Myetherwallet Co-Founder Launches Rival Service

What Is Happening In Crypto space?

The current situation in the crypto community is a controversy where one of the founders of a prominent wallet service being used for storing and sending cryptocurrencies has abruptly announced a rival venture. Announcing a new company and wallet service called MyCrypto.com, Taylor Monahan who started MyEtherWallet.com (MEW) along with Kosala Kvhnuke Hemachandra prepared the wallet users for the best. Initially being a forked version of MEW, the company launches an enhanced version of the website soon while the desktop and, mobile apps are set to arrive in the coming months. 

While it is known that Hemachandra has not moved over and thereby remains committed to MEW, the community-driven service retains access to its GitHub repository domain as well as AWS instances. While it is a fact that becoming a staple product for anyone in the crypto scene, these token owners are frequently warned that exchanges while they are susceptible to hacks like the $ 500 million Coincheck theft, come not as a place for storage. It is also presumed that arguably MEW has risen to become the go-to option where that compatibility with secure hardware like those from Trezor and Ledger making it popular with the more serious crypto enthusiasts as well.

What Is The Future Of MEW?

Although it does not disclose numbers, MEW has involved a large portion of the figure where ICOs are said to have raised over $4billion. Along with this popularity comes MEW as a frequent target for scammers and also where one imitation has even made it into Apple’s AppStore, there is plenty of concern coming as the @myetherwallet twitter account was suddenly @mycrypto announcing a new website. While moving over from MEW, Monahan, fellow MyCrypto.com cofounder Jordan Spence and their team had later on published medium posts signed by Monahan’s Key base account and proof pics on Twitter verifying the new venture. 

With a new Twitter account, MEW had for its old handle whereas Hemachandra suggests that the social media takeover may be unlawful. The main reason behind the split is not clear, whereas reading between the lines of what Monahan wrote, appearing that two MEW grounders came up with different visions for the future of the service beginning as a side project to both of their professional careers. 

Further explaining, Monahan on medium said that the rise of crypto was in particular to the growth in 2017, taking a toll given the important role MEW played. Explaining further she said they sleep, routine, mental health as well as other areas are being affected as the prices of Ethereum and other coins surged amplifying the volume of transactions passing through MEW. Feedback from users all the while grew from 20 requests on a busy day to thousands. 

The Step Ahead Taken By The Founders

Reflecting on the issue, Monahan said the value of Ethereum has increased exponentially whereas it also had the stakes with a potential bug or help query becoming the most urgent thing ever with every monumental task finished meaning another monumental task has started. 

Adding to this she said that 2017 saw the end of the side project whereas 2018 ensures to have a solid foundation for the product, the company, and the team as the solid foundation ensures long-term stability and success in 2018 and beyond. 

While Hemachandra on this part believed that MEW continues as before presumably focusing on providing a community service whereas Monahan is looking to be developing a business around the MyCrypto.com service. 

This comes in the light of vocal support from BoostVC, as confirmed by MyCrypto.com via Twitter DM that hasn't raised VC funding yet as you’d wager this is never likely to be the case as for much longer-term given the quite vast adoption witnessed by MEW. 

Another must-have service in the crypto space, Telgram.com comes with the process of holding a $1.2 billion ICO with MyCrypto.com likely to be targeting such a lavish raise with the team behind it realizing the potential to build a business around the booming cryptocurrencies.

The Concluding Words

This makes the changeover to MyCrytpo.com a major step forward. There is a lot more to be heard from them with the founders playing a crucial role to bring forward the new service. Thus investors are keen on watching the movements and keeping their fingers crossed to take the steps into account. A lot is coming into the scene. Is it MEW or is it MyCrypto.com that is wining more traction from investors who are in search for a reliable wallet service. So stay tuned for more from us.