MyEtherwallet, the popular Ethereum and ERC-20 token wallet often referred to as MEW, has recently launched a new mobile wallet application with functionality as a hardware wallet.
The ‘no hardware hardware wallet’, dubbed MEWconnect comes with an added 2-factor transaction verification for extra security, while retaining the familiar interface.
According to the company, the wallet stores your private keys in a local and isolated vault on your device. In other words, one can use a phone as a hardware wallet and sign everything from the phone and then broadcast it on the network instead of giving a private key to the browser.
“With this application, users can now easily interact directly with MEW via their mobile phones, while still remaining in full control of their private keys and funds,” MEW’s founder and CEO Kosala Hemachandra explained.
The company believes this app “fills an important role in the current marketplace” and “will play key role in wider cryptocurrency adoption”.
However, MEW stressed that real hardware wallets are still the safest, while the new app is a free alternative to keystore files and mnemonics.
Widely considered the safest choice for storing cryptocurrencies, hardware wallets are popular among people with large cryptocurrency holdings, or for those who just want the extra security it provides. Traditional hardware wallets such as Ledger and Trezor typically sell for somewhere between USD 90 and USD 200.
MEWconnect, is already available in the Apple AppStore, while a beta version of the app for Android users can be accessed through the Hockey app center for open source applications.
However, some are still cautious towards the new product. Replying to MEW on Twitter, its user @GpWTC said that “mobile phones are not secure at all, I guess that’s a good experiment, but unfortunately you will only back off when it’s too late, like al experiments.”
Funds and private keys on a moble phone ? This is gonna end badly in a few years, phones will be targeted by hackers…
— 💥Dimm (@GpWTC) September 18, 2018
@FlyGuyInTheSky joined the discussion:
I like the idea… but I’m still a Hardware Wallet fan… I suppose for minimal funds it’s ok though.
— Fly Guy #ethereum (@FlyGuyInTheSky) September 19, 2018
According to Segasec, a cybersecurity firm, since the beginning of its task of protecting the MEW platform, it has taken down 313 active attacks, with an average of 30 to 40 per week, and these numbers are growing daily, CCN reported in September.