What is MetaMask? How does it work?

Metamask is a cryptocurrency wallet that supports all types of tokens created on the Ethereum network, allowing for quick storage and exchange of those tokens.

Many individuals are curious about what Metamask is and whether it’s safe to use. In this article, AZCoin will answer your questions regarding the Metamask wallet.

What is Metamask?

Metamask is an Ethereum wallet that allows you to connect to the Ethereum blockchain. This means you can use it to manage, transfer, receive your ETH, and you can also use it to interact with the thousands of ERC20 tokens that are being developed on the Ethereum blockchain.

Metamask also gives you access to the world of decentralized web by allowing you to use some Ethereum DApps through it.

You can install the Metamask extension in Chrome, Firefox, Opera, and the latest Brave browser. Even if you are an app developer, you can start working with Metamask at any time.

Is Metamask safe?

For investors, online cryptocurrency wallets are often considered the least secure compared to other forms of wallets. Therefore, many people wonder whether Metamask ensures the safety of the investment funds they store.

In fact, Metamask officially appeared on the market in 2016 and up to now, there has never been a recorded case of an attack that caused loss of money. The wallet uses HD backup settings and the developers themselves are committed to regularly updating the open source code to ensure that the wallet is always in the most secure state.

The biggest risk Metamask faces is phishing attacks. These are scams used by hackers to steal user information such as usernames and passwords.

This is quite common. To prevent phishing attacks, the most important thing for investors to note is to avoid clicking on fake websites, fraudulent ads or emails with fraudulent content. Users should only log in to the wallet’s official website.

MetaMask enables users to manage their identities. When a DApp intends to execute a transaction and record it on the Ethereum blockchain, it presents the user with a protected interface.

Metamask is one of the most secure online wallets available. However, since it is located online, we recommend that you only store small amounts of ETH and tokens. For larger amounts, hardware wallets are safer.

Some features of Metamask

Easy to use

Basically, how easy a wallet is to use is a sign of how user-friendly a product or service is. Talking about Metamask, it has many services related to cryptocurrencies and tokens.

Accessing the Metamask wallet is quite easy because the wallet is used as a browser extension, so you can download it directly from Google extension. You just need to download it as an add-on.

Then verify your identity and you are ready for your account with ease. No hassle or any extra steps to take.

From interface to cryptocurrency services, Metamask wallet provides all services in cryptocurrency exchange. According to the overall standard assessment of Metamask wallet, Metamask wallet is rated as having the best standards in the cryptocurrency wallet market.

Customer support

Metamask provides proper tutorials for any of its services. From account setup to wallet management, you will get all the tutorials from their support page. There are 6 sections like FAQ, Basics, Backup & Restore, Account Management, Mobile and Interacting with Dapps & Services

Although user reviews are not very positive about contacting customer support directly. The support team is said to be too busy to handle a large customer request. Therefore, you should check all the instructions and terms to prevent any risky actions. Next, we have the user interface in Metamask review.

Some knowledge related to Metamask wallet that you can refer to: What is DeFi, Internet of Things,…

Simple user interface

Metamask interface is user-friendly with professional design. Their clear interface provides a proper guide to reach any section. Its clean interface has download and other customer support options

The app can be used directly from the browser’s add-ons menu. It has a single click option to handle public and private keys. You can send tokens from metamask with a fixed option. Exchanges and other services are also available.

Buy cryptocurrency

Users can buy any cryptocurrency quite easily with Metamask. Just follow our Metamask review below for step-by-step instructions

• Visit metamask official page
• Click on metamask icon and login with password
• Unlock your account via the required password
• Go to your account and click on the purchase option
• Provide your desired cryptocurrency value and other required information like email, confirmation code, etc.
• Follow any additional verification from the platform
• Select the Ethereum main network for your transaction.
• Various partner platforms are available for selection. Access a platform’s website by clicking on its icon.
• Verify the transaction and finalize your purchase.

Browser access

The Metamask wallet is an add-on for your browser. You have to download it through your browser and use it as an add-on.

• Open your browser like Chrome, Firefox or any other browser with relevant search engine
• Go to the web store and search for metamask chrome extension for chrome. Accordingly, the same goes for other browser extensions
• Add metamask chrome extension or other browser extensions to browser. Give all access
• Provide password and create account
• Review all their terms and conditions thoroughly.

Online hot wallet

There are two types of wallets available today, hot wallets and cold wallets. Hot wallets are online and can be used for transactions. On the other hand, cold wallets are like deep storage. They are offline and cannot be used for regular transactions.

Metamask wallet is a hot wallet and hence it is online. So it can be used for storage and transaction at the same time. Although every hot wallet has bigger vulnerabilities than cold wallet. But no need to worry, Metamask has great security to protect your assets

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Why do you need to use Metamask wallet?

Safe asset management

As tokens become more diverse, including collectibles (NFTs), you’ll need an interface to manage them all. You can, of course, do this as a centralized website.

But that form can make you more vulnerable to hacking, so Metamask helps you manage your assets without the context of a centralized storage website. In addition, Metamask wallet can also connect to your hardware wallet.

A place to swap

Besides storage, you can also exchange value between assets. With the swap feature developed later, Metamask will find the best price source on DEX (decentralized exchange) so you can get the best deal when exchanging. At the same time, it limits the phenomenon of price slippage.

Interact with dApps

If you install the Metamask app on your phone, there is a browser function right in the app. You can go to smart contract websites and interact directly.

Similarly, if you use a regular browser like Chrome, FireFox, Brave, Edge, the Metamask extension will help you do that. (For other wallets, you may have to copy the wallet address and paste it or scan the QR. But with Metamask, you just wait for the notification to be sent and you’re done)

Blockchain Connection

Not only the Ethereum blockchain but also other blockchains publish Ethereum-compatible JSON RPC APIs. This way you extend scale and interoperability into a single interface.

Metamask wallet is not only for storing ETH, but also expands interaction with thousands of dApps on the market such as BTC, LTC, Jasmycoin, Rizz Monkey,…

Conclusion

The above content AZCoin has just introduced and helps everyone better understand what a Metamask wallet is. The details provided are intended for reference purposes. Before using it, everyone should take more time to research more about Metamask’s security and features.