Bitcoin is the crypto revolution, which means it tops the chart as the leading digital currency by both market cap and coin value. Yet when it comes to specially enhanced functions and exclusive services, the choice is certainly Ethereum. It is a massive ecosystem for financial services, games, and dApps (decentralised applications).
Although the Ethereum network can serve several purposes (i.e. a platform for smart contracts), its vastness experiences scaling issues that can lead to flaws, breakdowns, and potential hacks. Fortunately, ConsenSys, a blockchain software tech company dedicated to Ethereum-based tools and applications, launched MetaMask in 2016. Find out what it is and the different key features it has for you to have a seamless access to Ethereum.
MetaMask in a nutshell
Getting started with MetaMask first requires an understanding of the different types of crypto wallets. It is a hassle-free and convenient browser-based platform, allowing you to access your account whenever you want and wherever you are. Even better, ConsenSys ensured that its design is compatible with any hardware or paper wallet for increased security and privacy.
The biggest advantage of using MetaMask is that you can evade such needless legwork in getting started with the Ethereum blockchain. It is literally a wallet extension for you to interact with the entire network and explore its dApps features. Other general matters you can do are as follows:
- MetaMask is a non-custodial wallet for Ethereum’s digital currency, Ether (ETH), and other ERC-20 tokens that allows you to store and manage account private keys.
- Send and receive Ethereum-based digital currencies and tokens through transactions.
- Interact with Ethereum dApps.
- Through its dApps, you may play games with ETH and ERC-20 tokens.
Now, London’s finest The Financial Times reported that MetaMask had around 10 million monthly active users as of April 2021. Compared to when it started, the number of users is quite an impressive feat because there were only around 400,000 people between 2016 and September 2020. Perhaps, what largely contributed to the increase was when it became available on iOS and Android.
4 key features of MetaMask
MetaMask’s constant growth and improvement are among its most appealing features. As of now, the following are some of the primary features of the Ethereum wallet that set it apart from other wallet providers and even Ethereum-powered products and services.
- Security
For the past five years, MetaMask takes pride in being free of serious attacks. Despite being a hot/online crypto wallet, it has a degree of security that is practically on par with cold storage offline wallets such as Ledger and Trezor.
When it comes to accessing the Ethereum dApp ecosystem, MetaMask’s simple user interface and convenience on both desktop and mobile devices outperform rival wallets. Its browser extension is so essential that it is now one of the main contributors to the Decentralised Financed (DeFi) industry’s growth today.
- As a crypto wallet (account management platform)
Another great feature of MetaMask is that it is available to everyone because it is completely free to use. Simply go to its official website and click on the ‘download now’ option. After installing the browser extension, you may use the wallet for any form of online transaction that takes ETH and ERC-20 tokens. You can buy, store, send, and swap them to any Ethereum wallet address using only your QR code or public address.
- Fees
In Ethereum, gas fees are payments made by users to crypto miners in order for their transactions to be processed and confirmed on the blockchain system. Miners can choose to include the transactions that pay more if there is a larger demand for transactions since the system operates on a traditional supply and demand process. As a result, consumers would be forced to pay higher rates simply to have their transactions processed swiftly and efficiently.
Since MetaMask links you directly to the Ethereum network, you may pick how much gas you wish to pay by adjusting the fees and limitations under the advanced tab’s parameter customisation.
- Gateway to dApps
MetaMask is your easiest and safest gateway to the Ethereum blockchain. Whether you are a blockchain newbie, token trader, or crypto developer, you can have the best digital experience because it allows you to maintain complete control over your interactions with the emerging decentralised web. Here are a few of the most popular dApps to get you started, with over a million downloads and counting:
- Aave
- Axie Infinity
- Compound
- Gitcoin
- Maker
- OpenSea
- Rarible
- Uniswap
Should you use MetaMask?
Certainly, yes! While its hot/online nature makes it already sensitive to digital threats, its high-level security assures that you have complete control over your personal information. Overall, this wallet is a must-have because getting started with MetaMask also means an exciting and fun-filled digital experience in learning about Ethereum’s enormous blockchain.
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