MyEtherWallet has recently partnered with Coral Protocol to bring secure, trustless transactions to MEW users with the SafeSend Dapp. But what does it do, and how does it work?
Coral Protocol provides Anonymous Blockchain Trust Scores, or simply Trust Scores for short, based on the general activity of a specific address. They achieve this massive undertaking by using what they call the Trawler, which is a decentralized blockchain crawler that examines all P2P interactions on the blockchain, then assigns to each address a score based on their amount of perceived fraudulent behavior. These scores range from 1–7, with higher numbers correlating to higher amounts of trust.
With Trust Scores, you no longer have to take an address owner at their word or worry about ownership malpractices. Coral Protocol enables anyone to send ETH transactions with peace of mind, confident that their funds will end up at their intended secure destination, while maintaining complete user anonymity.
Looking Towards the Future
We at MEW believe that user safeguards are essential for widespread cryptocurrency adoption. With the integration of Coral Protocol’s SafeSend DApp, we are working together with our users towards a new standard of cryptocurrency management — characterized by trust and security rather than anxiety and loss.
How can I use SafeSend?
To make use of SafeSend, first access your wallet on MyEtherWallet. Always double-check the URL, to make sure you’re on the correct site. After accessing your wallet, navigate to the menu on the left, selecting ‘DApps’ to be taken to our DApps page. Continue with the ‘SafeSend’ option.
Here, fill in the details as you would a regular transaction. Enter the amount of ETH you’d like to send, your ‘To Address’ destination, and adjust the speed of your transaction. Then click ‘Send Secured Transaction’.
Review and confirm the details of your transaction, then select ‘Confirm and Send’. Make sure you verify the transaction on MEWconnect, MetaMask, or your hardware wallet, if you’re using one of these access methods.
**Please be aware that the confirmation screen will show the address of Coral Protocol’s smart contract. All ETH transactions will go through this address and land at their intended destination, making full use of their SafeSend functionality**
Behind the scenes, SafeSend will determine the Trust Score of your intended destination address and will either continue with the transfer or return your funds based on that score.
If all goes well, your transaction will go through and post to the blockchain. Check the Notifications icon at the top of our interface for real-time updates!