What Is MetaMask?

Foreword

MetaMask is a cryptocurrency wallet used by the most people in the world, with more than 30 million monthly active users as of March 2022. It is currently one of the most popular cryptocurrency wallets in the crypto world. Are you curious about why this wallet is so popular?

In the early crypto world, when there was no MetaMask, users could only access Ethereum applications through programming, which is complex and requires hard technology, making many people flinch. The birth of MetaMask has bridged the gap. Users only need to click the button step by step to store and exchange various tokens and access DApps on the chain. The emergence of MetaMask has canceled the previous difficult program operations, so that everyone can use it easily and shuttle freely in the crypto world.

Introduction

With the development of the network, the wave of Web 3.0 has come fast and turbulent. The DApps built on the blockchain have also developed rapidly. The public began to question who should have real data ownership, as they lost confidence in the “centralized” system.

In response to this, MetaMask was founded by ConsenSys in 2016. The function of MetaMask extension has become a browsing tool to access DApps. Just click the button of MetaMask, you can use any decentralized application, and you can directly transfer Ethereum or other tokens. The data is stored in the distributed network, so that the ownership of assets truly belongs to investors. All data is open and transparent, and no content can be tampered with.

Therefore, trending decentralized finance (DeFi) and blockchain protocols started to support MetaMask for interaction, which can directly purchase, store, send and exchange various virtual currency assets, and achieve a seamless interface with smart contracts and DApps, greatly improving the convenience.

Application

MetaMask has three main uses: storage / exchange /DApps interaction:

1. Storage cryptocurrencies: It can store not only ETH and tokens of ERC-20 and ERC-721 protocols, but also other tokens on a variety of chains.

2. Swap tokens：Open MetaMask and select the chain to exchange tokens in the wallet.

3. Access DApps: Users can directly access various services such as DApps, DeFi, NFT, GameFi established on Ethereum and other chains.

Installation and Registration Guidance

MetaMask not only provides mobile applications for iOS and Android, but also supports browser extensions. Therefore, for most DApps that need to operate on the web, it is very convenient to connect MetaMask directly through the browser to access.

Download steps

Step 1: Open metamask.io, the official website of MetaMask wallet, and click Download on the page.

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MetaMask wallet extension is available on Chrome, Firefox, Brake and Edge. Here we take Chrome as an example. Please click “Install MetaMask for Chrome”.

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On the page of the extension, please click “Add to Chrome” and add the extension to your browser. After adding, it will jump to the interface of “Welcome to MetaMask”.

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Step 2: Register a MetaMask wallet account

If you have a MetaMask wallet account, please directly click “Import Wallet” on the left and input secret recovery phrases to enter the MetaMask wallet directly.

If it’s your first time, please click “Create Wallet” on the right.

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Then MetaMask will ask you whether it’s allowed to collect user related experience data here, and remind you of the precautions.

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Step 3: Set up an account and password

You need a password to log in to MetaMask, which takes more than 8 letters and numbers.

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Step 4: Verify the secret recovery phrases

After setting the password, there will be a small video introducing secret recovery phrases. The following are the main points:

1. Secret recovery phrases are very important and should not be disclosed to others. They need to be kept safely, otherwise there will be a risk of assets loss;

2. If you want to log into MetaMask wallet via other devices, secret recovery phrases are needed. Even if you remember the password, you can’t use MetaMask wallet without secret recovery phrases. That is, anyone who has secret recovery phrases owns the ownership of the MetaMask wallet, so you must be careful not to forget or disclose it to others.

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After saving the secret recovery phrases, please click “Next Page”, and then click the words in the order of the previous phrases. After checking, click “Confirm”, and the word “Congratulations” will appear on the website, representing the completion of account registration.

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MetaMask extension address collation

• Chrome：MetaMask Chrome extension

• Firefox：MetaMask Firefox extension

• Edge：MetaMask Edge extension

Step 5: Connect MetaMask to Gate Chain

By adding Gate Chain to MetaMask, you can freely switch crypto wallets and participate in the DApps on the Gate intelligent ecosystem.

MetaMask Wallet Interface Introduction

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1. My account. You can manage and set accounts, remit, connect hardware wallets and lock wallets.

2. Main network chain switching. You can switch the mainnet after adding other blockchain networks

3. Account message, export private key. You can change the account name and export the private key, and view the account information of the added blockchain network and Etherscan, etc.

4. Account name and wallet address. Click this block to copy the wallet address.

5. Current cryptocurrency information. Display the name, quantity and estimated value in fiat of the cryptocurrency.

6. Function section. MetaMask has three basic functions: buy / send / swap.

7. All assets. The cryptocurrency and its total value will be displayed.

8. Cryptocurrencies in wallet. Detailed information of each cryptocurrency.

9. Historical transaction records. Records of the past fund flow.

MetaMask Pros and Cons

Pros

1. Open source and free.

2. The interface is simple and user-friendly, supporting various languages.

3. The built-in DApp browser can be accessed directly, making it convenient to participate in various DeFi, DApps and various blockchain games.

4. You can set your own gas fee. When the network is crowded, you can increase the fuel fee, speed up the transaction confirmation, and a smooth network vice versa.

5. In addition to Ethereum, it also supports other EVM enabled blockchains, such as BSC, Polygon, etc.

6. It is convenient to manage and view NFT assets.

Cons

1. Browser access may pose security risks. MetaMask extension basically has no permission to your personal privacy information, but the browser you use may collect it, like your IP address. When you store your private key on the browser, there is a risk of theft. Please be careful.

2. Theft risk of hot wallet. Compared with offline cold wallets, hot wallets are built on the network and are vulnerable to hackers.

3. MetaMask depends on external nodes. MetaMask relies on uncontrollable external nodes to operate. Therefore, if these nodes fail, MetaMask will be interrupted or unable to operate normally.

Security

The most common risk of MetaMask is phishing attacks. If users click on it, there is a risk of hacking and asset loss. Secondly, because the expansion is on the browser, there will be security risks to consider. Previously, MetaMask officials warned that iCloud automatic backup should be disabled to avoid information leakage and potential hacking attacks.

In addition, with your permission, the network you connect to can see the address of your token transactions. Some smart investors will use different IP addresses to avoid risks, and try to avoid licensing problematic website permissions.

Conclusion

Based on the above, as a powerful decentralized wallet, MetaMask connects decentralized applications with basic cryptocurrency facilities, which not only brings convenience to users, but also establishes an irreplaceable role in the rapidly changing crypto world. With the explosive growth of blockchain applications, highly developed Ethereum has gradually become the mainstream, and the future development of MetaMask is worth watching.