Name of the Student: __________________________________ Roll No: ___
CLASS: - B. E. [COMP] Division: A , B, C Course: LP-III
BLOCKCHAIN TECHNOLOGY
Assignment No. 01
Installation of MetaMask
Marks: /10
Date of Performance: / /2023
2024 Sign with Date:
Title : Installation of MetaMask and study spending Ether per transaction.
Objectives:
• To learn new technology such as MetaMask.
• To build application using MetaMask.
Outcomes:
• Installation of MetaMask and study spending Ether per transaction.
PEOs, POs, PSOs and COs satisfied
PEOs: I, III POs: 1, 2, 3, 4, 5 PSOs: 1, 2 COs: 1
Problem Statement:
Installation of MetaMask and study spending Ether per transaction.
Theory:
Introduction to Blockchain
● Blockchain can be described as a data structure that holds transactional records and while
ensuring security, transparency, and decentralization. You can also think of it as a chain or
records stored in the forms of blocks which are controlled by no single authority.
● A blockchain is a distributed ledger that is completely open to any and everyone onthe
network. Once an information is stored on a blockchain, it is extremely difficult to change or
alter it.
● Each transaction on a blockchain is secured with a digital signature that proves its authenticity.
Due to the use of encryption and digital signatures, the data stored on the blockchain is tamper-
proof and cannot be changed.
● Blockchain technology allows all the network participants to reach an agreement, commonly
known as consensus. All the data stored on a blockchain is recordeddigitally and has a common
history which is available for all the network participants. This way, the chances of any
fraudulent activity or duplication of transactions is eliminated without the need of a third-party.
Blockchain Features
The following features make the revolutionary technology of blockchain stand out:
● Decentralized
Blockchains are decentralized in nature meaning that no single person or group holds
the authority of the overall network. While everybody in the network has the copy of
the distributed ledger with them, no one can modify it on his or her own. This unique
feature of blockchain allows transparency and security while giving power to the users.
● Peer-to-Peer Network
With the use of Blockchain, the interaction between two parties through a peer-to-peer
model is easily accomplished without the requirement of any third party. Blockchain
uses P2P protocol which allows all the network participants to hold an identical copy
of transactions, enabling approval through a machine consensus. For example, if you
wish to make any transaction from one part of the world to another, you can do that
with blockchain all by yourself within a few seconds. Moreover, any interruptions or
extra charges will not be deducted in the transfer.
● Immutable
The immutability property of a blockchain refers to the fact that any data once written
on the blockchain cannot be changed. To understand immutability, consider sending
email as an example. Once you send an email to a bunch of people, you cannot take it
back. In order to find a way around, you’ll have to ask all the recipients to delete your
email which is pretty tedious. This is how immutability works.
● Tamper-Proof
With the property of immutability embedded in blockchains, it becomes easier to detect
tampering of any data. Blockchains are considered tamper-proof as any change in even
one single block can be detected and addressed smoothly. There are two key ways of
detecting tampering namely, hashes and blocks.
Popular Applications of Blockchain Technology
Benefits of Blockchain Technology
● Time-saving: No central Authority verification needed for settlements making the
process faster and cheaper.
● Cost-saving: A Blockchain network reduces expenses in several ways. No need for third-
party verification. Participants can share assets directly. Intermediaries are reduced.
Transaction efforts are minimized as every participant has a copy of shared ledger.
● Tighter security: No one can temper with Blockchain Data as it is shared among millions
of participants. The system is safe against cybercrimes and Fraud.
● In finance market trading, Fibonacci retracement levels are widely used in technical
analysis.
How to use MetaMask: A step by step guide
MetaMask is one of the most popular browser extensions that serves as a way of storing your
Ethereum and other ERC-20 Tokens. The extension is free and secure, allowing web
applications to read and interact with Ethereum’s blockchain.
Step 1. Install MetaMask on your browser.
To create a new wallet, you have to install the extension first. Depending on your browser,
there are different marketplaces to find it. Most browsers have MetaMask on their stores, so
it’s not that hard to see it, but either way, here they are Chrome, Firefox, and Opera.
● Click on Install MetaMask as a Google Chrome extension.
● Click Add to Chrome.
● Click Add Extension.
It’s as easy as that to install the extension on your browser, continue reading the next stepto
figure out how to create an account.
Step 2. Create an account.
● Click on the extension icon in the upper right corner to open MetaMask.
● To install the latest version and be up to date, click Try it now.
● Click Continue.
● You will be prompted to create a new password. Click Create.
B.E. (COMP) Sinhgad Institute of Technology, Lonavala LP_III
● Proceed by clicking Next and accept the Terms of Use.
Click Reveal Secret Words. There you will see a 12 words seed phrase.
This is reallyimportant and usually not a good idea to store digitally, so take
your time and write it down
6 | Department of Computer Engineering, SIT, Lonavala
B.E. (COMP) Sinhgad Institute of Technology, Lonavala LP_III
● Verify your secret phrase by selecting the previously generated phrase
in order. ClickConfirm.
And that’s it; now you have created your MetaMask account successfully. A new
Ethereum wallet address has just been created for you. It’s waiting for you to deposit
funds, and if you want to learnhow to do that, look at the next step below.
Step 3. Depositing funds.
● Click on View Account.
7 | Department of Computer Engineering, SIT, Lonavala
B.E. (COMP) Sinhgad Institute of Technology, Lonavala LP_III
You can now see your public address and share it with other people. There
are some methods to buy coins offered by MetaMask, but you can do it
differently as well; you just need your address.
If you ever get logged out, you’ll be able to log back in again by clicking
the MetaMask icon, which will have been added to your web browser
(usually found next to the URL bar).
You can now access your list of assets in the ‘Assets’ tab and view your transaction
history in the‘Activity’ tab.
● Sending crypto is as simple as clicking the ‘Send’ button, entering the
recipient address and amount to send, and selecting a transaction fee. You can
also manually adjust the transaction fee using the ‘Advanced Options’ button,
using information from ETH Gas Station or similar platforms to choose a more
acceptable gas price.
● After clicking ‘Next’, you will then be able to either confirm or reject the
transaction on the subsequent page.
8 | Department of Computer Engineering, SIT, Lonavala
B.E. (COMP) Sinhgad Institute of Technology, Lonavala LP_III
● To use MetaMask to interact with a dapp or smart contract, you’ll usually
need to find a ‘Connect to Wallet’ button or similar element on the
platform you are trying to use. Afterclicking this, you should then see a
prompt asking whether you want to let the dapp
connect to your wallet.
What advantages does MetaMask have?
● Popular - It is commonly used, so users only need one plugin to access
a wide range ofdapps.
● Simple - Instead of managing private keys, users just need to remember a
list of words, andtransactions are signed on their behalf.
● Saves space - Users don’t have to download the Ethereum blockchain, as
MetaMask sendsrequests to nodes outside of the user’s computer.
● Integrated - Dapps are designed to work with MetaMask, so it becomes
much easier to sendEther in and out.
Conclusion:
Thus, we have explored Blockchain and MetaMask wallet for transaction of
digital currency.
A. Write short answer of following questions:
1. What are the different types of Blockchain Technology?
2. What are the Key Features/Properties of Blockchain?
3. What type of records you can keep in a Blockchain?
4. What is the difference between Ethereum and Bitcoin?
5. Give real-life use cases of blockchain.
6. What is the main purpose of MetaMask?
7. Which coins can be stored in MetaMask?
9 | Department of Computer Engineering, SIT, Lonavala
