Ethereum [ETH] network will help countries with emerging economies, says creator of Burner wallet

The release of the new Burner wallet developed by Austin Griffith, Director of Research at GetGitcoin, was announced today, November 10, on Twitter. The open-source project supposedly aims to help drive mass adoption of Ethereum using the xDAI sidechain.

Austin Griffith, a software engineer, and a Bitcoin enthusiast, said that the project would help countries with emerging economies become decentralized using the Ethereum network. He stated in a blog post:

“These emerging markets are where we should focus our onboarding efforts. This is where Ethereum has the most potential to impact the world now.”

He substantiated his aim by noting that it is hard to find important goods in emerging currencies with traditional currencies due to the fact that the value of their currencies fluctuate violently. He further stated that the exchange of value is one of the best aspects of the Ethereum space.

The wallet is called “Burner Wallet” and works using the PoA [Proof of Authority] protocol on the xDAI sidechain to convert tokens from one chain to another. The transaction happens in under five seconds and gas costs are virtually zero. The post quoted:

“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. Users can even send value through messaging services like WhatsApp with a simple link!”

The wallet is meant for transferring or exchanging values in day-to-day transactions because a burner is generated automatically upon visiting the official website “https://xdai.io”. Since the private key is stored in a cookie, it’s not secure, so it is recommended to sweep the remaining cash into a private key and burn the private key.

A Twitter user, Matt Garnet, commented:

“Are the private keys encrypted in the cookie?”

Austin Griffith replied to the comment saying:

“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.”