The incredibly popular MyEtherWallet service has announced that they will be launching a new mobile app to increase the security of using their site that has already been attacked successfully numerous times.
The goal of the app (with the name of MEW Connect) is to not only protect users from phishing attacks, but also to act as a hardware wallet of sorts. It other words, it will not require users to enter their private key into the site, which is a very risky thing to do in general.
The app is launching in the coming days as a limited iOS beta. Given that the website receives more than 600,000 visitors per day, demand for the beta is likely to be high. Those who aren’t successful this time around shouldn’t have too long to wait as a full launch is expected to come by the end of September. An Android version is also in the works and is expected to be released around the same time.
MyEtherWallet representatives also released an official statement on their website which read:
“From the makers of MyEtherWallet comes, a free and open-source smartphone app that brings hardware wallet functionality to your iOS and Android devices. MEWconnect establishes a secure connection between you and the blockchain while keeping your private key separate from the browser. With an added layer of security, MEWconnect puts you in total control of your assets.”
How it Works
It’s really quite simple. The app uses a QR code scanner that replaces the need to enter a private key. Entering information like a private key on a website is something that people have always been warned against doing. Recent analysis suggests that more than $7 million has been stolen via phishing attacks on wallet services, but still people can be lazy or reluctant to buy a hardware wallet, so it’s a practice that continues to happen.
Some of the features available in the service include client-side encryption, transaction verifications, account backups, and of course, protections from hackers and phishing.
One important step towards general adoption of cryptocurrencies is that interacting with one’s wallet should be easy and foolproof. In other words, wallets should be designed so that it is difficult for someone who is inexperienced to make a serious mistake and lose all their funds as a consequence.