MetaMask is a self-custodial crypto wallet. It is a hot wallet that supports Ethereum and Ethereum Virtual Machine (EVM)-compatible networks. It is also used to swap and acts as a bridge between user and decentralised applications (dApps). In addition to ETH, the native currency of Ethereum, MetaMask also stores tokens based on the ERC-20 and ERC-721 specifications of the Ethereum network.
In simple terms, MetaMask provides traders, companies, investors and individuals a platform offering an easy way to access blockchain applications and web3 without the need to download the entire blockchain on your devices.
MetaMask was founded by Aaron Davis and Dan Finlay in 2016. It is developed by ConsenSys, a blockchain software company focusing on Ethereum- based tools. MetaMask also has a very popular browser extension that functions as a cryptocurrency wallet.
History of MetaMask Wallet
Since its launch, MetaMask has attracted millions of users over the years. It reached one million monthly active users in September 2020.
While the Ethereum wallet was only accessible as a desktop browser plugin for Chrome and Firefox before 2019, the first official MetaMask mobile application for iOS and Android smartphones was made available by ConsenSys at the end of 2020. The Ethereum wallet offers finest security and designing features and functions.
MetaMask’s encryption technology, which safely saves passwords and private keys on each user’s device, is a unique feature that sets it apart from other wallets.
Key Features of MetaMask
- Easy accessibility
- Compatible with all EVM chains
- Support for multiple assets
- Decentralised and open application
- Recovery option
- Local storage usage
- Multiple device login
One of the key features of MetaMask is its ability to communicate with EVM networks. This implies that users can access all dApps running on various EVM networks using their MetaMask wallets. Popular dApps encompass games like Axie Infinity, liquid staking initiatives like Lido, and decentralised exchanges like Uniswap. Unless you are operating an Ethereum node, your browser would not be able to access the Ethereum blockchain without the usage of a wallet like MetaMask.
Moreover, unlike typical applications that have their backend codes on centralised servers, MetaMask is a decentralised application that runs its backend code on a decentralised network such as Ethereum.
How to Use MetaMask Wallet?
Let’s understand, step by step, how to use the MetaMask wallet:
Step 1: Install or Add as an Extension
First and foremost, to use MetaMask, a person needs to download the application on his device or add it as an extension by visiting the MetaMask website. The application is compatible with browsers such as Chrome and Firefox.
Step 2: Create New Wallet
For new users, you can create a new wallet by clicking on ‘Let’s Get Started’ and then ‘Create a New Wallet’. After it’s done, you need to carefully read the terms and conditions to generate your wallet.
Step 3: Set Up Password
Once you have created your wallet, the next thing to be done is to set up your password for the account. Make sure that the password strength is strong and could be easily remembered.
Step 4: Save Security Recovery Phrase
To maintain security and recovery, the next thing to do is to set up your recovery phrase. Ideally, you should store these recovery phrases in case you want to access your account on another device or you lost your device.
How to Import an Existing Wallet into MetaMask Wallet?
You can import a previous/existing wallet into MetaMask wallet by entering the private key or secret recovery phrase. Here is how to go about it:
- Open your wallet.
- Click on the dropdown at the top of the screen
- Click add account or hardware wallet
- Select import account
- Enter your private key and click on the import button to complete the process.
- Once that is done, your existing wallet will be added.
Is MetaMask Wallet Safe?
MetaMask is safe and secure but it’s essential to stay cautious to protect your assets. Compared to cold storage offline wallets like Trezor and Ledger, MetaMask’s online nature limits its security level. However, because it is simple to set up and accessible on both desktop and mobile platforms, it outperforms other wallets in the Ethereum dApp ecosystem.
Without the MetaMask browser plugin, it’s difficult to understand the functioning of the decentralised finance industry and its growth.
MetaMask claims that everything is secure or encrypted on users’ browsers and passwords and that they have no accessibility and influence over any private or personal information stored on their servers.
MetaMask is a software wallet that stores cryptocurrency assets online and is regarded as a hot wallet. Cold wallets, which store cryptocurrency assets offline on hardware, are typically thought to be safer than hot wallets. Hence it is believed to be the safest way to store digital assets.
Furthermore, users can enjoy the speed at which the transactions are processed and pay in fees thanks to the wallet’s ability to set the gas limit above or below the average fees. This feature is not available in many of the cryptocurrency wallets.
Conclusion
MetaMask is considered as one of the most remarkable inventions in the Web 3 ecosystem. It serves as an interface between internet users and a decentralisation system. The platform has developed and witnessed growth after facing a bumpy start in 2016 where it had a total of 400,000 users, which has reached to 100 million worldwide.
Unlike other wallets, MetaMask has limited flaws that are relatively manageable given its integration with blockchain applications. Its most recognised qualities include easy app usage, strong encryption, and EMV-enabled networks. This makes it possible for users to access a variety of decentralised applications.
