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What is MetaMask?
Consensys launched MetaMask in 2016 to simplify access to dApps or decentralized applications, including DEXs (decentralized exchanges), online gaming platforms, and staking opportunities in DeFi (decentralized finance) spaces. MetaMask is a digital wallet for storing cryptocurrency, and it is based on the Ethereum blockchain and has more than 10 million active people in the crypto community.
MetaMask Summary
Official Website | |
Wallet name | MetaMask |
Type of Wallet | Digital Wallet |
Coins Accepted | ETH & ETH-based Tokens |
Native Token | No |
Linked Exchange | Yes |
Supported Hardware Wallet | It Supports Trezor & Ledger on the extension |
Supported Countries | Most of All |
Languages | 6 |
Charges | Takes Gas Fees & a Dynamic Service Fees from 0.3% β 0.875% |
Mobile App | Yes |
Cloud Storage | No |
Cold Storage | Yes |
Customer Support | Help Center & Community Channels |
According to this MetaMask wallet review, the digital wallet is a secure crypto wallet that offers a beginner-friendly bridge between a web browser extension and the Ethereum blockchain and acts as a host network for multiple dApps. However, read our MetaMask reviews further and learn more about the wallet.
People with the MetaMask digital wallet can store ETH, or any ERC 20 tokens developed using the Ethereum blockchain network and use digital assets with their choice of dApp. When MetaMask online wallet was first released, it was available only as a browser extension that used a Chromium-based web browser such as Firefox, Chrome, and Brave browsers.
However, as the use of cryptocurrency and crypto wallet boomed, MetaMask introduced a more convenient version by releasing a mobile app for both iPhone and Android so that people could use the online wallet MetaMask extension along with a dedicated mobile app on the go.
What makes MetaMask different from other hardware wallets is the encryption capabilities of the MetaMask wallet. Private keys and seed phrases of the users are stored safely, where the users are only required to manage their independent seed phrases.
Although the MetaMask wallet was created for the Ethereum network, it offers access to different networks as well, such as the BSC (Binance Smart Chain) and many other testnets. MetaMask offers flexibility to users who can easily switch from one mainnet network to the other with the utmost convenience and simplicity to connect several other hardware wallets.
This MetaMask wallet review highlights the platformβs features, services, pros and cons, security measures, mobile app, pricing and fees, and much more.
How Does MetaMask Wallet Work?
MetaMask is one of the best crypto wallet used to communicate with the Ethereum blockchain network through supported browsers such as Firefox, Chrome, and Brave. It also gives users access to ETH wallets through the mobile app. It works with JavaScript by inserting a Web 3.0 object into the platform being used by the users. This process only adds a function, making it possible to gain access to the ETH platform.
All in all, MetaMask wallet has 3 key uses β swaps, dApp access, and storage. These functions collectively encompass all that a normal cryptocurrency individual would require to communicate with Ethereum.
Crypto Swaps
MetaMask wallet has a unique trade function that allows users to execute P2P (peer-to-peer) token swaps right from their wallets. Crypto swaps do not transact through order books, decentralized exchange liquidity models, or exchanges but aggregate information from several DEXs, Automated Market Makers (AMM), or DEX aggregators.
MetaMask wallet swaps allow its users to trade cryptocurrency directly without interacting with other intermediary or custodial platforms, thereby reducing friction, lowering costs, and limiting slippage.
dApps Access
MetaMask users can use the crypto wallet to access a variety of ETH-based dApps, ETH-powered games, crypto lending products, NFTs, and much more. In addition to this, MetaMaskβs in-built crypto wallet allows users to easily spend, stake, or send their crypto within the ETH ecosystem without managing any external wallet integration or unwanted transaction. Due to this, MetaMask directly offers a simple entry point for users to enter the world of DeFi and other blockchain services and sectors.
MetaMask was recently optimized to integrate the wallet with BSC (Binance Smart Chain) that allows users to freely switch between their Binance and Ethereum crypto wallet, access any dApp from both platforms, and trade on decentralized exchanges from both networks but not simultaneously. Initially, MetaMask focused on its Ethereum development but later expanded its access to many other blockchain networks. Its main mission has always been to develop an interconnected and interoperable Web 3.0 ecosystem.
Crypto Storage
The built-in wallet of MetaMask is used to store tokens built on ETHβs ERC-17 and ERC-20 token standards where users can smoothly create and navigate through multiple wallet address IDs within the mobile app. The advanced encryption protocol used by the app allows individuals to safely store private keys and wallet passwords within their browser through the MetaMask extension.
This gives them additional control over their private and public keys. In addition to this, all new users get a set of private seed phrases when a new account is created. It can be used later to recover lost accounts if needed.
Key Features of MetaMask Wallet
MetaMask allows Ethereum transactions and makes it a much easier process with advanced functions that enable users to send and receive funds within a few minutes. Here are the main features of the MetaMask wallet:-
Adjustable Gas Fees β Users with MetaMask wallets, unlike other hardware wallets, can set their transaction fees depending on their requirement level. The wallet also offers the ability to fix the gas fees at a granular level.
Supported Networks β Although the users are limited to the use of Ethereum only, it is possible to communicate with other networks like:-
Main Ethereum Network
Kovan Test Network
Goerli Test Network
Ropsten Test Network
Rinkeby Test Network
EIP-1559 β The introduction of EIP-1559 has modified the market mechanisms of Ethereum by getting rid of the first-price auction and replacing it with the fixed-price sale. What is more important about this change is that users submitting transactions will not have to calculate the amount of gas required, since the base fee is already included in the consequent block. Applications or users who wish to prioritize transactions can add a priority fee or a tip to pay the miner.
Is MetaMask Safe & Trustworthy?
As per this MetaMask wallet review, users have always been worried about using a software/hardware wallet and losing money due to super hacks, theft, and other unlikely events. In reality, the scenario is very simple to understand. Most users who lose crypto funds do not lose due to hacks but to schemes of social engineering. It means some criminals in a far-off place on the internet who pretend to be trustworthy and reliable and convince users to enter their seed phrase.
The seed phrases basically act as a password to safeguard oneβs crypto funds in the MetaMask wallet. Once the user reveals the seed phrase, the criminals can recreate the crypto wallet and steal all the crypto funds from the wallet. However, MetaMask wallet uses extremely powerful seed phrases which are exceedingly difficult to encrypt for even the most efficient hackers. This keeps MetaMask wallet accounts safe and secure at all times.
However, effective security measures will be meaningless if users decide to reveal their seed phrases to others, relying on them to give free money through exciting internet schemes. Hence, users can certainly rely on MetaMask for adequate security measures but it is ultimately their responsibility to protect their funds by protecting their seed phrases.
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