security of using a wallet interface to interact with a cold wallet

coupable

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Quote from: donlogan on August 11, 2020, 07:34:58 PM

I'm not saying that MEW is suspect here, I'm saying that it is a third party though. By its very nature of being the go between as an interface.

MEW has to access your hard wallet at some point during the transfer process doesn't it? There has to be some communication going on there.

This doesn't mean that MEW is a centralised third party. It's one of the tools that let you connect to the blockchain network. I can't understand what are you afraid from. If you bookmark the correct link and have clean device from malwares, then you are at the safest point to use it. And if i am not wrong, you can even sign your transaction offline using your pk then broadcast it by accessing MEW online.

donlogan

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Quote from: coupable on August 11, 2020, 06:56:07 PM

Quote from: donlogan on August 11, 2020, 05:15:46 PM

I understand that something like MEW is necessary but still makes me paranoid that a lot of my information is going through a third party.

I don't know how things works with Algorand, but i want to note that MEW is not a third part entity. It's an interface that let you interact with Ethereum network through your web browser. There is no servers or stored logs. I can't say it's totally safe, but it's almost secure if you have enough knowledge on how to use it.

I'm not that tech savvy to know the exact nature of the process of transferring assets between the ETH network and Nano via MEW, BUT my educated guess would be that there has to be some data transferred among all three parties. I'm not saying that MEW is suspect here, I'm saying that it is a third party though. By its very nature of being the go between as an interface.

MEW has to access your hard wallet at some point during the transfer process doesn't it? There has to be some communication going on there.

coupable

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Quote from: donlogan on August 11, 2020, 05:15:46 PM

I understand that something like MEW is necessary but still makes me paranoid that a lot of my information is going through a third party.

I don't know how things works with Algorand, but i want to note that MEW is not a third part entity. It's an interface that let you interact with Ethereum network through your web browser. There is no servers or stored logs. I can't say it's totally safe, but it's almost secure if you have enough knowledge on how to use it.

tabas

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Quote from: donlogan on August 11, 2020, 05:15:46 PM

I've always been uncomfortable with the fact that I need to use a middle man in order to transfer to and from my Ledger Nano. I understand that something like MEW is necessary but still makes me paranoid that a lot of my information is going through a third party.

At least MEW has a rock solid reputation.

I'm thinking about moving some of my Algorand off an exchange and onto my Nano for staking purposes. In order to do that, the instructions are to go through their My Algo Wallet website to make the transfer to my Nano.

How secure is this process? I don't want to use this method if there's a chance that my Nano wallet could be compromised.

Isn't Algorand transfer is like any other cryptocurrencies that you can send from your wallet to any other wallet without going through any platform? Is that how Algorand transfer works? I don't have Algorand but, haven't you tried sending your Algo to directly from your hardware wallet to the exchange or any direct receiver you have?

donlogan

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I've always been uncomfortable with the fact that I need to use a middle man in order to transfer to and from my Ledger Nano. I understand that something like MEW is necessary but still makes me paranoid that a lot of my information is going through a third party.

At least MEW has a rock solid reputation.

I'm thinking about moving some of my Algorand off an exchange and onto my Nano for staking purposes. In order to do that, the instructions are to go through their My Algo Wallet website to make the transfer to my Nano.

How secure is this process? I don't want to use this method if there's a chance that my Nano wallet could be compromised.

Topic: security of using a wallet interface to interact with a cold wallet (Read 140 times)