Let's get to know the MetaMask digital wallet and how to use it!
The decentralized internet, Web3, is built on a foundation of cryptocurrencies and decentralized applications (dapps). But to use it, you need a user interface. Ideally, an intuitive, elegant display that is easy to use. In the digital world of crypto, having a wallet is necessary, and it doesn't cost you a penny to get started. You cannot receive and send blockchain-based transactions without a compatible blockchain wallet. That's where MetaMask comes in! But what is MetaMask, and how can I get started with a digital wallet? This article will introduce you to a digital wallet with the name MetaMask, let's look further.
What is a Digital Wallet?
A digital wallet, like your traditional leather wallet, in blockchain terms, is an interface that allows you to store private keys and interact with multiple digital ledgers depending on the type of wallet. Each blockchain has its own wallet. The MetaMask wallet originates from Ethereum, supporting the storage of ETH and its tokens. It's like a bridge, bringing the Ethereum blockchain closer to users through the browser.
What is MetaMask?
MetaMask is a cryptocurrency wallet software used to interact with the Ethereum blockchain. It allows users to access their Ethereum wallet via a browser extension or mobile app, which can then be used to interact with decentralized applications. The goal of its creators in 2016 was to make ETH transactions as simple and intuitive as possible to allow users to store Ether and other ERC-20 tokens, allowing them to transact with any Ethereum address. Through MetaMask, you can also interact and use various Ethereum dapps easily and you can do it from your desktop or mobile application. By connecting to MetaMask to Ethereum-based dapps, users can spend their coins in games, stake tokens in gambling apps, and trade them on decentralized exchanges (DEXs). It also provides users with an entry point into the burgeoning world of decentralized finance, or DeFi, providing a way to access DeFi applications such as Compound and PoolTogether.
History of MetaMask
MetaMask was created by ConsenSys in 2016. Prior to 2019, MetaMask was only available as a desktop browser extension for Google Chrome and Firefox browsers. Given MetaMask's popularity among cryptocurrency users, and the lack of an official mobile app for several years, malicious software masquerading as MetaMask has been a problem for Google in regulating its Chrome Web Store and Google Play platforms. In one example, Google Play accidentally removed the official beta of the MetaMask app before reversing the decision a week later on January 1, 2020. Starting in 2019, MetaMask began releasing a mobile version of the app for closed beta testing, followed by their official public release for iOS and Android in September 2020. During October 2020, MetaMask Swaps, a built-in DEX aggregation service was added to the desktop extension. This product was available on mobile devices in March 2021.
How does MetaMask work?
Since their overall goal is to promote adoption, MetaMask is self-hosted, and its plugins are available for different browsers. You just need to add the extension to your browser, whether it's Firefox, Chrome, Opera, or Brave. It is also non-containment, meaning you have complete control over your funds. Additionally, MetaMask has a security vault that keeps your identity safe, allows end users to interact with Ethereum from different browsers, and sign transactions.
What advantages does MetaMask have?
- Popular: It is commonly used, so users only need one plugin to access various dapps.
- Simple: Instead of managing private keys, users just need to remember a list of words, and transactions are signed on their behalf.
- Saves space: Users do not need to download the Ethereum blockchain, because MetaMask sends requests to nodes outside the user's computer.
- Integrated : Dapps are designed to work with MetaMask, making it easier to send Ether in and out.
What Disadvantages Does MetaMask Have?
Third parties : MetaMask stores private keys within the user's browser. These are less secure than hardware or paper wallets, but are a reasonable compromise for ease of use.
What Are the Alternatives to MetaMask?
- Coinbase Wallet - A self-custody wallet developed by crypto exchange Coinbase.
- Brave Wallet - a wallet developed by the crypto-powered browser Brave and integrated directly into the browser.
- MyEtherWallet - Popular online wallet that allows you to use Ethereum coins and ERC-20 tokens.
Conclusion
The nature of MetaMask limits its level of security compared to custodial digital wallets like Trezor and Ledger however, it beats other wallets when it comes to ease of access with the Ethereum DApp world, thanks to its easy setup and availability on both desktop and mobile platforms. In fact, it's hard to imagine how the DeFi sector would have thrived as far as it has if not for the MetaMask browser extension. Additionally, the wallet's option to set a limit above or below the average fee gives users the freedom to choose how quickly their transactions are processed and how much they have to pay in fees for a function that is not available in most crypto wallets.
if you need more information about metamask, here's the link you can read :
https://en.wikipedia.org/wiki/MetaMask