1.5 k views

MetaMask Wallet – An Easy to Follow Guide for New Users

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

Bitcoin live price
Btc
Bitcoin
$27.941
price
0.89264%
price change
TRADE NOW

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. 

Stay up to date with our latest articles

More posts

SMARDEX – A Platform with a New Solution to Defeat DeFi’s Impermanent Loss

The decentralized finance (DeFi) sector is rapidly growing but still faces significant challenges. For example, one of the biggest issues DeFi must address is Impermanent Loss (IL). This is a problem that can have serious consequences for liquidity providers. Today's review will examine how SMARDEX intends to solve the IL problem and end liquidity providers' unjust losses. We'll also look at all the services that SMARDEX offers and examine the project's tokenomics. What Is SMARDEX? SMARDEX is a project intending…

Grandma-Factory – Designing NFTs to Invest in the Luxury and Collectible Markets

Grandma-Factory is a DeFi platform enabling investors and NFT collectors to acquire digital collectibles backed by luxury products. The project is ripe for launching, with an imminent token pre-sale on the horizon. Its ultimate goal is to leverage blockchain technology to open the luxury asset class to everyone and help people avoid the world’s banking crisis. This Grandma-Factory review examines this new project empowering regular Joe's with luxury-backed digital collectibles. Read on to discover more about its features, tokenomics, and…

DEXPool – Unlocking New Opportunities with Autonomous Cross-Chain Liquidity Protocol

DEXPool is a new Autonomous Cross-Chain Liquidity Protocol that seeks to facilitate secure and efficient cross-chain liquidity. The team works to provide investors with an innovative solution for managing their crypto assets. In this article, we will explore how DEXPool works through its dashboard. We’ll look at the team’s recipe for success and how you can join the project in a few simple steps. An Autonomous Cross-Chain Liquidity Protocol DEXPool is a tool for DeFi users to easily provide liquidity…

Take Control of Your DeFi Investments: Introducing Octav – The Anonymous and Editable Wallet Dashboard

Octav is a free, anonymous, and editable data analytics platform that helps DeFi traders track their decentralized finance investments regardless of skill and experience. This portfolio tracker boasts a user's curated database providing users with in-depth information, including cost-basis, profit, loss, and more. However, its top feature is a user-editable dashboard enabling traders to make better-informed investment decisions. Most DeFi trackers, even after several years on the market, still need this essential function. A high-performance analytics platform rarely lands in…

Olympian INU – A New Arbitrum-Based Platform to Collect, Trade, and Stake NFTs

Olympian INU plans to allow web3 artists to access a platform to create and share art with collectors worldwide. Through its tokenomics, dynamic events, and roadmap for growth, Olympian INU aims to offer an exciting opportunity for creators and enthusiasts alike. In today's review, let us look at the project's features more closely. What Is Olympian INU? Olympian INU seeks to bring web3 artists to Arbitrum, creating a thriving NFT market for collectors and artists alike. By burning $OPI tokens…

Grove Token – The DeFi Ecosystem Building a Healthier and Wealthier Future

Grove Token is a decentralized, secure, digital finance-backed investment business. Through its digital currency, GroveCoin ($GRV), it aims to create wealth for all "Grovers" (holders) and help build a healthier, wealthier future for everyone. The project is building a far-reaching, environmentally-impacting green plan to overcome and compensate for the years of abuse that traditional crypto mining practices have had on our planet. This plan includes an Ethereum-forked, QBFT-Proof of Authority blockchain, DeFi products, a Metaverse, and sustainable future farming solutions.…

ArtHouse Spirits DAO – Where NFTs Have Real Luxury Asset-Backed Value

ArtHouse Spirits DAO (AHSD) is the world's first-ever closed community of high-net-worth individuals leveraging web3 technology to help its members earn and enjoy handpicked luxury assets. Becoming a member of this exclusive club is easy for NFT enthusiasts, collectors, spirits lovers, and anyone with a knack for top-echelon items. AHSD has 20,000 Membership NFTs for sale, which you can buy here. Each NFT gives exclusive access to the ArtHouse Spirits DAO, including rare benefits, physical perks, VIP events, voting rights,…

Do Not Buy Token Builds Safe Space where People Can Report on Crypto Fraud and Rate Projects

Do Not Buy Token (DNB) is an emerging crypto project seeking to increase transparency in the crypto world. Recently, it announced the imminent launch of Platform X, a new project aiming to bring all the information on crypto rugpulls, frauds, and scams in the same place. The platform will offer a safe venue for users to share their bad experiences with crypto projects, exchanges, and influencers. Platform X users can earn DNB Tokens for contributions like reviews and community discussions.…

TWTStake – Staking in TWT Token’s Decentralized Community Pool

Cryptocurrency staking is a rapidly growing industry, and TWTStake is one of the latest projects to enter the space. With its new crypto staking approach, TWTStake created a platform for users to stake their TWT tokens and earn rewards. From its staking model to its referral program, TWTStake offers users new ways to maximize their returns from TWT staking. This article will explore how TWTStake works and its roadmap for future developments. What Is TWTStake? TWTStake is a decentralized and…

DevourGO – The Secret Weapon of the Digital Foodie: The Industry No-Fee Delivery Pass

In the post-pandemic era, common real-world practices such as ordering food have crossed into the blockchain space, spurring a new type of consumer - the digital foodie. Devour is a Web3 company, and digital community, transforming something as common as food delivery into a blockchain-based experience with multiple earning opportunities. Its main product, DevourGO, is the first-to-market web3 food ordering & delivery marketplace jam-packed with perks and rewards for active users, restaurants, and more. The Industry is Devour’s digital No…