage wallet right on your mobile phone. The application provides an easy-to-use, intuitive and hassle-free interface while promising to protect your crypto asset holdings. However, currently being on the beta stage of development, MyEtherWallet issues a warning to users saying:
“This version is purely intended for testing and debugging, please do not use beta version as a permanent ETH storage solution.”
However, if you are currently willing to get access to the application, you can head to the official MEW Connect website and send a mail request to the company to give you access. Since the application is currently in the beta stage of development and we can expect a full launch on both – Android and iOS platforms by next month of August.
The MEWconnect applications let users log into its services directly without typing their private keys. This is similar to the hardware solutions provided by Trezor and Ledger. Giving sensitive information like the private keys makes your account vulnerable to hacking.
However, the great thing about the MEWconnect application is that it is absolutely free, which encourages more users and website visitors to adopt better security practices. The wallet service provider writes in its blog-post:
“The MEW team take every phishing attack and hacking attempt to undermine our platform very seriously. Our top priority is always user security and we want to make sure that we are doing everything we can to protect the cryptocurrency community from criminals trying to exploit this new platform.”
The developers of MEWconnect have launched a public-program with HackerOne to test the robustness of the mobile application. HackerOne is a platform for security researchers and white hat hackers who look for security issues and report to their developers before it becomes vulnerable to external threats. Hackers are incentivized by financial rewards to report these issues.
Of lately, some considerable developments are taking place in the Ethereum ecosystem to help it attain its goal of better scalability. During the Dappcon developer conference in Berlin last week on Thursday, July 19, the final test network for Raiden channel was launched.
Lefteris Karapetsas, core developer of the Raiden project said that the testnet has the ability to identify potential bugs in the channel. He also announced a bounty program for developers who would help them identify those bugs saying:
“We really want people to really test this so we have a user interface, we have an API and we’ve created an open Github for everything they could find, so if we go hopefully bug-free on the mainnet.”
The Raiden mainnet is expected to be launched by the end of August.