Ethereum is facing a serious issue: a lack of online services, including a solid online ethereum wallet. That is, until now. The guys at ethereum-wallet.net have partnered up with major firms to release a distinctive free service. It’s truly what the Ethereum community needs right now.
How Wallets will change the Industry
It hasn’t been long since the days of wallets coming and going. Finding a wallet to use without downloading the blockchain for two days is now possible. And yes, it could that that long, or even longer. The BTC blockchain is 80GB, and the ETH blockchain is 50GB, increasing 2 GB per month. At this rate, you’ll need 1TB to use offline wallets in just a few years. That’s insane.
Rise of the Online Wallet
Initially starting as a small idea to help users around the world, online services have developed from a small maple tree to a massive maple tree. Indeed, today’s services are now a necessity.
Thankfully, online wallets are being developed for Ethereum. There are now services which provide all the features of a regular desktop wallet, but is stored instead on the cloud. People will access their Ether from anywhere. Whether it is at home, at work, or even on their phone, users can use their online ethereum wallet.
It’s strange that we carry around defenseless credit cards. It’s so easily stolen, and people can buy anything with your card so long as they have the ‘tap’ feature. They don’t even need your PIN number! RFID protection won’t help you at that point. The card’s already stolen and thousands of dollars are gone. You’ll then have to contact the card company and talk to them for hours, days, or weeks to get your funds back.
But there is a solution. There is hope. That solution is digital currency. Store your private keys in your phone, USB, or computer and encrypt the data. On top of not needing credit cards, hackers cannot even decrypt your data with today’s security standards. How incredible is that?
For everyone who has lost their wallet, or been stolen from, digital currency like Ethereum is a lifesaver. You simply cannot be robbed unless you’re extorted. Amateurs don’t stand a chance of taking your coins, and pros won’t bother because there are easier targets in the world.
But, are they fast and reliable?
In fact, they’re very fast and reliable – of course, depending on the service. Many of these have been operating since the early days of digital currency, and have built up both trust and reputation on their platform. They are widely trusted and used.
An offline wallet also provides some degree of reliability, but is dependent on the security of your own system. Millions of computers and phones are hacked each year. If spyware gets hold of the users’ systems’, the wallet and funds are completely vulnerable and can be easily taken. However, cloud security storage can help to eliminate this issue.
Ethereum is a fantastic up and coming currency in the cryptocurrency world. Its smart contracts and fast development plus innovation helps to make it a competitor to the popular Bitcoin. While there has been a lot of development from Vitalik, there are still many third party applications that need to be developed on the platform. This includes the application we discussed – an online ethereum wallet.