Creating centralised products defeats the purpose of using blockchain, says MyEtherWallet’s CEO

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Creating centralised products defeats the purpose of using blockchain, says MyEtherWallet’s CEO

By Hassan Maishera - min read
  • MyEtherWallet’s CEO believes that blockchain technology should be used to buid decentralised products.

  • The CEO added that MyEtherWallet remains a decentralised wallet because that is the best way to use blockchain technology.

  • He added that MyEtherWallet doesn’t have plans to do an airdrop yet.

Decentralisation is how blockchain should be used

Kosala Hemachandra, CEO of MyEtherWallet, told Cointelegraph in a recent interview, that he believes blockchain technology should be used for decentralised purposes.

According to the CEO, creating centralised products defeats the purpose of using blockchain technology. He said;

“Blockchain, at its core, is a decentralised solution, so why would we create products that are centralised? Because we are defeating the whole purpose of using blockchain.”

Self-custody has been gaining traction in the cryptocurrency space since the collapse of the FTX crypto exchange two months ago. 

MyEtherWallet remains one of the oldest noncustodial wallets in the Ethereum ecosystem. According to the CEO, the wallet went live roughly two weeks after the Ethereum mainnet launch. 

He added that the company continues to operate as a decentralised wallet because it believes it is the only proper way to use blockchain technology. 

MyEtherWallet not planning to do an airdrop soon

Hemachandra revealed that MyEtherWallet is not planning to do an airdrop or launch its token soon. The CEO said the company doesn’t see any use case for their own tokens at the moment. 

However, the company is working on certain features to enable it to compete with Meta Mask, another leading Ethereum-focused wallet.

MyEtherWallet will be adding support for more blockchain networks, and it recently launched a multichain browser extension. The CEO revealed that MyEtherWallet recorded a surge in users following the FTX saga as users look for decentralised solutions to storing their assets. 

At the moment, MyEtherWallet has more than three million users, most of them in the United States and Japan.