MetaMask is one of the most popular cryptocurrency wallets that allows users to manage their Ethereum-compliant tokens and interact with decentralised applications (dApps). Introduced in 2016, it has played a key role in the development of the Ethereum ecosystem by providing a user-friendly and accessible interface for regular users.
MetaMask what it is
MetaMask is a software browser extension and mobile application that acts as a bridge between regular browsers and the Ethereum blockchain. It allows users to interact with the blockchain without having to download the full blockchain node. The wallet allows users to store keys for Ethereum and its derivative tokens, as well as interact with decentralised applications.
MetaMask main functions
Asset management
MetaMask allows users to manage a variety of asset types, including:
Ether (ETH): The main currency of the Ethereum network.
ERC-20 tokens: A wide range of tokens developed on the ERC-20 standard, such as USDC, DAI and BNB.
NFT (ERC-721 and ERC-1155 tokens): Non-interchangeable tokens such as artworks, collectibles, etc.
Interaction with dApps
MetaMask makes it easy to interact with decentralised applications such as:
Financial Applications (DeFi): Uniswap, Compound and Aave.
Games: Axie Infinity, CryptoKitties.
NFT markets: OpenSea, Rarible.
Token swaps
MetaMask not only simplifies the storage and management of cryptocurrencies, but also provides a convenient token exchange feature right in the user interface. This feature, known as token swap, allows users to quickly and efficiently exchange one token for another without having to visit external exchanges. How token swap works in MetaMask and what advantages it offers.
How do token swaps work in MetaMask?
Token swapping in MetaMask is done through an inbuilt function that uses various liquidity aggregators to find the best exchange prices. This means that MetaMask automatically scans multiple liquidity sources, including popular decentralised exchanges (DEX) and other platforms, to offer users the best available prices at the time of the transaction. Here's how you can perform a token swap in MetaMask:
Opening the swap function: In the MetaMask wallet interface, find and select the "Swap" or "Exchange" function.
Selecting tokens to exchange: Specify which token you want to exchange and which token you want to receive in return. You will be prompted to enter the number of tokens to exchange.
Finding the best price: MetaMask will automatically search for the best offers on the market by comparing prices through liquidity aggregators.
Swap Confirmation: After selecting the best offer, you will be prompted to confirm the transaction. Before confirming, you will be able to see the estimated transaction fee and the number of tokens you will receive.
Transaction execution: Once the transaction is confirmed, MetaMask will perform the swap and the new tokens will be displayed in your wallet.
MetaMask Wallet Installation and Getting Started Guide
Installing MetaMask
To get started, go to the official MetaMask website at https://metamask.io/ and click on the "Download" button in the top right corner of the page. You can also add MetaMask as an extension to your browser, such as Google Chrome, via the online extension shop or install the mobile app via the App Store or Google Play. The MetaMask extension is supported by many Chromium browsers, including Brave.
Once you have found the extension in the catalogue, click "Add to Chrome" and confirm the installation. Once the extension is installed, it will appear in your browser and you can start customising.
Creating a new wallet
On the MetaMask start page, select "Get Started" and decide on an option:
If you already have an Ethereum wallet, choose to regain access via a 12-word cid phrase.
To create a new wallet, select the appropriate option and create a new cid phrase.
MetaMask will request permission to collect anonymous information about your activities in the application. This does not affect privacy or security, and you can opt out at any time.
Then, create and confirm a strong password, and accept the terms of use. The next step is to generate a cid-phrase, which should be written down and saved in a safe place. Confirm the saving of the cid-phrase by arranging the words in the correct order.
Synchronisation with the mobile app
If you want to use MetaMask on your mobile device:
Install the MetaMask app on your phone.
Select the synchronisation or import option.
On your computer, open the MetaMask extension, go to settings, select "Advanced" and "Synchronise with mobile device", the QR code will be displayed.
Scan the QR code using the mobile app.
Wallet refill
MetaMask can be used as a tool for logging into websites, but to fully interact with decentralised applications, you need to fund your account:
Funds Transfer: Copy your account address by clicking on the account name in the wallet and use it to transfer funds from another wallet or crypto exchange.
Buy through MetaMask: You can buy Ethereum directly through your wallet using the buy through Wyre or CoinSwitch options, which support a variety of currencies and payment methods.
As you can see, getting started with MetaMask is quite easy and convenient. Remember to keep your cid-phrase safe and be careful when interacting with applications and platforms.
Advantages and disadvantages of using MetaMask
Advantages
Accessibility: Easy to install and use as an extension for popular browsers such as Chrome, Firefox and Brave.
Integration: Broad support in the Ethereum ecosystem and easy access to decentralised applications.
Security: Storing private keys on the user's device without transferring them to external servers.
Disadvantages
Limited privacy: Transactions are public and can be viewed through blockchain explorers.
Targeted phishing attacks: MetaMask users are often the targets of phishing attacks.
MetaMask remains one of the most important tools in the Ethereum ecosystem. Its ease of use, security and wide integration make it an ideal choice for beginners and experienced cryptocurrency users. It is important to remember to protect your private keys and be cautious when interacting with unknown sites and applications.
