MyEtherWallet and MyCrypto: Everything you need to know

Stefania Stimolo
Jul 20, 2018 · 6 min read

MyEtherWallet (MEW) — ERC-20 e-wallet for ethereum coins — was founded in 2015 by Taylor Monahan (Tayvano) and Kosala Hemachandra (Kvhnuke), initially as a fun side-project that over the years has become a real contribution, support and benefit for the whole Ethereum community.

MyEtherWallet (source: website)

It was February 2018 when, however, in the official MEW Twitter account there it was a redirection to MyCrypto, without any notice, which caused panic and confusion among users, in a world where the trust in trustless and transparency is essential.

MyCrypto (source: website)

After the various complaints on Twitter and requests for explanations, Tayvano takes the matters in her hands, writing her truth about it on her official blog, highlighting the end of her relationship with MEW and Kvhnuke and introducing her new company MyCrypto LLC.

MyEtherWallet and MyCrypto are Ethereum blockchain- based e-wallets, they are decentralized because they don’t record the users’ private keys, so this wouldn’t bring any inconvenience to users, who must absolutely save such private keys in a safe place since the moment of its creation (you also avoid saving them on the PC) and are open-source with the repository published on Github.

To make it simple, MEW and MyCrypto are interfaces, front-ends to access the Ethereum blockchain, so whatever happens, blockchain is not affected by this.

Taylor Monahan — Tayvano (see the Twitter profile)

This doesn’t justify the unclear management, initially, of this MEW “fork” in MyCrypto, but many have investigated and along with the statement of Tayvano, followed by Kvhnuke, and the public petition, it was possible to come to terms with it.

Tayvano describes:

“ Throughout 2015 and 2016, the time we spent on the site was mostly short, sweet, and spontaneous.“

and defines 2017 as the year of “climax”.

We can see how the overload due to the success of the project, the Ethereum price raised, the ICO boom, had increased the amount of work to be managed, as the number of users, supports, transactions and customers-projects, and time was always an essential factor to maintain the pace, difficult to assume new valid figures when one is not lucid mind.

She goes on:

“My friends, family, and especially husband saw the toll this responsibility was having on my mental health and urged me to stop letting it destroy me. My husband answered as many support tickets as he could each day, cooked dinner each evening, and carried me to bed at 4am… then 5am… then 7am when I fell asleep typing at the computer. I consistently chose “trying to help one more person” over “a few more moments of sleep”. And there was always one more person.”

In the summer 2017 she arrives at the reflective part, she collects herself and through this sentence:

“It’s fun to imagine a world where I stopped building MEW and moved to a deserted island without internet. It’s not fun to stop building MEW and imagine a world where I kept at it.”

leaks the desire not to leave the project that from a fun-side project, it already became a real company, in an exponentially rapid time.

Tayvano continues on her blog her vision of 2018 with this new beginning, through therefore MyCrypto, her team and all the objectives (goals) that the company intends to achieve.

She doesn’t mention in any way, Kvhnuke who remains with the control of the software MEW / codebase / brand and perhaps some employees, but confirms that she is the author of the dissolution (therefore unilateral) of the company MyEtherWallet LLC, telling its truths.

Kosala Hemachandra — Kvhnuke (see the Twitter profile)

In contrast, Kvhnuke releases a post on Reddit where he explains his version.

Describes how initially it was his idea to create MEW, being a developer and programmer, after figured out the vision of Vitalik about the project Ethereum.

“When the Ethereum Foundation released the “Mainnet,” however, I recognized that many users were struggling. With no graphical user interface, many early adopters were having difficulty accessing and transferring their Ether. I saw an opportunity to contribute to this new, emerging community, and seized it.

I began working on a user interface to be used in conjunction with, and in support of, Ethereum wallet functionality that any new crypto adopter could feel comfortable using. I released my initial version, and published it on Reddit on August 11, 2015 (MEW’s birthday!). I designed it to be open source so that others like me could make modifications to my existing codebase, and continue improving user-friendliness and functionality over time.”

Once the project was created, Kvhnuke affirmed that he brought Tayvano in the project as she is a business development and design expert, and thanks to her, MEW took off.

Finally, without going into details, Kvhnuke confirms the end of the partnership with Tayvano remaining in total command together with his new MEW team and ensuring full supervision of the website and all that it offers (Ethereum and Tokens management).

With the Case No. BS171730 in the Los Angeles County Superior Court, it seems that Kvhnuke asks to be able to inspect all financial records and documents of the company MyEtherWallet LLC as co-founder of the company, which are in possession of Tayvano that seems to refuse to show the copies.

From the documents and from the declaration by Tayvano, it seems that the two co-founders of MEW haven’t be getting along for some time, that all documents requested were not adequately produced, and that the company MyCrypto LLC seems was established in August 2017 (famous reflection summer described in Taylor’s blog).

It seems that in addition to dissolving from MEW, to create another competitor company MyCrypto and be followed by most of the team, Tayvano has also obtained the MEW official account domain on Twitter turning it into MyCrypto where she said as follows:

Kvhnuke on the other hand replies on a new MEW Twitter account not to be aware of this account change by reassuring followers that there is no rebranding of MEW from the moment that MEW continues to be working under his command.

After months, MEW persists and works, the concerns and complaints from users have been resolved because the MEW code-base is public and any suspicious changes to the code will be easily detected, so do not worry about it. Both ERC-20 e-wallets are present in this decentralized and digital paradise, which teaches that every minimal project idea, if valid and well communicated, can grow to timeless levels, and for this reason it is necessary to be more and more prepared.

This article was originally written in Italian and translated in English by Stefania Stimolo for NovaMining.


NovaMining Media

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Stefania Stimolo

Written by

Copywriter | English, Italian, Spanish Translator | Crypto Author Contributor @TheCryptonomist | Bitcoin, altcoins | Yoga | Traveller | Marketing Graduation_

NovaMining Media

News, updates, insights from our emerging startup into blockchain industry

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