MetaMask – a decentralized wallet for Ethereum and ERC20 tokens, presented as a browser extension (an application for a mobile phone has also recently appeared, it is now in early access and may be unstable). Allows the user to send, receive and exchange cryptocurrency, fully managing your keys. MetaMask generates passwords and keys directly on the device, so only the owner has access to their funds and sensitive information. In addition, the wallet allows you to interact with other blockchain applications, such as the Compound lending pool or the Uniswap crypto exchange.
The editors of Profinvestment.com have prepared a review of the decentralized Metamask wallet and all its main features. Now the DeFi (decentralized finance) sector is rapidly gaining capitalization and daily transaction volumes, and offers various methods of passive income. An application like Metamask allows you to work with smart contracts conveniently and fairly safely.
general characteristics
MetaMask is a cryptocurrency wallet that works as an extension for Firefox, Google Chrome and Brave browsers. It allows users to:
- store and transfer digital coins that exist on the Ethereum blockchain network: Ethereum, ERC-20 tokens and ERC-721 collectibles;
- interact with smart contracts and decentralized applications (DApps);
- work with cryptocurrency exchanges and DeFi services - decentralized finance, with the help of which traders can build lending relationships with digital funds.
The official website of the extension is https://metamask.io
ERC-20 tokens are fungible, that is, each such token has an analogue that is equal in price. For example, each order for 1 ETH will cost 1 ETH.
ERC-721 tokens are not fungible. Each such coin is unique and differs in its value. They are used for accumulation and collecting in metaverses. The first ERC-721 token appeared in the Ethereum-based game – Cryptokitties . Traders bought unique crypto kittens. Crypto monsters, crypto puppies and others appeared behind them.
The wallet was created in 2016 by Aaron Davis and Dan Finlay. The development team also included other cryptography experts: James Moreau, Christian Jerian and Frankie Pangilinan. The company behind the development of MetaMask is based in the USA.
Latest key updates:
- in October 2022, the start of development of the MetaMask mobile application was announced;
- November 2022 - the company introduced Privacy Mode, a system-wide standard to improve user privacy in Ethereum: instead of revealing trader addresses on all sites, privacy mode requires web resources to request user consent before wallets reveal the address;
- February 2022 - a new crypto wallet website was launched: https://metamask.io/;
- in June 2022, the public beta version of the MetaMask Mobile application for Android and iOS was officially launched.
The application is suitable for both blockchain newbies and experienced token traders, cryptographers and developers. The program has been downloaded more than a million times. Among the partners and users of the technology are companies such as Airswap, The Bounties Network, Gitcoin, Uniswap, OpenSea, Maker, Compound.
MetaMask also allows users to manage their accounts and their keys created using other wallets, including hardware ones. Here MetaMask acts as an intermediate link. For example, such a scheme of work is possible with another crypto-wallet – MyEtherWallet.
A cryptocurrency wallet is software that stores your public and private keys.
Public keys can be seen by everyone. They work similarly to your email address. When someone wants to send you cryptocurrency, they will send it to your public key.
Private keys should not be seen by anyone except you. Private keys are similar to a password and are the only way to prove ownership of a cryptocurrency.
Tips to use when trading DeFi coins
You can store so-called DeFi tokens in your wallet - coins that have recently been actively growing in value and look very attractive to investors. Therefore, it is impossible not to mention what nuances MetaMask users may encounter when working with such coins:
- When sending coins from an exchanger or exchange to a wallet, you should be very careful. For example, in one of the blog articles I already said that a coin such as the USDT cryptodollar is issued on several standards . Therefore, when sending, it is important to understand which standard you are sending, so as not to confuse anything and not lose money because of it.
- Keep in mind that at the moment the commission on the Ethereum network is very high and even when sending a small amount of tokens, you can pay up to $100-150 per operation. Therefore, it may not be profitable for you to carry out transactions for small amounts.
- When paying a commission, you will be charged ETH, so you should always have a small amount of coins on your balance. After all, sometimes the established commission for a transaction may not be enough, and in this case the transaction will be canceled, and the money spent on the commission will still be written off .
- If you are dealing with a very volatile token, the price of which can change greatly within a minute, then in this case I advise setting a higher slippage percentage . This will save money spent on commission if the price changes and the deal is cancelled. Slippage is not set in Metamask, but on the exchange you work with (Uniswap, PancakeSwap and others).
- In addition, it is better to set a higher “ Fuel Limit ” so that the transaction will definitely go through. You can see how to do this in the picture below.
Browser extension
You can install the MetaMask browser extension on both your computer and your phone. The wallet is available in browsers: Google Chrome, FireFox, Brave. Also in the user support section there is information on how to install the plugin in the Opera browser. There are no versions available for Safari and Yandex Browser yet.
MetaMask installation process using Google Chrome as an example:
Go to the official wallet website. In the upper right corner, click on the blue “Download” or “Download now” .
Select the “Chrome” and click on “Install MetaMask for Chrome” .
You will be redirected to the Chrome Web Store. Click Install .
Confirm the action with the “Install extension” . After the extension completes installation, the page for working with the MetaMask plugin will open.
You can always access the extension through the fox icon in your browser.
At the beginning, you will be asked to import an existing wallet into MetaMask or create a new one. By clicking on “Create wallet” , a message will pop up asking you to collect data about the use of the plugin. You can agree or refuse. This will not affect the operation of the extension.
Next, create a password of at least 8 characters and click “Create” .
The system will open a page with your secret 12-word phrase. The use of such mnemonic phrases is standard for most crypto wallets. It is randomly generated when you create a unique MetaMask account. A secret backup phrase makes it easy to back up and restore your account if you lose access to it.
Remember the secret phrase. MetaMask is not a cloud storage service. If your PC is broken or lost, MetaMask support will not be able to restore access to your storage.
A 12-word phrase is the only way to restore your MetaMask account.
- Save this phrase in your password manager.
- Write this phrase on a piece of paper and keep it in a safe place.
- If you want even more security, write it down on several sheets of paper and store each one in 2-3 different places.
- Save it in a safe place on an external encrypted hard drive or other storage device.
Never reveal your backup phrase. Anyone with this phrase can take possession of your funds permanently.
MetaMask extension interface
You can also get a mnemonic phrase and create a login password using the MetaMask mobile application. To do this, launch the application, go to the side menu by calling it with the button of three parallel lines in the upper left corner. Click “Settings” – “Security&Privacy” . In this section you will find your secret phrase “Reveal Seed Phrase” , private key “Private Key” and you can set up a digital pin “PIN” or a fingerprint login “Fingerprint” to protect your funds on your mobile device.
There is a guide on how to use the wallet in the MetaMask knowledge base. It's in English. We recommend it as additional material for beginners.
account settings
To get to Metamask Settings, click on the account icon at the top right and go to the appropriate section. The settings include several subsections:
- Basics . Setting the language and currency displayed in priority when making transactions. You can also enable Blockies Identicon here - this is a unique image that is randomly generated based on the seed phrase. Can be used to represent a wallet address.
- Advanced . You can download logs of all your transactions in .json format, set up synchronization with the mobile application, reset your account (clear all history). A number of functions are also activated here - advanced gas control, display of hexadecimal HEX values when sending funds, display of conversion to fiat in test networks, and not just in the main one, and many others.
- Contacts . All wallets ever used in Metamask from this device are added here.
- Security and privacy . View your passphrase (password required). Activating options for displaying incoming transactions, displaying warnings about possible phishing, and participating in the M analytical program
- Alerts . Here you can enable a notification that you are on a Web3 site, but are not authorized in your wallet.
- Networks. Metamask allows you to add and configure various test networks, in addition to the main Ethereum network. For example: Ropsten, Rinkeby, Goerli, Kovan. To add a new network, you will need to enter its RPC URL, name, and optionally the ID, symbol and URL of the blockchain browser.
The last subsection, “About Us,” contains information about the wallet version, privacy policy, terms of use, links to technical support, etc.
How to receive and transfer Ethereum
To receive ETH or ERC-20 tokens into your MetaMask wallet from an exchange or other wallet, you simply need to send a transaction to the address of one of your MetaMask accounts. By tapping on the “Details” , you can copy the wallet address or QR code.
You can transfer coins to the MetaMask wallet address using the “Top up” . You will have three available methods:
- Via Ethereum address.
- With Wyre - allows you to buy ETH using a credit card, directly into your MetaMask account. Does not work with Russian ruble.
To send Ether to another wallet, you need the recipient's address and some ETH in the account to cover the fee. The minimum amount of gas to execute one standard transaction is 0.000441 ETH. It is recommended to have at least 0.01 ETH in your account.
Gas is a transaction fee on the Ethereum blockchain, which is measured only in ETH tokens. These funds go to miners, who confirm transactions by adding them to blocks of the network. The higher the commission, the faster the likelihood of miners confirming a cryptocurrency transaction.
Sign in to your account. Click on the "Submit" .
Enter the recipient's address. Enter the amount of Ether you want to send. Confirm the gas price or adjust it yourself. You have the ability to adjust the price and gas limit when sending Ether and tokens. On the screen, tap Faster , Fast, or Slow next to the transaction fee.
Confirm the transaction details. Click Next to continue. Click "Confirm" . MetaMask will send you a notification when the transaction has been processed.
If you have completed a transaction and it is not confirmed for quite some time, you will be prompted to try sending again with a higher gas level.
Sending cryptocurrency
To send a transaction from Metamask, click the “Submit” button.
Insert the ETH address to which you want to transfer coins into the field above. You can add any address to your address book to make it easier to find later.
Select an asset . By default, only Ethereum is available; other tokens must be added separately. Below we will tell you how this is done. Specify the amount or click the “Maximum” button. For clarity, the amount will also be automatically converted into dollars at the current exchange rate.
Select commission . The higher it is, the faster the transfer will reach the recipient, since miners who verify transactions prioritize payments with high or average commissions. On the Ethereum network, commissions are not so large that you can save on them at the risk of getting a stuck transaction. By clicking the “Advanced settings” button, you can fine-tune the gas settings and see the approximate time for transaction confirmation.
The difference between MetaMask and MyEtherWallet
MyEtherWallet appeared a year earlier and is more developed and functional:
- from 2022 there is a full-fledged mobile version;
- clearer and more modern interface;
- various ways to work with MEW: mobile application, browser, hardware wallet, software access.
At the same time, MEW cooperates with MetaMask - using the MetaMask extension, they carry out operations from the MEW crypto wallet. The extension acts as a “bridge” to avoid revealing the security passwords and phrases of the main wallet.
Login is carried out through a private key or a key storage file. The MyEtherWallet wallet will appear in the accounts section and will have an o. You will then be able to access your MEW vault through the MetaMask extension without entering passwords, keys, or mnemonic phrases. This means that your main wallet and the funds on its balance are protected from intruders.
Although MetaMask can interact with other wallets, they are separately managed Ethereum wallets. This means that the wallet you create in MyEtherWallet and the one you created in MetaMask are separate and not connected to each other. You need to manage them separately and make sure you don't confuse the backup keys/phrases for both.
Flaws
The long list of advantages is somewhat overshadowed by small disadvantages. First of all, we can note the downside that a PC user will not be able to work with the wallet from any browser - the extension can only be installed on Chrome, Firefox, Brave, Edge.
If you are used to using Safari or Opera, then to use MetaMask you will have to install one of the browsers described above.
MetaMask has a high level of security and this is an undeniable advantage, but we cannot exclude the possibility that various fraudulent applications can imitate wallet pop-ups. Therefore, the user needs to be very careful and not forget that the safety of your funds is in your hands.
How to register in Decentraland
Having a MetaMask account makes registering for Decentraland easier.
Decentraland is a metaverse, a virtual world built on the Ethereum blockchain. There you can create and explore 3D creations, play games or just hang out with friends.
- Go to https://www.decentraland.org.
- Click on the red button in the upper right corner "Start Exploring" .
- Confirm that you are over 18 years of age.
- Click on "Connect Wallet" .
- Decentraland will request access to your MetaMask address in a pop-up window. Click "Connect" . Then "Signature" .
Registration procedure
After we have downloaded the MetaMask browser wallet, we proceed to direct registration.
Click on the wallet logo that appears, then check the boxes and agree to the proposed rules and offer.
Next, we come up with a complex password consisting of combinations of 8 values and click on the Create button.
When registering, an interesting feature of the site will appear, this is the “technical behavior of a fox cub”, which will rotate its head based on the movement of your mouse.
After entering your password, you will have an offer from the resource - you receive 12 code words that you must use in the future in case you lose control of the service.
You can save the words in a Notepad , and then transfer the file to a flash drive.
It is not recommended to leave code words on a PC or mobile device.
Basically, your browser-based crypto wallet is ready to go!
go
Other MetaMask products
Swag Shop
The developers create and promote not only the “MetaMask” for working with tokens in the Ethereum network, but also make a brand out of their product. The company has its own Swag Shop, where you can purchase branded products with the famous anime fox - the symbol of MetaMask. In assortment:
- women's and men's T-shirts, sweatshirts, sports-style shirts;
- mugs;
- bags and backpacks;
- caps;
- clothes for pets.
home.metamask.io
The home page provides the opportunity to purchase or exchange coins on the Ethereum network through MetaMask partners. First of all, we are talking about unique collectible coins.
In the “Featured Projects” you will see partner icons:
- Uniswap – a program for decentralized token exchange;
- OpenSea – market for rare ERC-721 coins;
- Compound – cryptocurrency loan service;
- Oasis is a platform for decentralized finance;
- 3Box – platform for application development;
- Aragon - allows you to create international communities and associations to achieve common goals.
The home page also contains groupings into sections. They contain links to projects where you can buy digital currency - LocalCryptos; earn it on Cent, Gitcoin, PoolTogether; games where you can collect collectible tokens and more.
Online store MetaMask
The wallet in question also has its own online store. Here you can purchase products from the following categories:
- for men: T-shirts;
- T-shirts;
- long sleeve shirts;
- sweatshirts and sweatshirts;
- sweatshirts and jackets with zippers;
- Polo shirts;
- sportswear;
- workwear;
- T-shirts;
- bags;
You can view the full range of products, as well as arrange home delivery, on the official website of the online store. You can go to it using the following link: https://shop.spreadshirt.com/metamask/ .
Similar wallets
In addition to MetaMask, cryptocurrency can be stored in other electronic and hardware wallets, which differ in functionality and list of supported coins. As an alternative, examples of electronic and hardware crypto wallets are given.
Jaxx
Jaxx is a cryptocurrency wallet from the Canadian company Decentral Inc. The first version of the wallet was released in 2016. Jaxx Liberty is available as an iOS or Android app, browser extension, or desktop version. The wallet does not support fiat currencies, but allows you to store more than 85 types of cryptocurrencies. Jaxx also partners with the ShapeShift exchange, allowing users to trade and buy coins through the wallet interface. Measures available to account holders to protect their funds - a password and a 12-word backup phrase.
Ledger
Ledger is a French company that has been producing hardware wallets for cryptocurrencies since 2014. Ledger wallets are physical devices that store cryptocurrency. The company's main products are Ledger Nano S and Ledger Nano X storages, as well as the Ledger Live application. The Nano X is newer and more expensive than the Nano S. The Ledger Nano X not only supports USB connectivity, but also connects to a smartphone via Bluetooth. Ledger's hardware wallets are hack-resistant and can be recovered in case of a hack.
General information about the device for storing crypto assets
MetaMask wallet is a browser-based wallet where you can store, transfer and exchange not only Ethereum, but also a huge number of tokens with the ERC20 standard.
The following platforms can be used as popular browsers: Chrome, Opera, Firefox, as well as the recently launched Brave platform.
Few people like such extensions, so reviews of the MetaMask wallet can be found both positive and extremely negative.
In terms of popularity, Metamask is inferior to its competitor MyEtherWallet, and, nevertheless, the total user audience today is over 1 million accounts.
go
