If you're into cryptocurrencies, you probably already heard of MetaMask. However, hearing such a term doesn't explain it, right? Like all beginners, if you're someone who also wants to know more, here's what MetaMask is:
What is MetaMask? MetaMask is a simple browser extension designed to access Ethereum’s Dapp ecosystem easily. It's like any regular plugin, but it also holds ERC-20 tokens. Thus, it allows users to access services built on the network via the wallet. In short, it enables them to transact to any Ethereum address.
If you don't have an idea, Dapp crashed the Ethereum Blockchain in December 2017. As it crashed 1.3 million transactions, it ended up with user numbers going down to hundreds.
In short, MetaMask is a browser extension created to make the Dapp ecosystem easier.
In this article, we've covered an in-depth take on MetaMask. This way, you'll have a grasp of this extension and get what you need to know about this thing.
Without further ado, let's get into it!
What is MetaMask in Blockchain?
As I said earlier, MetaMask is a software cryptocurrency wallet. Its primary use is to interact with the Ethereum blockchain.
It receives funding from Ethereum incubator ConsenSys, and it acts like any other browser extension or plugin.
Still, once installed, it allows users to store Ether and ERC-20 tokens. As a result, it enables all users to make Ethereum-related transactions.
With that being said, you may wonder if MetaMask is a wallet.
Is MetaMask a wallet?
The short answer is yes. MetaMask is a cryptocurrency wallet usable in browsers like Chrome, Firefox, and Brave. Further, it also acts as a browser extension.
As a result, it works like a bridge between regular browsers and the Ethereum blockchain.
Now that we know what it is, the next thing you would probably ask is its purpose.
What is the use of MetaMask?
MetaMask works like any other browser plugin or extension. However, its use is basically towards Ethereum-related tasks and activities.
On the surface, it's available for Chrome as an extension and Firefox as an add-on.
Still, its essence is to be an Ethereum wallet. A user that installs such will get access to a unique Ethereum public address.
With such access, you can start sending and receiving ether or tokens.
Since MetaMasks acts as a wallet, you may also wonder what coins you can store or place in it.
What coins can you store on MetaMask?
If you plan on using MetaMask as an extension or plugin to your browser, you can store the following coins in it:
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Tether (USDT)
- Basic Attention Token (BAT)
- USD Coin (USDC)
- ERC-20 and all other ERC-20 tokens
Can I use MetaMask on my phone?
If you're more of a phone than a computer user, the MetaMask might not be ideal.
Since MetaMask is a browser extension, you can't use it on your phone. Still, some Dapp browsers exist in different apps.
These browsers can also do the same thing as MetaMask. However, if you're always in front of a computer, MetaMask might be ideal for you.
Is MetaMask safe?
MetaMask is safe because it does not control any of your personal/private data on the servers.
In general, everything comes encrypted on your browser. Further, it comes protected via your MetaMask password.
As a result, you won't have to worry when you lose your MetaMask accounts. If you need to restore MetaMask, you could only do so with your seed phrase.
How to send tokens from your MetaMask?
If you plan on sending tokens from your MetaMask, you can do the following steps:
First, you need to have the following:
- The recipient's Ethereum wallet address
- Sufficient amount of ETH in your account to cover the gas fee
Next, you may follow these steps to send tokens using MetaMask:
- Under the Assets tab, click the token you wish to send
- Click Send on the token's main page
- In the Add Recipient field, enter or paste the recipient’s wallet address or select the option to transfer between your accounts.
- In the Amount field, enter the amount of the token you want to send.
- Before clicking Next to proceed with the transaction, it is a good idea to double-check the recipient’s address.
- Review the transaction detail and click Confirm to send
- You will then be redirected to the main page, where you can see a list of your recent transactions on the Activity tab
Now, how would you get tokens to your MetaMask?
How to get tokens to your MetaMask?
If you plan on getting tokens into your MetaMask, you can follow these steps:
- Open MetaMask, then click on the 'burger' menu icon
- Click on the 'add token' button
- Select the 'custom token' tab
- Put contract address to the 'token address' field
- Click the 'next' button
- Click the 'add tokens' button
Once you follow these steps, you can have tokens for transactions on your MetaMask.
Summary
MetaMask offers easy access to Ethereum for users who's always in front of a browser. Since many people find it hard to use the Dapp, MetaMask offers a more accessible alternative
As always, before you do anything with MetaMask, make sure you understand all the processes so you won't have any problems later on.
Published: 04/20/2021