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MyEtherWallet founder thinks Ethereum should go mobile

Image by Stock Catalog from Flickr

Mon, 30 Mar 2020, 10:48 am UTC

Almost everything can be done using smartphones and this has big implications when it comes to the future of Ethereum.

Kosala Hemachandra, founder of noncustodial wallet MyEtherWallet, shared his thoughts about the future of Ethereum in an article for Cointelegraph and he believes that it should go mobile. First, mobile applications are more promising than desktop and web technologies. Also, the COVID-19 pandemic shows how the people rely on mobile apps to communicate, transact, conduct their businesses, take out loans and manage their assets.

When it comes to security, mobile apps have fewer vectors for attack and more layers of security compared to a PC which reduces the chances of user error. Also, key management is very important when storing Ether (ETH) and transacting in the Ethereum ecosystem, and smartphones offer a greater level of security in this area.

With modern mobile devices, crypto wallet apps can generate keys, put them through several layers of encryption with unique biometric data, and place them in secure local storage that is separated from the rest of the system. Keys are kept away from the internet making them invulnerable from hacks and malware.

Hemachandra added that going mobile is the future of Ethereum if it also wants to combine access of DeFi, because DeFi services will surely go mobile to be mainstream.

“Ethereum should go mobile,” Hemachandra added. “Combining the access of DeFi on Ethereum with the increasing global use of smartphones, the future of Ethereum hinges on mobile access. There are more than 5 billion smartphones in the world and with online banking becoming the norm, it only makes sense for Ethereum’s biggest access point to be mobile.”

Hemachandra added that a large percentage of people without bank account and those who will benefit most from decentralized finance will never own a computer. However, the developing world already has 98.7% mobile adoption which only shows that Ethereum is more accessible when it goes mobile.

Meanwhile, Terry Culver, CEO of Ethereum Classic Labs (ETC Labs), announced its partnership with UNICEF. Culver explained that they chose UNICEF because they share the same commitment.

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