MetaMask Wallet – An Easy to Follow Guide for New Users

Wallet Reviews / 24.11.2020

MetaMask is a cryptocurrency wallet and browser extension. The platform is designed to make accessing Ethereum’s Dapp ecosystem as streamlined as possible. MetaMask is the most widely used Ethereum wallet in the market at this time, with over one million active users. The Dapp earned this title via a combination of innovation and flexibility. 

Benefits of the MetaMask Wallet

MetaMask serves as a bridge into the ERC-20 sector. The platform features an elegant interface for ease of use and smooth actions. Keenly, users can explore Dapps without running a full Ethereum client or node. This strategy removes a serious technical barrier to large scale adoption.

  • Community

MetaMask has a large loyal community of users and developers who support the project and its goal to simplify Ethereum interaction and Web3.0. As a community-driven project, the open-source code has undergone significant review. Additionally, the core developers regularly update the system to ensure peak performance. Currently, the platform is on version 8.1.3.

  • Huge Variety

MetaMask supports 16+ top cryptocurrencies. While this seems limited, MetaMask is really designed for ERC-20 tokens. In this manner, it can accommodate any ERC-20 token. There are over 200,000 ERC-20 tokens in the market today. 

These tokens make up the largest sub-community in the crypto market. Consequently, MetaMask serves a critical role in the sector. Also, the role of ERC-20 tokens expanded with the recent development of DeFi tokens

These next-generation platforms attempt to re-envision centralized systems into decentralized alternatives. Currently, DeFi is one of the hottest sectors globally, and MetaMask supports these tokens’ storage.

  • Secure

MetaMask utilizes HD backup settings. This protocol automatically generates a hierarchical tree of keys from the seed. This approach is more secure than generating the seed directly.

  • User Protections

MetaMask’s developers went to great lengths to protect users. For example, a big red warning displays when you bump into a malicious website. Additionally, the network blocks your actions and protects you from losing coins or tokens to known fraud or scam sites.

  • Private

Another strong draw for MetaMask is its focus on privacy. The platform’s decentralized nature means that there are no KYC requirements. Additionally, users can keep their location information safe because MetaMask supports encrypted traffic through a VPN. This integration strengthens the privacy aspect of the entire network.

  • Low Fees

MetaMask utilizes a minimum gas fee for every transaction. The platform has some of the lowest fees in the market currently. Also, users can set their own fees if they want to expedite their transactions. MetaMask users gain access to some of the lowest DEX trade fees available. To accomplish this task, the protocol can aggregate aggregators and DEXs directly.

  • Web Browser

The MetaMask web plug-in browser works with JavaScript by injecting a web3 object into the page you are on. This strategy works well because web3 JavaScript software requires less permission to execute compared to other protocols.

How Does the MetaMask Wallet Work

MetaMask is a non-custodial Ethereum-based wallet. As a non-custodial platform, you are responsible for keeping your private keys safe. MetaMask can’t access your backup phrase as it is stored on the installed device directly. This strategy is safer than not owning your keys, but your coins are lost in limbo if you lose them.

Hardware Wallet Compatibility

MetaMask supports a nice variety of hard wallet integrations. Specifically, the platform allows you to utilize the Nano, Nano-S, Unplugged, HW.1, and KeepKey hardware wallets. Best of all, users can manage all their digital assets, across multiple devices, directly from the MetaMask interface. 

In-Wallet Exchanges

MetaMask features support for in-wallet exchanges. The platform was launched with support from one of the largest and most recognized swap exchanges, Shapeshift. On Oct 6, 2020, the wallet announced a strategic partnership with ConsenSys to introduce a Token Swap feature. This maneuver allowed users to trade on any decentralized exchange within the Ethereum ecosystem.

Secure Identity Vault

Another feature unique to MetaMask is its Secure Identity Vault system. It allows users to manage their identity via a single Ethereum address when using Web3 applications. The system’s goal is to provide a user interface to manage your identities on different sites and sign blockchain transactions.

History of the MetaMask Wallet

MetaMask entered the market in 2016 as a tool for easy, reliable, and secure access to the Ethereum blockchain network. This San Francisco-based platform was built to introduce a more secure and usable way to interact with Web3 websites.  

How To Get the MetaMask Wallet

MetaMask is simple to get. You can download it from the company’s website for free. It’s available for Chrome, Firefox, and Brave at this time. There is also a mobile version that became available in September 2020.

Once your installation is complete, the Dapp will initialize your wallet setup procedure. This will start with the system displaying your seed phrase. It would help if you backed up your seed words. Nobody can access your tokens if you lose this phrase, not even MetaMask developers. Once your MetaMask setup is complete, you should be redirected to your newly created Ethereum wallet.

How to Use the MetaMask Wallet

MetaMask is easy to use. You can see the MetaMask icon in the top right corner of your browser. Click on it, and you can see your wallet balances. There are three options under your coin balance, buy, send, and swap. You can also add new ERC-20 tokens fairly easily. You will need the project name and contact address.

MetaMask – A Valuable Tool for Developers and Users

MetaMask plays a critical role in the Ethereum network. This wallet makes it easy for developers to fund smart contracts. It also provides a safe alternative for new ERC-20 token investors. Given its current positioning and overall functionality, MetaMask is poised to retain its title as the top ERC-20 wallet for some time. 

David Hamilton aka DavidtheWriter is a long time Bitcoinist and cryptocurrency journalist. Currently, he has over a thousand articles published on blockchain technology. His expertise and experience makes him one of the most reputable writers in the sector.