Taylor Monaghan: the future of Ethereum will not remain purses

As a result of the split between the founders MyEtherWallet most popular wallet Ethereum, the market winner is one application there are two. Co-founder MyEtherWallet Taylor Monahan (Monahan Taylor) and almost the whole team MEW launched a new project – a purse MyCrypto, while MEW was left in its place. After almost three weeks, MyCrypto still remains a complete clone of MEW, but soon the situation will change.

26 Feb Monahan shared his vision of the MyCrypto project in the future, starting with quotes from the new book by Andreas Antonopoulos and Gavin wood Ethereum Mastering:

In General, the purse is the interface between the user and bloccano […] Most users of Ethereum shares the common misconception that the purse contained ether and tokens. In fact, the assets stored in the blockchain. Therefore, the wallet Ethereum is not that other, as a FOB on the key.

If developers want to ensure the application of the blockchain in the real world, they must make every effort to dispel this misconception.

Wallet is an integral part of the platform. Why?

Because right now the primary use of crypto-currencies remains speculation. Even users not involved in professional trading only communicate with the «money» aspect of the blockchain – send and receive assets. Before the advent of Cryptococcal the Ethereum were the maintenance of a variety of ICO, however, after the «cat line» is passed, it is time to recall the primary task of the cryptocurrency network. Here is an infographic that appeared in 2015, at the start of Ethereum and decentralized describing WhatsApp, Twitter and Uber. Why these apps are so comfortable?

Leaving aside for decentralized applications, the question can be posed: what is the role of the wallet in a centralized application? Answer: the minimum – the section responsible for the payments, almost not visible.

When the user opens the Airbnb or Uber, it does so not in order to pay someone for housing or travel. He had to find temporary housing in another city or to get home from the bar. In a decentralized app like Airbnb, now it might look like this:

  • Select the appropriate option.

  • For payment must have the appropriate tokens to open the wallet interface to send tokens to the specified address with the appropriate data to pay gas Commission.

  • To purchase tokens for payment.

  • Not to forget that the purse needs to be aired to pay for gas.

  • On error, all the money will be lost.

One can hardly wish for such a future. The successful application should look like Airbnb to find a suitable option; press the button; the room is booked.

The right purse should be invisible to the user. If we assume that the interface of the purse is not suitable for everyday use, the ideal solution could be a separate (invisible to the user) the access layer, which will interact with the application.

Today, two teams are working on a simplified access to payment applications:

  • Metamask
    offers extensions for Chrome and Firefox that turns an ordinary computer interfaces, payment applications.

  • Mist
    and Brave
    separate browsers that interact directly with bloccano.

Team MyCrypto intends to develop the third area: the access layer to the blockchain for third-party developers. User new apps maybe do not know about gas, private keys and transaction tokens.

Denoting the new concept, Monahan stipulates that it is only a promising direction, the finished product will not appear in the near future.

Of course, MyCrypto not going to abandon the existing architecture inherited from MEW – because cryptocurrency investors and traders are not going to disappear. Just the share of individual purses will decrease with time and, according to forecasts, Monahan, will turn into a small niche.

What will change for users in the coming weeks and months

In the next few weeks a new version of code is deployed in the test network. The time of occurrence of the working version has not yet been determined and the results of the testing can get underway. Here are the main changes:

New automatic calculation of the price of gas on the basis of oracles, developed in partnership with blockscale.net
transactions should be cheaper due to the continuous tracking of network status. The option of modifying the price of gas will be hidden in the settings «Advanced».

Purse MyCrypto will be released as separate apps for desktop and mobile devices.

We are continuing our joint project with the City Swarm (not to be confused with a decentralized storage system Swarm) to develop the «petrol station» (Gas station): systems that allow users of the wallet to send tokens ERC-20, having the purse of the broadcast to pay for gas. Payment of commissions will be these same tokens via the API and the decentralized smart contract.

Competition is great

News MyCrypto demonstrate that the project Taylor Monahan is actively developing. As for the original MyEtherWallet, then the author Hemchandra Kosala (Kosala Chemachandra) does not show much activity except for promises in the near future to introduce a new team. So users got the choice to use the new features that make life easier and to take the risks of new software, or stay on a proven design.

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