MetaMask is a cryptocurrency wallet created for easy and secure connection of the user to the blockchain, providing him with the ability to manage his funds. Allows you to manage accounts and keys in complete independence from the content of specific sites. This is a significant security improvement compared to storing keys on a central server or in local storage. MetaMask is available as a browser extension, and more recently as a mobile application. This is an article from site CryptoDeFix. It combines a key vault, a cryptocurrency wallet, additional tools for managing digital assets, tools for connecting to blockchain-based applications (dapps).
By connecting to Ethereum-based applications, users can spend their coins in games, bet tokens in gambling applications and trade them on decentralized exchanges. Metamask also provides users with an entry point into the developing world of decentralized finance, or DeFi, by providing a way to access DeFi applications such as Compound and PoolTogether. Formally, this looks like a normal authorization via social networks on any Internet site. The most common use of metasmask is in the form of a browser extension. In this case, it is convenient to cooperate with Defi platforms. The application applies several different levels of security at once. All confidential data is generated completely on a computer/mobile device, so the safety of accounts depends only on the security of the computer — whether third parties have access to it, whether there are installed spyware and Trojans. This also means that the Metamask will not be able to help restore the password if it is lost. This can be done only with the help of the LED phrase.
The process of withdrawing cryptocurrency from the Metamask wallet is as elementary as the replenishment procedure.There are two types of withdrawals in the wallet:
- Automatic. It is meant as a payment for services or the purchase of goods on websites. It happens automatically, you only need to confirm the transaction.
- Manual. Withdrawal of cryptocurrency to another address.
- Keys and passwords are generated and stored directly on the device. The client chooses what to keep private and what to open to other users.
- MetaMask allows you to manage cryptocurrencies, ERC-20 tokens and ERC-721 collectibles.
- A simple, intuitive interface without unnecessary functions.
- To work, it is enough to install a browser extension to get your own set of accounts (“keys”).
- To control the keys, a seed is a twelve-word phrase that needs to be stored in a safe place.
- The extension can be used without cryptocurrency, just as an entry manager for many sites.
- Open source code. This is always one of the important signs of project transparency.
- Metamask is a hierarchically deterministic wallet.
- The application allows you to directly contact exchanges where users can buy cryptocurrency. For example, Coinbase for buying ETH and ShapeShift for buying ETH and ERC20 tokens.
- MetaMask is decentralized, works on the Ethereum cryptocurrency blockchain, has an open source code.
- The wallet has a convenient and client-friendly interface.
- The wallet is non-custodial, which means that only the owner of the cryptocurrency has access to the private keys.
- You can use the MetaMask wallet through a browser or work with a mobile application on Android and iOS.
- The application opens access to a large list of tokens.
- There are no commissions for operations from the wallet – the user pays only the network commission.
- The application has a Russian-language version, which greatly simplifies working with it.
- There are no limits on the minimum amount of deposits and withdrawals.
- Hardware wallets can be connected to MetaMask.
- In case of loss of access to the wallet, it can be restored using a seed phrase