Introduction of Metamask wallet

 

Introduction of Metamask wallet

Metamask is one of Ethereum’s official and reputable wallets that works as an add-on for computer browsers. With this software you can easily store Ethereum and Ethereum-based tokens (ERC-20). Without exaggeration, Metamsk can be considered more than an Ethereum wallet, because in addition to all the features that wallets offer, this plugin also allows you to interact with decentralized applications (D-apps) and smart contracts. Ethereum developers are making extensive use of this plugin to develop their projects. Most interestingly, you do not need to download the blockchain or install the software to use its capabilities, and just install the Metamsk plugin in your browser.

 

What is a Metamask Wallet ?

Metamsk is a digital wallet that can be used in Chrome and Firefox browsers in addition to Android and iOS versions. This wallet acts as a bridge between regular browsers and Ethereum blockchain. Blockchain Ethereum is a network where users build their own decentralized applications (dApps) and cryptocurrencies. Ethereum also allows its users to write transaction instructions called smart contracts. This wallet is used to store Ethereum digital currency keys.

The digital currency is called Ethereum. Another token of currencies made in the Ethereum blockchain is called a token. Most tokens made in Ethereum Blockchain are called ERC20 tokens because they follow the rules that Ethereum developers have created for new digital currencies. Therefore, the Metamask wallet is used to store ERC20 and Ether tokens in two different browsers. The MetaMask wallet also allows users to search the Ethereum blockchain through a standard browser.

 

What currencies does Metamask support ?

This wallet can only be used to store private and public keys related to Ethereum blockchain platform currencies (such as Ether and ERC20 tokens) as well as Binance (tokens with BEP20 standard. For this reason, this is not a multi-currency wallet suitable for users with a large basket consisting of several coins with distinct blockchains.

 

Positive features of MetaMask wallet

The followings are the main advantages of Metamask:

Open source wallet

Metamask open source wallet means that all its codes are online and free access. Walt’s open source software can be reviewed and updated by the community, meaning that the Metamsk wallet can also be continuously improved.

Hierarchical determinants

Definitive HD Hierarchy Settings or HD Wallet Settings help users back up their accounts. MetaMask Wallet also does this by providing a list of words to users called retrieval phrases. Recovery statements can be used to reset lost account information.

Customer support

Metamask Wallet aims to attract a large number of customers connected to the Ethereum network. The homepage of the Walt website has a video introduction as well as a detailed support page.

Simple user interface

Once installed, this wallet is very easy to use and work with. All the features of Metamsk wallet are clearly presented, so sending and receiving digital currency is easy even for beginners.

Internal key storage

Some wallet providers store keys on their servers. This is common in wallet service exchanges such as Coinbase. Metamask wallet keys are stored only in the user’s browser, not on remote servers. This gives users more control over their public and private keys.

People’s Association

Metamsk is an important part of the Ethereum community and community. This wallet has more than one million active users and 40,000 followers on Twitter.

Introduction of Metamask walletCons of Metamask wallet

The followings are the main disadvantages of Metamask:

Browser access

Metamask wallet does not have access to your information by itself, but the browser installed on it can access your information. The browser cannot access your personal and personal codes, but it can collect information about when and how to use the program. Google and Mozilla are not very popular in the virtual money community. Many digital currency users do not want these companies to get information about them. This prevents some users from using the MetaMask wallet.

Security

Online wallets have advantages and disadvantages. One of the main disadvantages of these wallets is their security. Any kind of information stored online is more dangerous to hackers than offline information. Metamsk wallet alone does not provide enough security. Remember to always use more than one type of wallet.

 

Security of Matamsk wallet

You need to ask yourself a very important question when deciding to download a Metamsk wallet. Is this wallet safe? Metamask wallet has never been hacked. The wallet uses HD backup settings and has a set of powerful developers that update the wallet open source code. However, MetaMask is an online wallet and can be more dangerous than hardware wallets and other forms of cold storage.

Phishing attacks are the most important and common problem of hot wallets. Using a phishing attack, hackers steal personal information such as usernames and passwords. A phishing attack on a Metamsk wallet does the following: Someone is working on their laptop and has opened several tabs in their browser. Unlocks the Metamask wallet to create transactions. The attacker uses open tabs to find out that the person is using his or her scam wallet.

The attacker sends a pop-up message to the person stating that his transaction has failed. Sometimes this happens, but one does not worry about it. He enters his password to re-create the transaction. The attacker now has access to that person’s wallet. This type of attack is common in online wallets. Metamsk tries to solve these kinds of problems, but the users themselves are responsible for the security of their wallet, so be careful! When using the Metamsk wallet, use a tab when performing a transaction and lock it if not in use.

 

Comparison of Metamsk with MyEtherWallet

MyEtherWallet is one of the most widely used Ethereum wallets. This wallet is an online platform, but the wallet is not just online. Think of MyTherWalt more as a wallet maker. MEW is a platform where users can build their own wallets and access the Ethereum blockchain. Users can use MyEterwalt to view their digital currencies stored on a private Ethereum key. Users of this wallet create this wallet for complete control of their keys. MyEtherWallet wallet can be used to store hot or cold wallets. Yet, Metamsk is only used to store hot wallets.

MyEtherWallet wallet can also be used as a full ninety wallet. This means that the MEW wallet can connect directly to the Ethereum blockchain and store it all on your device. MetaMask wallet communicates with Ethereum headquarters through a system called Infura. This means that the wallet relies on other computers to sync with the Ethereum network. Complete node systems are generally preferred over systems involved with trusted intermediaries such as Infora.

MyEtherWallet wallet can even be used to write smart contracts, whereas Metamsk wallet is not. So, is my My Ether Walt wallet better than Metamask? In some cases yes. However, both operating systems have the flexibility to use them simultaneously. So do not compare these two wallets, because they are both on the same team.

According to a review of the Metamsk wallet, the best thing about this tool is the fact that you can find and review Ethereum blockchain applications with it. For crypto beginners, this is the best way to introduce blockchain because they use a browser that they are comfortable with.

CryptoKitties platform is an application where you can design and buy cartoon kittens. This is probably the most well-known program on the Ethereum network.

The digital art platform holds auctions where users can buy and sell unique collections. Blockchain technology allows artists to create works that cannot be copied. These works are known as NFT tokens. Using Walt Metamorphosis, you can bid the price of a work of art in the shortest time!

 

Alternatives for Metamask wallet

Keep in mind Parity is a browser-based wallet that lets you use Dapps to do Ethereum transactions. The Mist browser for accessing Dapps, which works with Mist Wallet, a full-fledged Ethereum wallet, MyEtherWallet as mentioned above, is another popular online wallet for Ethereum money and tokens.

It handles these transactions without the need to download the Ethereum blockchain, however does not communicate with Dapps in the same way. MetaMask connects to the Trezor and Ledger hardware wallets, allowing users to access the service while maintaining their digital currency in the hardware wallet.

Introduction of Metamask walletIn conclusion

You can install Metamsk as a plugin on a variety of browsers. There is also an Android and iOS app for this wallet. Yet, be careful not to install fake plugins or apps that pretend to be the original version of Metamsk! Install Metamask only through the links on the official website of this wallet: MetaMask.io

The most basic use of metamorphosis is to maintain Ethereum and ERC20 tokens. In addition, the MetaMask wallet is a common option for transactions on decentralized applications, and in addition to the main Ethereum network, it can be configured on some other widely used networks such as Bainance smartchain.

Another advantage of this wallet is that if it is active, it automatically blocks suspicious sites and does not allow you to access them.

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