Metamask is a digital wallet for accepting a wide range of digital currencies based on the Ethereum blockchain. Because Metamask develops for Ethereum blockchain, it can also work with standard Ethereum ERC20 tokens. This digital wallet is designed for users to have complete control over their assets. Metamask also has a separate mobile app that you can use if you do not want to use the Chrome extension.
But is Metamask safe? Do we need to use other conservative methods to use it?
The company established in 2016. Its founder is Aaron Davis. Currently, the application development team is 20 people. Most of these people also live in the United States. Metamask was initially only used as a browser plugin, but the mobile app was also released about two years after its initial release. Metamask is currently one of the best e-wallets used for ERC20 standard tokens.
Metamask Wallet usage
With Metamask Wallet, you can access decentralized applications based on Ethereum Blockchain. The user interface of this program can provide access to a variety of options. Sending and receiving transactions is also very simple. In general, one of the goals of Metamask Wallet is to introduce Ethereum to a broader range of users and ensure more security for receiving and sending their digital currencies. Based on these goals, Metamask has developed a simple and user-friendly interface and is very strong in terms of security.
Among the decentralized applications that can communicate with Metamask are CryptoKitties or Dex.blue.
Another essential feature of Metamask is the provision of a personal key. You can maintain your logins and keys with high security, and you can also do this by signing a smart contract.
Coinbase and Shapeshift exchanges also directly accept this wallet and its connections so that you can easily trade ERC20 tokens.
Transaction costs in Metamask are calculated based on an intelligent algorithm. These costs can even be set manually in the advanced settings of the program.
Metamask security rate
Is Metamask safe? Although Metamask is a digital wallet based on browser plugins, it is robust security. Although it can not be compared with hardware wallets, its kind in terms of quality and security of digital assets is at a high level. No hacking has been reported on this wallet so far.
All keys and information store in the user’s browser. The browser is also not allowed to access and collect Metamask information. Theoretically, wallet security is 100% flawless.
The security levels of the Metamask wallet are set hierarchically, so its keys are easily stored for different addresses. No third-party app or code can detect how much digital assets have been exchanged or in users’ wallets.
After you create a Metamask account, you will be shown a 12-character unlock code. You should keep this code in a safe place to not lose access to your wallet.
Of course, the Metamask wallet does not use 2-factor authentication, but its coding is at a compelling level of security.
The development and support team of Metamask has made every effort to provide maximum security for its users. So far, there have been no reports of fraud or even scams from Metamask. There are positive signs in this wallet that can be trusted.
How to Use Metamask?
To use Metamask Wallet, first, go to the official website of this wallet and then click Download. Then go to the download page and select the desired version from the plugin, Android application, or iOS application options.
Once the Metamask plugin installs on your browser, you can go to its settings. There is an Import or Create option here, and if you are using this program for the first time, select the Create option.
Before you can create a wallet, you will be asked to agree to this service by sharing your information. You can see all the information in the exact text. Once you have agreed to the Metamask rules, you can set your password.
The next step is to create a backup code string. By clicking on Generate, this 12-character string creates, and you should keep it where you always have access, and it is vital in terms of security. After seeing this code, you have to write parts of it for final approval to use the Metamask wallet.
You will now be taken to the first page of Metamask. On this page, you will see a professional and straightforward user interface. On the left side of the page, you will see the tokens in this wallet. No information is displayed if you do not already have a token, but there is an ETH token by default. You can get some digital currency using the Add token option. Online, The final price of your token in dollars is also displayed next to it. By selecting the Details option, you can see a page that displays the QR-code address of your wallet. You can also pick up your private key and view it on the Etherscan website.
The home screen displays the main Ethereum network. In the upper-right, there is a pop-up menu where you can change the network. Currently available networks are Goerli, Rinkeby, Ropsten, and others. You can even add custom networks from this section.
Depositing money in a Metamask wallet is easy. We have two options on the right with the titles DEPOSIT and SEND. With the Deposit option, you can view a new Deposit page, and if you have a token, you can use the SEND option to send it to other wallets. As we said, Metamask is also connected to CoinSwitch and Coinbase networks, so you can easily connect to them and buy cryptocurrency with Fiat currency and add it to your wallet.
Metamask Wallet is one of the safest Ethereum blockchain-based wallets. So far, no adverse reports have been received, and no hacks have been performed since its launch. Although hardware wallets like Trezor and Ledger are more secure, you can also trust this wallet. The method of connecting this wallet to cold wallets is also straightforward.