MyEtherWallet (MEW) works as a cryptocurrency wallet and interface that allows users to store, manage, and transfer the Ethereum (ETH) cryptocurrency and other ERC-20 tokens.
When a user creates a new wallet on MEW, a public and private key pair is generated, which will serve as the user’s unique identifier. The private key should be kept safely and not shared with anyone as it is the only way to access the wallet and its contents.
To use MEW, a user must access the platform through a supported browser or a mobile app. Once in, the user can see their account balances, view transaction history, and manage their wallet’s settings, among other functions.
MEW also allows users to interact with the Ethereum network itself by facilitating transactions on the blockchain. Users can send and receive ETH or ERC-20 tokens by inputting the recipient’s public key and the desired amount of cryptocurrency in the provided form. The transaction is then broadcast on the Ethereum network and processed by miners, eventually becoming a permanent record in the blockchain.
Finally, MyEtherWallet also provides a platform for exchanging cryptocurrencies, through the integration of third-party services. Users can exchange ETH for other cryptocurrencies or trade different ERC-20 tokens, all within the MEW interface.
