MyEtherWallet Launches Mobile ‘Hardware Wallet’ App Beta for iOS

  • ETH wallet interface MyEtherWallet has launched a beta version of its "hardware wallet" app, 
  • The app will reportedly allow users to access their funds without entering their private keys.

Popular Ethereum wallet interface MyEtherWallet (MEW) has recently launched a mobile ‘hardware wallet’ app for iOS, still in its beta version. The app, MEWconnect, is set to allow users to protect their funds as if they had a hardware wallet.

According to a recently published blog post, MyEtherWallet’s app is still in its infancy and, as such, this version is to be used for testing and debugging. The service asks users not to “use [the] beta version as a permanent ETH storage solution.”

The app essentially lets users log into the service without using their private keys, a significant security addition given the phishing attacks that have plagued the crypto ecosystem. MEW itself was hit when hackers attacked the internet’s core infrastructure to swindle its users.

Per the organization, the MEWconnect app gives users the “security of a cold-storage wallet on your mobile phone.” Its post reads:

We want to provide you with an instant and secure way to store and exchange ETH, while at the same time facilitating wider cryptocurrency adoption. We believe MEWconnect is that missing link the Ethereum community has been looking for.

MyEtherWallet

A stable version of the app for both iOS and Android is set to be released in August. Cold-storage solutions like Trezor and Ledger wallets are seen as the best way crypto enthusiasts have to secure their funds, but can cost between $90 and $200. The MEWconnect app, however, will be free.

Speaking to TechCrunch, MyEtherWallet founder Kosala Hemachandra revealed the service has also launched a bug bounty program along with the beta version, so users can help test the app and improve its security. Rewards for submitting a bug will vary between $250 and $2,000.

In the future, the app could add payment options and other features. Notably, as CryptoGlobe covered, the release comes shortly after MyEtherWallet added ETH credit card purchases through a new partnership.

A rival service, MyCrypto, which took over MyEtherWallet’s Twitter account when it launched in what was deemed a “hostile takeover,” is also looking into ‘hardware wallet’ app solutions as it currently supports the Parity Singer app.

Token Taxonomy Initiative Launched By Enterprise Ethereum Alliance, Microsoft

The Enterprise Ethereum Alliance (EEA), an organization focused on “developing open, blockchain specifications” and standards that enhance “interoperability for businesses and consumers,” is working with Microsoft on an initiative that will help companies issue the appropriate type of crypto tokens for their requirements.

Referred to as the “Token Taxonomy Initiative,” the token development project will be built and managed using Ethereum, Hyperledger, Digital Asset’s DAML, and R3’s Corda technologies.

EY, Microsoft, Digital Asset, Banco Santander Join Token Taxonomy Initiative

Some of the prominent members of the Token Taxonomy Initiative include JPMorgan, IBM, Ernst & Young, ConsenSys, Blockchain Research Institute, Microsoft, Web3 Labs, R3, ING, Intel, Komgo, Clearmatics, Digital Asset, and Banco Santander. This, according to announcement made on April 17th, 2019, which also revealed that the token creation initiative will be open and accessible to all users who want to contribute to its ongoing development.

In order to facilitate the creation of project-specific tokens, there will be several workshops conducted and there will also be a Github repository where users can publish their research findings. Additionally, the repository can be used to upload test data which may be related to various blockchain-based token implementation projects.

Standardizing Tokens May Lead To “Great Economic Opportunities”

Commenting on the launch of the Token Taxonomy project, Ron Resnick, the Executive Director at the EEA, remarked:

We are doing this for the greater common good. Standardizing tokens across all networks could hold the key to one of the greatest economic opportunities in modern history.

Marley Gray, the Principal Architect at Microsoft, who has been credited with originally proposing the Token Taxonomy Initiative, noted that his colleagues had conducted a research study - which involved asking various investigative questions. Responding to these questions, Microsoft’s internal business partners mentioned that they were interested in learning more about and improving the existing software licensing process.

Microsoft’s business associates have now reportedly recommended using tokenized and smart contract-enabled software licenses - instead of the traditional licensing process which requires users to register complex holographic IDs for each software license.

In statements shared with Coindesk, Gray explained:

The idea is to use a workshop with business people to describe a token completely that services their business requirements. That token itself is composed of reusable components so another group can use those same components to define a slightly different token without redefining all the things that initial group did – so it creates this framework.

"Drag And Drop" To Create Customized Tokens

Gray added that businesses would be able to “grab a non-fungible token and drag it over and then start from a pallet of behaviors” and “drag those behaviors.” This, in a manner which would be similar to how “drag and drop” works on GUI-based operating systems such as Windows and Linux.

According to Gray, this is a user-friendly and intuitive way of defining tokens as users can use easy-to-follow steps and a visual interface to create and issue cryptographic assets

Gray further noted:

An individual [token] behavior could point to a snippet of code for a particular platform, i.e. DAML for some particular behavior would link me to a particular piece of DAML code, or the same for Solidity, or Chaincode.