MetaMask

What Is MetaMask?
• MetaMask is a popular and established browser extension which functions as
a cryptocurrency wallet that connects to the Ethereum blockchain.

• MetaMask allows users to interact with the Ethereum ecosystem, which hosts a vast
universe of decentralized applications (Dapps), without having to download the
entire blockchain on their device.

• As such, it’s the one of the best Ethereum wallet solutions for easy access
to decentralized exchanges (DEX), gaming platforms, gambling sites and many other
applications.

• The wallet is compatible with the most widely adopted browsers such as Chrome,
Firefox, Brave and Microsoft Edge.

• Apart from storing Ethereum’s native currency, ETH, MetaMask also holds tokens
that are built on the protocol’s ERC-20 and ERC-721 standards.

• MetaMask was founded by Aaron Davis and the blockchain company ConsenSys.
MetaMask: A Brief History and Key Features
• MetaMask acquired 400,000 users between the wallet’s creation in 2016 and September
2020.

• Last October, it hit one million monthly active users.

• Prior to 2019, the Ethereum online wallet was only available as a desktop browser plugin for
Firefox and Chrome.

• In September 2020, ConsenSys released the first official MetaMask mobile application for
Android and iOS-powered mobile devices.

• According to an independent audit by Least Authority, a security company, the Ethereum

online wallet provides top-of-the-line features and functionalities in terms of security and
design.

• A feature that makes MetaMask a top Ethereum wallet is its outstanding encryption
technology, which securely stores passwords and private keys in each user’s device.

• Moreover, it allows users to connect multiple wallets and switch between the Ethereum
mainnet, major testnets, and even the Binance Smart Chain mainnet.
MetaMask vs Trust Wallet
• Another wallet compatible with the Ethereum blockchain is Trust Wallet,
which has some fundamental differences with MetaMask.

• For instance, while MetaMask is both a browser and mobile-based wallet, Trust
Wallet is only available on mobile.

• Additionally, Trust Wallet supports more than just Ethereum and its assets.
Users can store a wider range of digital currencies, including ETH, Bitcoin
(BTC), Litecoin (LTC), and Ripple (XRP).

• Other functionalities of Trust Wallet include the ability to buy BTC, earn
interest on stored funds, interact with the non-fungible token (NFT) ecosystem,
track crypto prices and act as a cryptocurrency exchange.
How to Install and Use MetaMask?
1. Install MetaMask Chrome Browser Extension
• To start using the wallet, you need to install the correct browser plugin.

• The setup process and usage are almost similar regardless of the browser you are using.

• After a successful installation, click the “Get Started” button on the dialog box that appears.

• This will lead to the “Create a Wallet” option.

• On the next dialog box, you can either agree or disagree to help “Improve MetaMask.”

• Next, you will be prompted to create a password.

• MetaMask considers a strong password to have a minimum of eight characters including

letters, numbers, and symbols.

• Hit “Create,” and then write down the seed backup phrase, which contains 12 words.
2. Save MetaMask Seed Phrase and Backup Seed Recovery
• It is recommended that you always write a seed phrase down and keep it somewhere
safe from other parties.

• Also, it is highly advisable to never keep a digital copy of your backup phrase, also
called a seed recovery.

• If anybody gains access to it, they can and will likely clean out your wallet by
importing the seed to another wallet and gaining full access to your funds.

• The backup phrase will be your only way to recover your wallet in the event that you
forget your password, your device gets damaged, or if you want to open MetaMask on
another device.

• Clicking the “Next” button takes you to the “secret Backup Phrase” confirmation
page.
• Here, you need to enter the phrase in precisely the same order it was presented.

• After which, hit “Confirm.”

• After a successful confirmation, the setup process takes you to the last page, where you click
“All Done” to complete the setup process.

• Consequently, you’ll be automatically logged in, ready to interface with the Ethereum
ecosystem.

• When logged out, click the MetaMask icon on your browser and use the login credentials to
access the wallet again.

• Note that the icon usually appears in the upper right corner of the browser.
3. MetaMask Wallet Features
• Inside the wallet, you can access your funds on the “Assets” tab and track your activity on
the “Activity” section.

• A transaction on MetaMask starts with the “Send” option that lets you fill in the receiver’s
Ethereum address, the amount you’d like to send, and the gas cost you are willing to pay.
MetaMask Mobile
• Notably, the mobile version provides the same functionalities as the desktop
browser-based extensions.

• As such, it provides secure logins, key vaults, accounts and allows users to
browse Ethereum-based DApps using the DApp browser.

• Despite being a hot wallet, meaning it is connected to the Internet, MetaMask

makes it easy to connect with cold wallets like Ledger, CoolWallet, KeepKey
and Trezor.

• To use MetaMask on Android or iOS, you need to download the MetaMask

mobile application on either Google Play Store for Android or App Store for
iOS and follow the prompts.
What Are the MetaMask Fees?
• MetaMask provides a default gas fee for every transaction, depending on the status of the Ethereum
network.
• In addition, users are given the option to alter the gas fees and gas limits through an advanced tab that
allows parameter customization.
• The difference between fees and limits is that fees are the cost of processing transactions, while gas
limits are the highest transaction costs a user is willing to bet on a single transaction.
• Note that transaction fees determine the transaction processing speed on the second-largest
decentralized blockchain.
• The higher the prices, the faster the confirmation time and vice versa. MetaMask divides gas fee
options into “Fastest, Fast, and Slow.”
• Gas fees depend on the congestion on the Ethereum blockchain, which has been a major problem in
2021 to date and a major obstacle for the smart contract network to solve.
• Note that if you set your gas fees too low relative to the default fee provided by MetaMask, there is a
strong possibility that your transaction may get stuck and never get confirmed.
Is MetaMask Safe?

• MetaMask’s online nature limits its security level compared to cold storage offline wallets like
Trezor and Ledger; however, it beats other wallets in terms of ease of access with the Ethereum
DApp world, thanks to its easy setup and availability on both desktop and mobile platforms.
• In fact, it’s hard to imagine how the DeFi sector would have proliferated to this extent if it
weren’t for the MetaMask browser extension.
• According to MetaMask, they do not have any control of personal or private data on their servers,
and everything is protected or encrypted on the user's browsers and password.
• However, MetaMask is still considered a hot wallet, as it is a software wallet connected to the
internet for storage of crypto assets.
• Hot wallets are generally considered less secure than cold wallets, which are offline storage of
crypto assets on a piece of hardware.
• These are considered the most secure form of storing crypto assets.
• Additionally, the wallet’s option to set the gas limit above or below the average fees gives users
the freedom to choose how fast their transactions are processed and how much they have to pay
in fees; a functionality unavailable in most crypto wallets.