Metamask: Here is Everything you need to know

PUBLISHED Apr 30, 2022, 8:16:11 AM        SHARE

imgTobi Amure

Many WEB 3.0 enthusiasts believe that if you are going to be fully ready for onboarding, you must know how to use Metamask.

This guide will explain what Metamask is, how to set up a Metamask account and compare Metamask and Trustwallet.

Let’s begin, shall we?

What is Metamask used for exactly?

This is a free cryptocurrency wallet that people can use on the web and mobile devices. It allows users to communicate with the Ethereum ecosystem to store and transfer crypto. Metamask had ten million monthly active users as of August 2021.

In 2020, the popular browser plugin MetaMask released a mobile version for Android and iOS devices. This new update is sure to make it easier than ever before.

Thanks to its user experience (UX) and frequent upgrades, MetaMask quickly became the industry standard for self-managed, non-custodial crypto wallets.

It has played a vital role in boosting blockchain and crypto technology usability standards by streamlining the Ethereum user experience into a simple wallet User Interface. It has also paved the way for the rapid expansion of sectors such as decentralized finance and non-fungible tokens.

How Does MetaMask work?

The core functionalities of MetaMask are typically storage, swapping, and access to Decentralized Applications.

Storage of Cryptocurrencies: Users can store tokens developed on Ethereum token standards. Users can create and move between different wallet addresses. They may keep their wallet passwords and private keys within their browser via a MetaMask extension, giving them more control over their public and private keys. When registering, they are given a collection of seed words to retrieve their account.

Swap of Tokens: MetaMask offers a trade feature that allows users to perform a peer-to-peer swap of tokens right from their wallets. Instead of transacting through an order book, these swaps combine data from decentralized exchanges, decentralized aggregators, and automated market makers. MetaMask swaps allow users to exchange cryptocurrency without going via a custodial or intermediate platform, reducing friction, limiting slippage, and lowering costs.

Access to Decentralized Applications: MetaMask users can also access several Ethereum-based dApps, crypto finance products, Ethereum-powered games, NFTs, and other services through the wallet. Additionally, MetaMask's built-in crypto wallet allows users to spend, send, and stake their cryptocurrency anywhere on the Ethereum network without worrying about third-party wallet integrations or excessive transactions fees. As a result, MetaMask provides a direct route into the world of DeFi and other blockchain-based industries and services for clients.

MetaMask's decision to integrate with Binance Smart Chain (BSC) is an indication that they are committed for the long haul. It allows users easy access between Ethereum and Binance wallets. This also allows them to trade on Decentralized across either network while also having access dApps available in each ecosystem, highlighting their primary objective: developing an interoperable Web3 Ecosystem.

What is MetaMask’s role in the Development of Decentralized Applications?

Metamask's open platform promotes Ethereum-based decentralized application development for developers and technologists. Metamask is preconfigured with fast connectivity to the eth network via infura, enabling developers to build on top of ethereum without having your full node running since it's already there ready. This can be advantageous for bootstrapped entrepreneurs wishing to build quickly, whether it's a simple browser-based user interface (UI) or a fully-featured, mainnet-ready decentralized application (dApp) that will enable an altogether new decentralized marketplace.

Additionally, because MetaMask extensions are compatible with common browsers such as Chrome, Firefox, and Safari, the program simplifies developing new applications for use with traditional browsers. Thus, MetaMask plays a dual role in enabling dApp adoption: It acts as a platform for end-users to access dApps, while also assisting developers in streamlining their journey to market.

How To Use MetaMask

Install MetaMask

To create a new wallet, you would need to install the extension. Depending on your browser, there are different marketplaces that it can be found in - most browsers will provide MetaMask as an option for installation, which makes finding this tool easy. These include Chrome, Firefox, and Opera Mini.

We will use Google Chrome as a case study.

Simply search for Metamask on Google.

  • Click on Install MetaMask as a Google Chrome extension.
  • Click Add to Chrome
  • Click Add Extension.

Create an Account

  • Click on the extension icon in the upper right corner to open MetaMask.
  • Try it now to install the latest version and be up to date.

Click Continue.

  • You will be asked to create a new password. Click Create.
  • Proceed by clicking Next and accept the Terms of Use.
  • Click Reveal Secret Words. There you will see a 12-word seed phrase. This is really important and usually not a good idea to store digitally, so take your time and write it down.
  • Verify your secret phrase by selecting the previously generated phrase in order. Click Confirm.

And that’s it; now you have created your MetaMask account successfully. A new Ethereum wallet address has just been made for you. It’s waiting for you to deposit funds, and if you want to learn how to do that, look at the next step below.

Deposit Funds

  • Click on View account.

  • You can now see your public address and share it with other people.

  • They can afterward fund the wallet.

Is it safe to use MetaMask?

With many Decentralized Applications being built, it is essential to consider the safety of integrating your Metamask wallet with it.

While the MetaMask plugin does not have access to any of your data, the web browser through which you view it may. While most browsers aren't meant to gather information about when and how you use any integrated program or plug-in, they are designed to collect when and how you use them. Furthermore, because MetaMask keeps private keys in the user's browser, data theft is potentially feasible, albeit improbable.

MetaMask holds all of its users' assets in hot wallets, which are digital crypto wallets that are always connected to the blockchain. This makes it easy for users to access, trade, and use their crypto. While both MetaMask Mobile and the MetaMask desktop extensions offer robust encryption capabilities, hot wallets will never be as secure as cold wallets, and any information saved online for an extended period is at risk of being stolen.

Metamask vs Trustwallet

Trust Wallet and MetaMask are two popular digital wallets for buying, storing, sending, and receiving NFTs and Cryptocurrencies. Both contain a wallet that allows users to access crypto assets easily.

Both Trust Wallet and MetaMask are Ethereum-compatible and allow for the storage of NFTs and collectibles.

While Trust Wallet is only available on mobile devices, MetaMask works in browsers (with an extension) and has a mobile-based app wallet.

Read Also: Biggest Cryptocurrency Heists Ever

Final Note

MetaMask has been expanding to include more diverse projects for its users to access any type of service they need. With Binance's Smart Chain integration, MetaMask can now take you beyond Ethereum-based dApps while accelerating more comprehensive growth around decentralized internet technologies.

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