So, you hopefully already know what a wallet is in the traditional sense of the word. However, do you know what an EtherWallet is?
An EtherWallet or MyEtherWallet (MEW) is an open-source, client-side interface which allows users to interact directly with the Ethereum blockchain. And – this is all without having to join the centralised exchange.
Not unlike the wallet in your pocket, an EtherWallet stores important possessions. With it, you can send and receive tokens, as well as swap tokens. For example ERC-20 tokens ETH, ETC, SED and more. It also allows you to interact with smart contracts. You can learn more about smart contracts here (link to erc-20 blog).
You may be wondering, ‘where are my tokens actually stored?’. The answer is that all crypto is stored on the blockchain itself. However, you can interact with blockchain in a simplified way when you have a wallet. Moreover, it is important to realise that MyEtherWallet, more commonly known as MEW, is not a bank or exchange. They make this abundantly clear on their website:
MEW is NOT a bank or exchange.
What does that mean?
- We cannot cancel, reverse, or refund transactions.
- We cannot recover phished funds.
- We cannot recover lost passwords, nor can we reset passwords.
- We do not store names, emails, or any information about our users.
- The only one who has access to your funds is you.