Even if self-custody wallets such as MyEtherWallet( MEW ) were popular before this moment, it was at this time that they became widespread. Particularly during the last few years, the Ethereum ecosystem has shown one of the most outstanding growth rates in the cryptocurrency industry. The introduction of apps for decentralized finance (DeFi) in 2020 made it evident that users of cryptocurrencies want tools to interact with the various decentralized applications (DApps) in a way that does not require technical skills.

“Rapidly Transitioning Into a Cross-Chain-Based World”

MyEtherWallet (MEW) is an open-source, client-side interface that is freely accessible to everyone. It facilitates user interaction with the Ethereum blockchain. Since its debut in 2015 as the first wallet ever created for the ETH blockchain, it has undergone significant development. Nonetheless, administering an open-source platform of this magnitude provides unquestionably several obstacles. MEW cannot access user accounts, recover keys, reverse transactions, or change passwords since it does not save private keys (thus, the term self-custody).

Norton issued the following statement: “The quick move towards a cross-chain world is one of the numerous complications associated with wallet maintenance. And wallet interfaces across the ecosystem continue to be highly segmented and chain-specific, just as in the past.” In addition, he said that some of the wallets are specifically designed for a particular purpose. Handy apps have appeared on chains that lacked extensive wallet support, and their creators created their wallets. Because non-custodial wallets are our primary business, one of the obstacles we encounter is contacting individuals and devising solutions that will allow us to accommodate those users.

The Merge may be (almost) complete, but we still have a looong way to go. ⏳ #TheSurge, #TheVerge, #ThePurge, and #TheSplurge are a few more upgrades that #Ethereum has planned on its roadmap. 🗺️

Read our latest MEWtopia blog post to learn more!https://t.co/yVpnSDST0K

— MyEtherWallet | MEW (@myetherwallet) September 28, 2022

According to Norton, MEW has undergone several modifications during its existence and has, to a certain degree, evolved to satisfy the needs of its customers. We enable the user to enjoy as much of the blockchain’s benefits as possible by remaining current with the ecosystem and adjusting to its demands. And from a corporate and operational standpoint, it is about determining how we can earn money without being exploitative, rent-seeking, or similar. This was a requirement when we started working with MEW, so contacting individuals is one of the obstacles we must overcome.

Also read: Top 4 Scenarios To How the future of NFT May Unfold

“MEW Does Not Track User Data.”

Without a doubt, security is one of the industry’s key concerns. Because many protocols are having significant challenges on this front, the chief operating officer (COO) said they are implementing a privacy-centric strategy that emphasizes the client side. Norton has declared that they do not monitor user information and that their services are not account-based. This demonstrates that users retain complete control over their keys.

Aside from that, we have been staunch supporters of two-factor authentication from the beginning, whether via a hardware wallet or a mobile app connecting to an interface. This additional security mechanism is intended to give an extra layer of safety. In addition, users may bring their wallets to MEW and integrate them to communicate with other applications. This is achievable due to the integration capabilities of MEW. As a result, “the user may select the level of risk they choose to assume, while we can promote acceptable security practices among our users.”

The subsequent wave of NFTs is imminent.

Similar to the emergence of many other types of trends, this one also comes in waves, as noted by Norton during his explanation of the issue. In 2021 and the first quarter of 2022, non-fungible tokens (NFTs) wreaked havoc on the market. The avalanche of projects that flooded the market and surpassed volume meters was fueled by collections such as the Bored Ape Yacht Club and CryptoPunks. However, the motivation seems to have almost entirely faded since both the volume and price of the most significant collections have fallen.

“I think that what we have seen over the last many years is that events occur in waves.”  Additionally, there is a quick rate of innovation. No one can predict, however, what will attract the attention of the broader people. DeFi Summer did not take me off guard.

“The development of non-financial instruments took me somewhat off guard. And I was already aware of the technology since my firm was an early investor in ENS, which is how I was initially exposed to NFTs. However, this is not how NFTs have shown themselves in the realm of graphic art and in terms of tapping into collector economies.”

In light of this, he believes that the first wave of NFTs has gone, but he forecasts that “the second wave will soon arrive.”  He says, “the NFT community remains undeterred by the current market conditions.”  This is one of the grounds behind his viewpoint.

MEW during the metaverse era

After companies like Meta (formerly known as Facebook) revealed their intentions to expand in this manner, the metaverse is another concept that has seen tremendous growth in the cryptosphere over the past several quarters. According to what we learned from Norton, MEW takes a slightly unconventional approach, and the company’s primary goal is to meet the needs of its clients in whatever manner possible. “If users want to interact and trade in a metaverse, we want to ensure that they may do so. In addition, they will be able to do so via the network of their choice. This is our primary objective.”

Within each of these various ecosystems, we will be able to support the user’s preferences for what they want to accomplish and what they desire to transact. We are not even required to be aware of what they are. We don’t need to grasp them. He said we must ensure that they will be capable.”

Concerning the subjects above, the Chief Operating Officer also explained MEW’s approach to cross-chain functionality, which the firm has been developing for some time and will deliver in the coming weeks. Additionally, he said that their plan for addressing it would be to prioritize design from the outset.

Ethereum 2.0’s Release Will Be the Tipping Point

The Merge, commonly known as Ethereum’s conversion to a proof-of-stake-based consensus system, is the most significant event for the cryptocurrency industry in 2022. When questioned, MEW’s Chief Operating Officer stated: “According to me, we have reached a turning point. I feel it has a great lot of symbolic significance as well. The fact that the most significant public, open-source smart contract in the world, by a very substantial margin, is turning the page on proof of work is, in my view, a solid indication that this move is not just motivated by financial considerations.”

“We do not limit ourselves to value transfer economics and to increase the population. To achieve this objective, we will need to make efforts toward sustainability. I feel this is one of the most crucial measures since the birth of cryptography to convey the message that “this is here to stay.” It is designed to be used in this context.

Norton explained to MEW consumers that until they join the ETH 2.0 era, they should not see or experience any differences.