What Is a MetaMask?

It may seem complicated at first, but Metamask is one of the simplest wallets and dapp browsers available. In short, MetaMask is used as a browser extension intended to access Ethereum’s decentralized application ecosystem.  It also servers as a browser wallet for holding ERC-20 tokens.  MetaMask is unique because it doesn’t require its users to register on a website. MetaMask will be downloaded as an extension to your Firefox or Chrome browser. People can also download the mobile app on Android or iPhone devices. Next, MetaMask accounts don’t require email but just a password.  After logging in users are given a seed phrase which will allow them to restore their wallet if a password is lost. People should always remember to never give anyone your seed phrase. If users lose their seed phrase and password, they will lose access to their wallet forever.

Using MetaMask makes every user the absolute owner of the account unlike users who user Coinbase or Kucoin. When you set up a wallet on an exchange like Kraken or Bitmart, the private keys are stored on the exchange’ s server so you are not the only person who has access to your cryptocurrency . Therefore, it’s possible to fall victim to security breaches (Binance lost 7000 BTC ).

Users can feel safe knowing that MetaMask stores private keys within their own browser data which is stored locally on their computers. This is a safe security measure although one of the safest ways to store cryptocurrency is using a hardware wallet made by Trezor or Ledger.

MetaMask is special because it can interact with some many different wallet applications. If you play Axie Infinity or like buying NTFs on OpenSea, you will need to connect your MetaMask wallet in order to make transactions.

MetaMask also has a feature that allows its users to configure their wallets for the Binance Smart Chain which supports BEP-20 tokens. This feature allows users to be in full control of their own cryptocurrencies both off the Ethereum and Binance blockchain.  MetaMask is a direct link allowing users to interact with blockchains and decentralized finance.

Please watch the video below for a wonderful illisration on how MetaMask works.

References

Community, Binance Chain. “Use Metamask for Binance Smart Chain.” Use MetaMask For Binance Smart Chain – Binance Chain Docs, https://docs.binance.org/smart-chain/wallet/metamask.html.

“What Is Metamask?” Yahoo!, Yahoo!, https://www.yahoo.com/now/metamask-110922593.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAIc3xXucjV69CWv8aE0p9a3HD1KS4UQHk3tgTpgyi8SjPUXCRZz-F6m_WmP_DAPThFPbOHVxA2vPtM1nfoYXZGkqEq1F73reEy1819tdvhU9OtfK1Rj5bRiBbfqDZtCS-HX4nankiKAlgT-pRRQaYew488Oemr8MXIhUGCUyO86m.