Category Archives: Ethereum

How an Online Ethereum Wallet will accelerate the Industry

As we make strides to the future, developers create better experiences for their users; it has only been a year and there have already been tremendous strides made in the Ethereum community. With the launch of various online ethereum wallet, many users are now finding it extremely easy to use Ether.

Lowering the Barrier for Entry

Many people give up on Ethereum or Bitcoin just because of how hard it is to download, setup, and secure an offline wallet. For even the most advanced high tech users, the process will take many hours. The process of downloading the entire 50 GB blockchain from the Ethereum seriously hurts new users. Many users just aren’t comfortable with using services like Mist, which will require them to store a ton of data on their computer.

Ethereum Barrier
Ethereum Barrier

Most newbies do not want to spend one day researching how to download a piece of software, and the next few days waiting for 50 GB to finish downloading on their desktop. If these new users had an online ethereum wallet though, the process would be much smoother.

So if you have a friend or family member who is new to technology or digital currency, an online service like this would be perfect. In the first place, many people are ignorant of the technology. Many who aren’t, are not exposed to technology enough on a daily basis. If we want a worldwide currency to become successful, people need to have a low barrier to start using and experiencing the Ethereum wallet network. That’s why an online wallet is perfect for them.

Fully Functional and Feature Rich

What makes a wallet so useful? It is its ability to use the Ethereum network effectively. All most users need is just a send a receive function. But, all users actually want a very feature rich wallet. It’s part of human psychology to want the “best” or most feature-rich application on the net. As a result, companies have been pouring many resources into adding bonus features to their individual wallet services. This is what is creating more and more good features that is available in network today.

A fantastic feature an ethereum wallet have is its capability of storing offline keys onto your computer. There are a large number of users who wish to store cold keys onto their computer, laptop, or flash drive. These people are looking to protect their security over convenience, which is actually a very good trade. Hence, adding cold storage is so essential to the well-being of the application. Hopefully, there will be also many more possible use cases implemented, as Vitalik has discussed below.

Global Language Support

In addition, these wallets are often supported or being developed to be understood by people of all nations – whether you’re from Norway, USA, or South Africa, these wallets will be able to offer native support your preferred language. Recently, a well-known service called myetherwallet has started to ask for help in translations – and 12 languages have been added! Check that out here.

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Users want ease of use. Adding language support for all users is the first vital step to a faster, accelerated growth in Ethereum’s market capitalization. MyEtherWallet has recently started asking for volunteers to translate their languages on Reddit, while other services may start to offer multi language support soon too.

Final Notes

What’s incredible about Ethereum online is that the currency basically remained undervalued like a hidden dragon for an entire year before gaining prominence in the past few months. The meteoric rise of the currency’s market cap and value has seriously shocked the world. Its fundamental value is truly high, as it has also maintained this high price for quite some time. Even surviving the huge hack, Ethereum’s price barely moved. It’s quite impressive just how far the currency has come.