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

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  • The CEO of MyEtherWallet believes that blockchain technology should be used to buy decentralized products.

  • The CEO said that MyEtherWallet remains a decentralized wallet because it is the best way to use blockchain technology.

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

Decentralization is how blockchain should be used

MyEtherWallet CEO Kosal Hemachandra told Cointelegraph in a recent interviewHe believes that blockchain technology should be used for decentralized purposes.

Creating a centralized product defeats the purpose of use, according to the CEO blockchain technology, he said;

“Blockchain is, at its core, a decentralized solution, so why would we build a centralized product? Because we are defeating the whole purpose of using blockchain.”

Self-custody is gaining traction in the cryptocurrency space FTX crypto exchange collapse 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 was launched.

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

MyEtherWallet is not planning to do an airdrop anytime soon

Hemachandra revealed that MyEtherWallet is not planning to airdrop or launch its token anytime soon. The CEO added that the company currently does not see a use case for its own token.

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

MyEtherWallet is adding support for more blockchain networks, and it recently launched a Multichain browser extension. The CEO revealed that MyEtherWallet recorded an increase in users following the FTX saga as users seek decentralized solutions to store their assets.

At this point, MyEtherWallet has over three million users, most of whom are in the United States and Japan.

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