MyEtherWallet, the most commonly used Ethereum (ETH) wallet, released a beta version of its MEW Connect application for iOS smartphones to increase the security of its customers when logging in. The new app, called MEW Connect, works similarly to a crypto portfolio but eliminates the need for MyEtherWallet (MEW) users to enter their private key to access their holdings.
To do this, the software is designed to function as a cold wallet, which stores the private keys of users and connects to MEW central servers through the reading of a QR code.
The MEW Connect proposal consists of offering MyEtherWallet users with a service to store their keys, in a similar way to the one that cold wallets such as Ledger and Trezor use. However, MEW Connect is free of charge, while the before-mentioned cold wallet solutions cost more than $100.
MEW Connect requires users to create a password for the application and then create an Ethereum (ETH) wallet and copy their private keys. Subsequently, it will be possible to connect MEW Connect to MyEtherWallet by reading the QR code to carry out transactions, which will have to be verified on the mobile device.
MEW Connect by MyEtherWallet launched as a Beta version for iOS
The application is already available for testing on devices running the iOS operating system and is expected to be available soon for Android. As the source codes for both applications will be released, developers hope to receive extensive reports and comments on the flaws and vulnerabilities that MEW Connect may present.
“I hope that users of the beta version are developers who can use our code. I really believe in open source, and we are not planning to hide anything,” stated Kosala Hemachandra, the founder of MyEtherWallet.
To ensure meaningful feedback, MyEtherWallet is implementing a reward program for bugs finding in cooperation with the HackerOne organization which is made up of white hat hackers and security researchers. However, interested independent programmers may also agree to test the application on their own.
In February of this year, the MyEtherWallet team suddenly split when its co-founder, Taylor Monahan, decided to undertake a separate project he called MyCrypto. That is an Ethereum (ETH) client, similar to MEW, but with variations on its roadmap that Monahan considered vitally important.