- Metamask is a digital wallet designed to work with the Ethereum blockchain.
- It enables users to access their Ethereum wallet through either a browser or app allowing them to introduce it with a decentralized application.
Metamask was developed by ConsenSys in 2016, by Aaron Davis. It is a company specializing in creating software for the ethereum blockchain. Before 2016, this wallet was available in desktop versions as a browser extension for Google chrome and Firefox browsers. It became available on mobile devices in March 2021.
It provides users with the ability to store and manage their account keys, conduct transactions, send and receive Ethereum based cryptocurrencies and tokens, and securely connect to decentralized applications.
Metamask Functioning and Usage
Metamask functions as a cryptocurrency wallet and is a browser extension. Also, it manages the control over private keys, securing and safeguarding personal information. It has a compatible web browser.
On installation, it gives a view to the Ethereum address and one can send or receive coins to any Ethereum address in turn. It helps you to access funds without the need to manage private keys at each and every transaction.
It automatically signs all transactions and pops up a confirmation window when payment is made. One has to remember a set of words to prove one’s identity. This is widely used by people who want to make secure cryptocurrency payments.
This removes the need of downloading the entire blockchains, reducing the risk of malware and protecting personal information. It is designed to secure the information but to enhance the security, it is advised to use the strong keywords. It is free to use and any number of accounts can be set up.
Once you are logged in, it will show you options of buy, swap, bridge, stake. It allows you to swap Ethereum, optimism, BNB Chain, Polygon, Arbitrum, Arbitrum, Avalanche. Metamask swaps charges a service fee of 0.875% of the transaction amount.
Wallet creation is started by generating a seed phrase. It does encryption to ensure safe storage. It is easy to use as it integrates seamlessly with web browsers permitting the user to interact with the dApps and perform various blockchain transactions directly from the browser.
In 2021 Nov, Bloomberg reported Metamask browser extensions hold over 21 Million monthly active users. In July, 2022, Concensys announced Metamask has achieved 6 digits growth in monthly active users.
Metamask supports Ethereum based tokens including Ether (ETH) and ERC-20. The user can view the token address and review the transactions. For enhanced security, it confirms the details before signing the transaction with the private key. It allows you to connect with different networks such as mainnet, testnet or custom network.
It provides you tools and resources to build the dApps. Thus, it supports the use of decentralized finance (DeFi) and non-fungible tokens (NFTs).