MyCrypto: A New Beginning From MyEtherWallet Founder - Review

MyEtherWallet had evolved into a fulltime product with a team. Because of this, he said it was time for a new beginning, which included a rebranding. As part of the change, the team behind the wallet has overhauled MyEtherWallet codebase and rewrote it for the MyCrypto platform

History

The MyEtherWallet started in 2015 as a two-people project. It had a simple interface that wanted to solve a simple issue. When Ethereum first launched, the only way to send ether to others was via a command line. Obviously, this was something, which, most people were not conversant. Initially, the project was part time and they only did it in their free time. That way, they had the freedom to decide what to do with it.

At the time, the community was small and tight nit. It was also quite optimistic about the future. As the founders interacted with people who used the product, they were able to grow their knowledge on how to make the project work better. In fact, they had no expectation that MEW would ever grow to be such an important part of the Ethereum blockchain.

2017

2017 started great for the team behind MEW. The flow of users was manageable and it was still a two-man team. They had to pay around $40 a month in server costs and they received about 20 support messages daily. However, in the second quarter of 2017, ICOs exploded onto the scene and newbies came onto the scene hoping to make money fast. Suddenly, phishing attacks began to rise.

As the ICOs grew more, they reached a level where the site was processing 100,000 transactions an hour. In the previous year, they had only managed to get 100,000 unique visitors a month. By now, the 20 messages daily had grown to 1000 a day. As the price of ethereum shot up, the need to deal with every tiny problem became more urgent.

More details: MyCrypto: A New Beginning From MyEtherWallet Founder