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 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:
- 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. — MEW
What makes an EtherWallet different is that once it is set up, it will have one or more accounts. This is because each account has several balances, e.g. an Ether balance, an Ocean Token balance, and maybe other balances.
So, like a wallet, your EtherWallet will have many separate compartments designed for different forms of income.
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