The Future of Self-Custody: MyEtherWallet CEO Discusses Noncustodial Wallets

6. January 2023 By admin Off

• Cointelegraph’s Elisha Owusu Akyaw recently discussed the future of noncustodial cryptocurrency wallets with Kosala Hemachandra, CEO of MyEtherWallet.
• MyEtherWallet is one of the oldest noncustodial wallets with a focus on the Ethereum blockchain and went live two weeks after the Ethereum mainnet launch.
• The CEO of MyEtherWallet explained that the company chose to make a decentralized wallet because blockchain is a decentralized solution.

Recently, Cointelegraph’s Elisha Owusu Akyaw had the chance to discuss the future of noncustodial cryptocurrency wallets with Kosala Hemachandra, CEO of MyEtherWallet. Recent issues with centralized platforms have put the spotlight on decentralized applications (DApps), and self-custody — where users keep their funds completely under their responsibility — has become a major trend.

MyEtherWallet is one of the oldest noncustodial wallets with a focus on the Ethereum blockchain. According to Kosala Hemachandra, the wallet went live just two weeks after the Ethereum mainnet launch. The CEO of MyEtherWallet explained that the company chose to make a decentralized wallet because it believed it was the only proper way to interact with blockchain technology.

Hemachandra further explained that MyEtherWallet started as a hobby project that became more demanding since there were no examples to look at during its development. The developer had to write new Ethereum libraries in Javascript, which was an incredibly tedious task. Despite the difficulties faced during its development, MyEtherWallet has become one of the most popular noncustodial wallets, with millions of users around the world.

Kosala Hemachandra believes that the future of cryptocurrency self-custody is bright. He believes that users are becoming more aware of the implications of trusting a third party with their funds, and are beginning to realize the importance of self-custody. Hemachandra also believes that the increasing demand for noncustodial wallets will lead to the emergence of new technologies that will make it easier to interact with the blockchain, such as integrated hardware wallets and more user-friendly interfaces.

Overall, it is clear that self-custody is the way of the future when it comes to cryptocurrency wallets. With the growing demand for noncustodial wallets, it is likely that we will see new technologies emerge in the near future that will make it even easier for users to keep their funds safe and secure.