Funded by Ethereum Incubator ConsenSys, Metamask is a browser plugin Ethereum wallet. It can be plugged in like any other browser and allows Ethereum transactions to users across any Ethereum address. Metamask enables users to store more than just its native token Ether.
To put it in a simpler way, Metamask can give a user collective access to a universe full of Dapps, transact Ethereum, use gaming and gambling platforms without having to get the entire Blockchain.
Between its inception in 2016 and 2020, Metamask gained 400,000 users. One of the things that aided the quick acceptance of the Metamask was indeed its accessibility, as it is compatible with most browsers like Metamask Chrome, Brave, Firefox, and Microsoft Edge.
MetaMask allows a user to create and maintain a single identity and password to securely access every decentralized application available.
MetaMask launched its mobile (Android and iPhone) application, called the Metamask Mobile.The Metamask app provides almost every feature of the browser, allowing users to manage and mobilize their digital assets, create or access their Metamask login, token wallet, and key vault and enable access to various Dapps like Uniswap.
The service integrates with hardware wallets Trezor and Ledger to allow users to keep their crypto on hardware wallets while using MetaMask.
Advantages Of Metamask
The Metamask has opened a plethora of convenient opportunities for Defi users. The most notable advantage of MetaMask is exactly what it is known for.
Easier digital asset management
By providing a single login, key vault. Token wallet and single-point access to all Dapps, the MetaMask facilitates easier-than-ever management of digital assets.
Makes DeFi more conventional
By replicating a very familiar browser model, MetaMask makes Decentralized Finance more conventional. By providing a single platform, especially with the MetaMask Mobile, users can gain access from built-in mobile browsers. This is dwindling entry barriers in the cryptoverse while enabling DeFi apps to the masses.
Integrated and easy
Since MetaMask is integrated with Dapps, it makes it really easy to send and receive Ether via MetaMask.
Disadvantages Of Metamask
Greater risk of getting hacked
Unlike the Blockchain that is almost impossible to penetrate, MetaMask leaves some space for hackers to try their hands. Since it is a third-party online wallet, it can be vulnerable to cyber-attacks.
The browser might have access to your information
While the Metamask promises and prioritized the complete privacy of every user, it cannot be discarded that MetaMask runs on other browsers like Chrome. Metamask Chrome extension used Metamask ID and password, including sensitive information about a person’s digital assets, which might be at risk.
How to get Metamask Extension?
Installing MetaMask doesn’t need a tutorial. If you have ever installed and plugged anything at all on your browser, you are already good to go.
- Visit https://metamask.io/
- Click on the “Download” button.
- Click on “Install MetaMask for Chrome.” You will be navigated to Chrome Web Store.
- Click on “Add to Chrome”
- On the pop-up, click on “Add extension.”
Once you have installed the Metamask extension, you can now enter the fun part. Create a Login ID and save your 12-word seed phrase carefully. Keep seed phrase secure and never share any of your passwords with anybody. Once done, gain access to an entire universe of Dapps and more.
Metamask Gas Fees
Everyone is aware of the infamous gas fees on the Ethereum network. Every time you take part in any governance vote or challenge a POI, you will have to make a transaction on Metamask and pay a fee to facilitate the transaction.
Generally, the default gas fees set on Metamask would not be sufficient to get your transaction through. However, Metamask allows you to change the default gas fees and set them to any unit you prefer.
Is Metamask safe?
A better question to ask is how secure Metamask is! One thing is for sure, Metamask intends to be 100% secure. With a 12-word seed phrase, MetaMask makes sure that no one but you can access your digital assets and any details.
However, it is essential to remember that the Metamask is used on your conventional browsers, which are known to capitalize user data. The most dangerous threat to your Metamask is Phishing attacks.
How to secure your Metamask wallet?
There are two reliable ways to ensure maximum security to your Metamask wallet.
Do not save your Metamask 12-word seed phrase digitally. Write it down the old-fashioned way. Try not to text it to someone or yourself where it can be hacked or stolen. Be more serious about your 12-word seed phrase.
And at last, use Metamask only on secure devices, secure browsers, and secure Wifi networks (Preferably your personal network).
Do not use it on phishing sites that can steal your private data.
The Metamask is one of the most innovative support measures of Ethereum transactions and digital asset management. It integrates the decentralized applications and creates a universe that you can virtually enter into, use tokens for games or gambles, send and revive ETH and much more.