Burner Wallet Launches as Creator Says Ethereum Network Will Contribute to Emerging Markets

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In a Medium Post titled, “Ethereum in Emerging Economies,” written by Burner Wallet creator, Austin Thomas Griffith, the overall goal of inducing mainstream adoption of Ethereum was emphasized. By the looks of it, Griffith argues that this can be done with decentralized apps (DApps) and notes how this newly launched Burner Wallet can make that happen.

The main argument made that there are several parts of the world that have difficulty when it comes to finding goods and exchanging through the use fiat currency due to inflation. A solution to this problem has been identified as the Ethereum space. In particular, he said:

“What we need is a way to exchange an intuitive currency like DAI using a simple and ubiquitous platform like the mobile web browser.”

He also shared a video detailing how instant transfers can be through this process and noted that,

“One mobile phone can send DAI to another in 5 seconds with a simple QR code scan without any wallet download, this works on web browsers.”

As for the Burner Wallet, he describes it as being “analogous to cash” noting that it is faster for exchanging purposes but can be problematic when too much is carried on it. With regard to the entire process, here are some of its disclosed facets:

  • The Burner Wallet runs on the xDai sidechain from POA
  • Block time is approximately 5 seconds with very little gas cost
  • The bridging factor between xDai and DAI/ETH is the sending of tokens to a specified address

Griffith trusts that this method is far more efficient when it comes to splitting the costs or transferring funds. This being said, one point that was repeated made was, “Just don’t forget to sweep to cold storage and burn your key when you get home!”

News regarding the ease of use of the Burner Wallet was first disclosed as a Twitter post, which read:

 

In response, @matt_garnett tweeted,

“Are the private keys encrypted in the cookie?”

to which the creator simply replied,

“Nope. These are burners. Don’t put very much money in them and burn them when you’re done. It’s all about ease of use.”

Another Twitter user, @surfcoderepeat, asked why choose POA or XDAI, and as explained in the Medium Post, Griffith said:

“xDAI is great because you pay gas in DAI and DAI is just a little more intuitive currency because you can show balances in USD […]”

To learn more about the Burner Wallet, go to: https://medium.com/@austin_48503/ethereum-in-emerging-economies-b235f8dac2f2

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