WTF is… MyCrypto?

4 min read

The MyCrypto beta is now complete in fulfilling their promise to bring new features to the platform. Earlier this year MyCrypto split off of MyEtherWallet (MEW). We have been waiting to see how the projects differentiate themselves from each other. Now that the beta has been released, we can take a look at some of MyCrypto’s new features!

What is MyCrypto?

MyCrypto is an open-source, client-side tool for interacting with the blockchain.

So what does this mean? Your coins or tokens are stored on the blockchain and referenced by your address. It gives you a simple interface to use, access, and move those tokens.

They never transmits, receives or stores your private key, password, or other information. One of the great features about MEW and MyCrypto is that you are in control of your private keys, giving you ultimate and sole control over your funds. But make sure you are super safe with them!

Some history

MyCrypto forked from MyEtherWallet during of February of 2018. MEW was created by Kosala Hemachandra and Taylor Monahan in 2015.

MEW was one of the first independent ether wallets and smart contract interfaces, quickly making it one of the most loved wallets of the crypto community. Kosala stayed with MEW while Taylor left to work on MyCrypto citing:

“MyEtherWallet LLC was sufficient for the early stages of growth. MyCrypto is designed with next-level scaling in mind from the beginnings…”

The two sites remained almost identical for a time, but MyCrypto has started to expand on its core functions.

New Features in MyCrypto

At its launch, the platform used the same code base as MEW, so it had all of the same functionality. Since then, the beta is now complete. Here’s some of the shiny new features!

Brand new codebase written in React/Typescript
  • This not only built a new solid foundation for current features, but also any features that may be implemented in the future.
Security Improvements
  • Based on feedback from a Cure53 audit, MyCrypto has added these security features:
    • Sub-resource integrity for loaded scripts.
    • Stronger Keystore Files.
    • Upgraded Security headers to help prevent XSS attacks and faking the site via iFrames.
Mobile Parity Signer
  • The Parity Signer is a mobile app that securely generates and stores private keys.
  • Allows you to securely send funds without connecting that phone to the Internet.
  • It is available on both iOS and Android phones.
Scheduled Transactions
  • MyCrypto has Partnered with ChronoLogic to offer a scheduled transaction function that will utilize an Ethereum alarm clock. You will be able to send transactions later based on block height or time.
  • Shepherd will automatically retry your failed transactions, so you don’t have to do it manually.
Token Scanner
  • The Token Scanner has been upgraded to show any non-zero balance tokens on your account address. While manually entering in token information did let you track unlisted coins, this updated scanner makes it easier to keep track of your token balances.
Gas Price Slider
  • They’ve integrated a gas price recommendation, as well as functionality, to let you set a custom gas price. This is great for gauging network congestion before you make a transaction.
Payment Requests with EIP-681
  • With EIP-681 implemented you will be able to request payments via QR codes.
“View Address” History
  • This feature will automatically show your recently used addresses, so you can quickly check balances without the need to expose your private keys.
The MyCrypto Desktop App
  • While they previously were restricted to a web wallet, MyCrypto has also released an alpha version of their desktop app.
Updated Knowledge Base

We are excited to watch as MyCrypto continues to evolve and look forward to future updates. Check them out here!

For more information on wallets and all the safety tools you can use to secure your cryptocurrency, head over to our wallets section. We also have tons of tutorials on other useful resources to interact with the blockchain.