Checking up on the security parameter of MyEtherWallet from alvis's blog

Crypto wallets have become the lifeblood of the trade of digital assets. As all the wallets hold the funds generated from the crypto trade, they should be secure enough that no one can unlock them except the owner. Thus, to ensure the security of one of the wallets- MyEtherWallet (MEW), we have gathered some of the information which we are going to share with you.

But before checking the security feature of this wallet, we will first understand its meaning and key takeaways.

A preamble of the wallet

MyEtherWallet is a free, customizable multi-platform software wallet introduced to store Ether, ERC-20 tokens, and NFTs. This is an open-source wallet, which means that it permits the investors to interact and integrate with smart contracts and decentralized applications (dApps) by providing them full access to the Ethereum ecosystem.

Just like other crypto wallets, this wallet also allows investors to store, buy, and sell the supported tokens. Moreover, MEW users can also enjoy the swap function through the built-in swap function. They can even stake ETH and explore the dApps functions.

Strong points of the MyEtherWallet

The key highlights of the wallet that gives a rough idea of its functions are summarized below:

• Supports multi-functions for ETH-based crypto assets
• Gives investors access to decentralized applications (dApps)
• Permits management of NFTs
• Supports a wide range of ETH-compatible network
• Compatible to manage a vast range of blockchains and layer-2 solutions

How secure is MyEtherWallet?

Engaging in crypto trade without holding a crypto wallet is something out of the box. Well, considering this scenario in real life, would be quite imaginary. Wallets are a way of holding the crypto funds and they even support the user in carrying out the trade and investment activities of the crypto assets. Due to these reasons, it becomes significant to check the security parameter of the wallet.

Jumping on to the main context, the wallet provides the sole authority to manage the wallet funds and the private keys to the wallet holder only. Being an open-source, non-custodial wallet any sort of data is not recorded by the wallet servers on behalf of its users. 

However, the lack of 2FA might put users in a situation questioning the security of the wallet, but the wallet team has tried to bridge this gap by adding a new feature. The wallet asks the investors to pick up a thirteenth word in addition to the recovery phrase that comprises twelve words. 

Moreover, it even allows users to connect the wallet to the hardware wallets, which are known for their exceptional security factors.

Ending Lines

Overall, we can conclude that MyEtherWallet has tried to meet all the trading requirements of the crypto investors, but in a somewhat different manner. The wallet has tried to set up a great security wall by adding a unique way of letting the investors choose a word in addition to the words included in the recovery phrase.