For many people interested in Ethereum, Metamask is one of the first choice wallets. Going far beyond being a simple wallet, Metamask allows you to use websites integrated with the Ethereum network.
Moreover, Metamask is not limited to the Ethereum network. It allows you to transact on other EVM (Ethereum Virtial Machine) compatible blockchains.
History and Key Features
Metamask reached 400,000 users in the period from the implementation of the wallet application in 2016 until September 2020 . In October 2020, one million monthly active users were using Metamask. Prior to 2019, this Ethereum online wallet was only available as an add-on in Firefox and Chrome desktop browsers. In addition, in September 2020 ConsenSys released the first official MetaMask mobile app for Android and iOS powered mobile devices.
According to the independent audit process by security company Least Authority , Metamask offers its users the highest level of functionality in terms of security and design.
The feature that makes Metamask the largest Ethereum wallet is the advanced encryption technology that securely stores passwords and private keys on each user’s device. In addition, users can switch between different networks . Offering the ability to connect to multiple wallets, the application can also connect to one of the major networks, Binance Smart Chain , apart from the Ethereum mainnet . Let’s take a closer look at the Metamask application, whose number of users is increasing day by day.
What ?
Metamask , a built-in browser extension , is a popular cryptocurrency wallet . You can also receive NFT through your Metamask wallet and see it in your wallet. Metamask works by connecting to the Ethereum blockchain network and offers its users extensive decentralized application (Dapp) integration and enables them to use the Ethereum ecosystem without having to download all the blockchain data to their devices . This is why it is one of the most popular Ethereum wallet solutions used to easily access decentralized exchanges (DEX) , gaming platforms, gambling sites and many other applications.
How to Install and Use?
To start using the wallet, you need to install the appropriate browser plug- in. Regardless of the browser you use, the installation process and usage are almost the same.
After the installation process is complete, click the “Get Started” button in the dialog that appears . You will then be directed to the “Create a Wallet” option.
In the next dialog, you can click on the “Improve Metamask” link and agree to help, or you don’t have to agree to proceed to the next step.
You will then be asked to create a password. metamask; It requires you to create a strong password that contains at least eight characters, including letters, numbers, and symbols. Click the “Create” button and then write down the 12-word backup phrase (seed).
In such cases, it is recommended to write the word “seed” aside and keep it in a safe place. It is strongly recommended that you do not keep a digital copy of this backup phrase, also called “seed” recovery. If someone accesses that code, they can transfer the “seed” data to another wallet, gaining full access to your funds and emptying your wallet. The person who accesses this data will probably empty the account.
Backup statement; It is the only way to recover your wallet if you forget your password, your device is damaged or you want to open Metamask on another device.
Clicking the “Next” button will take you to the “Secret Backup Phrase” confirmation page.
Here you need to enter the phrase exactly in the order presented. Then click on the “Confirm” link.
After the confirmation process is completed, you will reach the last screen where you will click on the “All Done” link to complete the installation process. As a result of all this process, you will be automatically logged into the interface where you can enter the DeFi ecosystem.
To access your wallet again after logging out, click on the Metamask icon in your browser and enter the password you set for login. This icon is usually located in the upper right corner of the browser.
As a transaction fee, you need to keep a small amount of balance in your wallet, whichever network you are transacting.
For example, if you are trading on the Binance Smart Chain (BSC) network, you need to have BNB as a transaction fee.
Is Metamask Safe?
The answer to this question would probably be both yes and no. Metamask has not been hacked so far. The biggest risk that wallet owners face is internet fraud. We users are responsible for our own safety. Keep the 12 keywords you received while creating the account on a piece of paper or any other secure non-digital place.
Things to Consider
Prize, bonus gift, lottery chance, etc. Saying you’ve won. Do not connect your wallet to the sites sent by profiles that send you links to click through messages such as Discord, Telegram, etc. No project team will send you such a message. Don’t tie your wallet to decentralized exchanges you don’t trust. It is possible that in some links they want to copy the same interface of the project you are interested in and defraud you. In this, it is very important for the security of your funds to consider the site links in the social media accounts, which you are absolutely sure of the originality of the link of the project.
Advantages of Metamask
- It gives access to most Dapps as it is popular and widespread.
- Being open source, all Metamask code is free and online.
- One of its biggest advantages is that besides being an app for smartphones, it can also be added as an extension for browsers. This enables easy integration with various websites and online platforms.
- Keywords help you back up accounts and find lost accounts. It does this with the words we received when creating our account at login.
- Thanks to the simple interface, you can use it easily after completing the installation.
- Having its own browser in the Metamask mobile application provides secure access to the websites we are interested in.
Metamask Disadvantages
- Metamask cannot access your private information, but the browser it is installed on can. Your browser may collect information about when and how you use this application.
- If you store your keywords in any digital medium, your wallet will be the target of scammers if it gets hacked. The healthiest method you should do is to write your keywords in a notebook and keep them.
- Central exchanges are responsible for the security of wallets on centralized exchanges. Since Metamask is a completely personal wallet, only the owner of that wallet is responsible for its security.
