I'm Taylor Monahan, CEO of MyCrypto. Ask me anything! (5/16 @ 12PM PST)

tayvano · August 10, 2020, 5:11am

Hey everyone,

I’m Taylor Monahan!

taylor1

I’m the Founder & CEO of MyCrypto, and previously co-founded MyEtherWallet in 2015.

MyCrypto is one of the few open-source Ethereum wallet interfaces that allows you complete control of your keys, and complete control of your assets. We also recently acquired the team and products behind Ambo, a mobile Ethereum wallet (iOS only for now) that aims to make cryptocurrency understandable and accessible for everyone.

Lately we’ve been working hard on some major redesigns and feature additions for MyCrypto, which you can see a sneak peek of here. Hopefully more news on that in the coming weeks, but for now, ask me anything!

EDIT: Thank you all for the fantastic questions! It’s been a real pleasure - I’ll make sure to come back soon.

David · May 14, 2019, 10:36pm

Hackerhodl · May 14, 2019, 11:31pm

Hi @tayvano,

Do you think quantum computers will make mincemeat out of Blockchains or will Blockchains grow to become quantum-resistant?

Hodlhelper · May 15, 2019, 3:37am

Will MyCrypto remain an universal (ethereum) access tool or specialize on certain use cases such as SSI, IP, Gaming, DeFi etc. ?
Has MyCrypto a roadmap for SSI/DID integration ?
What will be the competitive advantage of Mycrypto when competition heats up?
Which will be the major revenue streams for MyCrypto other than referrals?

David · May 15, 2019, 12:15pm

Hey @tayvano, thanks for taking the time to do this AMA. And much congrats on growing what looks like a very talented team.

In The Business Model of Crypto-wallets, Ouriel Ohayon writes:

"wallets either live on revenues they do not control, or revenues with short live time value. Affiliate fees are never a great sustainable revenue: you never know when the pipe will dry up or shut down.

So is there a sustainable path forward for crypto-wallets? hard to say at this stage.

Eventually, years from now, everyone will own a crypto wallet, the same way everyone has a phone and a camera. Crypto wallets are going to capture a massive part of the value cake in the industry. They are the new browsers or emails clients of the web if you prefer. And affiliate revenues or even trading are unlikely to become the way forward to sustain their operational costs (which are not cheap).

I anticipate that new native revenues will come forward…"

Sorry to be long winded… but just wanted to frame how crypto wallets add a lot of value but in most cases aren’t making a lot of money. My question is:

What business model for crypto wallets would best serve the market in the long run?

Dane · May 15, 2019, 2:52pm

Hi @tayvano!

What is holding cryptocurrencies back from getting broader adoption? In America, only 8% of the population owns digital currency. Compare that to gun ownership which is currently around 32%.

karla · May 15, 2019, 3:48pm

Hi Taylor! What gets you the most excited for 2019 and where do you see the blockchain/crypto space heading over the next months?

Thank you for doing this AMA!

caternoon · May 15, 2019, 4:12pm

Hi Taylor!
What was your biggest challenge when building my crypto?

Albi · May 16, 2019, 5:21am

Hi Taylor ! If you were to go to an island and you could bring either dash or eos, what would you bring ?

natasha · May 16, 2019, 9:58am

Hey Taylor!

Really enjoyed reading your presentation from the MIT Bitcoin Expo; particularly your philosophy around solving small problems.

Which ‘small problems’ do you see in the crypto space currently - or, in other words: where are the opportunities for those looking to build new solutions right now?

arthur.tkachenko · May 16, 2019, 10:35am

I’m from Ukraine and there a lot of news about how crypto can beat corruption. We have a Prozorro(https://en.wikipedia.org/wiki/Prozorro), and our minister of finances tell that they thinking about implementing Auction 3.0. But our people don’t trust goverment, so I’m confused. What is your take on this long question?

Big thank you for your time and good luck to your company.

cristinaj · May 16, 2019, 1:45pm

Hello Taylor,

Thank you for your time! There are some many wallets around now, I would love to know what strategy you used to bring a lot of users on mycrypto?

Cheers,

Gina · May 16, 2019, 2:22pm

Hola Taylor,
How did you manage to lead a team of engineers? Is there any specific process that was very successful for you?
Thanks,

austin · May 16, 2019, 2:29pm

Hi Taylor, thanks for doing this AMA! This is an admirable goal, and it’s something I’ve been struggling with, as I attempt to explain cryptocurrency to family and friends. How do you describe cryptocurrency to someone who has absolutely no knowledge of cryptocurrency or the underlying tech? How do you dispel common misconceptions about cryptocurrency? Thanks in advance!

JohnnieDean · May 16, 2019, 2:33pm

Hi Taylor thank you for doing this AMA!
What is one piece of advice that you would give to anyone who wants to start a crypto wallet?
Thanks in advance!!

mihai.dinul · May 16, 2019, 5:32pm

Hey Taylor, what do you think is the biggest barrier to the adoption of wallets in the third world where crypto is the most needed?
Is it hardware? connectivity? communication? etc.
Thank you!

patrick1 · May 16, 2019, 6:00pm

Thank’s for all of the great work.

I’m curious as to how MyCrypto manages node infrastructure for ETH and ETC?

For example, are you using Infura for ETH? or you may have dedicated nodes setup.

Cheers

juanjo · May 16, 2019, 6:10pm

I have a question. Any blockchain service can be dominated by a 51% of “shareholders”. For example a cryptocurrency in the USA could be dominated by a 51% of Trump voters. These 51% could block any minority if they want. How on earth is that a technology that anyone has to belive in?

Angela · May 16, 2019, 6:58pm

Hi Taylor~
Cryptocurrency sounds very interesting but I am so new to it and don’t know where to start learning about it. What do you recommend for someone new to crypto and want to learn enough to be dangerous? Is it too late to get into it now?

Additionally, I am curious to know if you had always envisioned being a founder and do you find being a woman makes founding a company more difficult?

What would you advise other women who want to build their own company?

arthur.tkachenko · May 16, 2019, 7:03pm

Another question. Hope it’s not breaking the rules of AMA.

As woman founder - there always a question about how tech(and other industries) have “stone-age” views and have lack in diversity. What is your take on it and maybe you have some words for women that want to start their companies.

thanks again.

asking because I have chat right now with great entrep and she raise a question about
https://www.womenwhocode.com/ initiative