In this week’s issue, Christine Kim and CoinDesk’s Consensys Ben Edgington interview Kosala Hemachandra, co-founder and CEO of My Ether Wallet (MEW), on MEW’s two-stage betting solution for Ethereum 2.0.
This issue is sponsored by PumaPay.io…
“Whenever we see a bottleneck, whenever we see a problem, like a problem with accessibility for us … that’s where we get in,” Hemachandra said. “We think okay, let’s cut it down to a maximum of three steps, and then let’s [users] through these steps and then it will be easy for them to log into Ethereum and use Ethereum. Therefore, Ethereum will grow. ”
Hemachandra has watched Ethereum rise since 2014, when the network was just a technical concept outlined in yellow paper. When the network was officially launched in July 2015, Hemachandra noticed a serious problem for users trying to access the network.
There was no convenient interface for sending and receiving transactions on the network.
An in-house developer and web programmer by profession, Hemachandra, along with co-founder Taylor Monahan, created MEW as a wallet service that could offer users an alternative to interact with the Ethereum blockchain, which at the time could only be done through the Command Line Interface.
Fast forward to 2021 and a lot has changed in Ethereum and MEW.
MEW is one of several cryptocurrency wallet services actively helping to connect new users to the Ethereum blockchain, which currently has a market cap of over $ 272 billion. Ethereum also spawned a second parallel blockchain network known as the Ethereum 2.0 Beacon Chain, in which ETH holders can deposit their coins and receive rewards.
Eth 2.0 is expected to one day replace Ethereum’s existing consensus mechanism from proof of work (PoW) to proof of stake (PoS) and thereby significantly reduce the overall electricity costs of the network.
As in 2015, Hemachandra noticed another pain point in the creation of Eth 2.0.
To place bets, “you have to be good at how to run nodes, run validators, have them around the clock, seven days a week, and more,” Hemachandra said. “It was then that we intervened. We think it’s good that the average user will not be able to complete these tasks, so we have to make it easier for them. “
This is how the idea was born to introduce staking services on MEW. Since launching their betting services in December 2019, approximately $ 200 million in Ether has been locked into Eth 2.0 using MEW’s two-stage solution.
To learn more about MEW’s Eth 2.0 betting services and what Hemachandra sees as the next major issue for Ethereum to address, listen to this week’s Mapping Out Eth 2.
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