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

  • MyEtherWallet CEO believes blockchain technology should be used to build decentralized products.

  • The CEO added that MyEtherWallet will remain a decentralized wallet as it is the best way to use blockchain technology.

  • He added that MyEtherWallet has no plans to airdrop yet.

Decentralization is how blockchain is used

Kosala Hemachandra, CEO of MyEtherWallet, told Cointelegraph: recent interviewhe believes that blockchain technology should be used for decentralized purposes.

According to the CEO, creating a centralized product defeats the purpose of its use. blockchain technology. He said;

“Blockchain is inherently a decentralized solution, so why create a centralized product? It defeats the whole purpose of using blockchain.”

Self-custody is gaining momentum in the cryptocurrency space. Collapse of the FTX cryptocurrency exchange two months ago.

MyEtherWallet is one of the oldest non-custodial wallets in the Ethereum ecosystem. According to the CEO, the wallet went live about two weeks after the Ethereum mainnet launched.

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

MyEtherWallet has no plans to airdrop anytime soon

Hemachandra revealed that MyEtherWallet does not plan to launch airdrops or tokens anytime soon. The CEO said the company is not looking at a unique token use case at this time.

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

MyEtherWallet plans to add support for more blockchain networks and recently released a multichain browser extension. The CEO revealed that MyEtherWallet has recorded a surge in users following his FTX story, as users are looking for a decentralized solution to store their assets.

MyEtherWallet currently has over 3 million users, mostly in the US and Japan.

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