What is MetaMask?
We have been referring to MetaMask as a wallet so far in this MetaMask review. However, the truth is that the team behind the projects calls the platform something else. According to MetaMask’s website, the platform is intended to be a security application more than a wallet.
The team behind the platform designed the project as a new way of designing internet security, a means to prevent the leakage of personal information on the internet. However, in this MetaMask review, we are only going to focus on their utility as a wallet.
Having clarified this, let’s jump straight to the topic. MetaMask was designed in 2016 by ConsenSys, an American company founded by Joseph Lubin that is in charge of designing blockchain software.
ConsenSys has also developed other Ethereum protocols such as Infura, Meridia, and Gnosis, with MetaMask Wallet also being developed for Ethereum.
At this time, MetaMask can be used as an extension for Chrome, Brave, Edge, and Firefox browsers. All of these extensions are completely free and their code is Open Source. So if you are curious to know how it works and have coding knowledge, you can find out!
How does MetaMask work?
The way MetaMask works is so simple and fast that if you are a newbie, you will love it. All you have to do is install the extension in your default browser and create your account. This is a simple process that won’t take you more than a minute.
To create an account you must enter your password of choice first, making sure it is secure. Then MetaMask will generate a 12-word code you must copy and store in a safe place.
These two mediums will be your keys to access your wallet: While the password will give you access locally, the 12-word code will let you restore your wallet. As such, make sure to keep them safe and private!
With that, you are ready to use MetaMask Wallet. You can access the wallet by clicking on the extension icon in your browser. You will also be able to use it to log in to blockchain-based platforms.
Something you will need to keep in mind is that MetaMask is designed to work with Ethereum. As such, you will need to have ETH or other ERC20 tokens to operate with it.
Other MetaMask Features
As we have mentioned already in this MetaMask review, this platform offers other functions in addition to being a wallet. In fact, some of its other functions are the reason for many crypto enthusiasts to use it.
Another very interesting feature is the Swaps feature. If you use Ethereum and didn’t know about MetaMask pay close attention. MetaMask’s Swaps feature is almost indispensable if you are a user of ETH or any of its variants. With this feature, you can easily trade Ethereum tokens directly from MetaMask in a fast and convenient way.
MetaMask Exchange also offers a feature that allows you to buy ETH coins at the best possible price. This feature scans all exchanges for the lowest price of the crypto you want as long as they belong to the Ethereum network. Then, you can gain instant access to the order with the best price to make the best out of your trade. While you will have to pay fees for this transaction, they will depend on the exchange and not MetaMask.
One of the main reasons why MetaMask is so popular is the features it offers for crypto games. The games allow players to earn and spend different cryptocurrencies inside their virtual ecosystem, creating a rewarding playing experience.
Most of them will support MetaMask as their main wallet and a login mechanism, which makes MetaMask even more versatile.
As most of these games will also use Non-Fungible tokens (NFTs) to represent in-game assets, MetaMask will also serve as storage for them. When you also consider that games like Axie Infinity reward players for using MetaMask, choosing it is a no-brainer.
Another interesting feature is that MetaMask allows you to have multiple profiles. This means that with one browser you can have several wallets at the same time.
You can customize them by changing their name and icon to make them more accessible and recognizable. Having several wallets is very convenient if you want to organize your different crypto by category or other traits.
For example, you can have your ETH and other ERC20s in your main wallet and the crypto you get playing Axie Infinity in a special wallet.
First, let’s start with the most important one, which is taking care of your other passwords. We are talking about passwords you use in other online services. These can be social networks platforms like Facebook, Instagram, Twitter, Google, and Youtube or even services like PayPal, bank accounts, email, etc. You may be wondering if MetaMask has access to your saved passwords as it is a browser extension. Fear not, all of your information is encrypted so MetaMask nor any other browser extensions have access to this data. This ensures the safety and privacy of your login credentials at all times.
For know more features of Metamask visit to official website :- https://metamask.io/
Is MetaMask secure?
Let’s make one thing clear. This MetaMask review is not intended to be a promotional piece that tries to convince you to use MetaMask over other wallets. As such, let’s address some of the issues that have occurred around MetaMask over the years. The first and most notable is the booming of fake MetaMask extensions. This has resulted in thousands of users installing forged and malicious versions that have resulted in them losing their crypto. While this is not MetaMask’s fault per se, their decision to offer their service only as a browser extension contributes to this issue. After all, this has been an issue that has plagued extensions for decades.
To make sure that you are getting the real version of the app, visit their official website. Another thing you should consider when using MetaMask is that web wallets are less secure than desktop or mobile wallets. When you compare them to hardware wallets, the security difference is even more noticeable. As such, we would recommend combining MetaMask with a hardware wallet if possible as this would exponentially increase its security. That being said, MetaMask has not been breached in any major way. As the source code is available to anyone who wants to review it, the community is always helping improve the code. This means that as long as you have good security practices, MetaMask will provide you with a great level of security. With your private keys being encrypted locally through your password, you can be certain your crypto is safe!
After reading this in-depth MetaMask review, we hope you have seen both its advantages and disadvantages. As you can see, MetaMask Wallet is a pretty comprehensive security solution that offers a lot of functionality when it comes to interacting with the crypto space. Sure, while you are more likely to be considering using it as a wallet, the other features are a big plus. MetaMask is a great tool for beginners and advanced crypto users to add to their toolbox. While the wallet might feel a bit overwhelming to beginners due to the different tiers of gas prices, these become second nature. In a similar manner, MetaMask’s User Interface has a lot of potential to be improved. However, it still remains accessible enough… Especially for a space that is known for non-so-good user interfaces. fo help you can contact metamask community