What is a MetaMask wallet?

In this article, we will explain the popular Web3/crypto wallet, MetaMask, by the end of this lesson you will be able to understand its benefits and limitations as well as get acquainted with its features.
July 6, 2022

What is a MetaMask wallet?

In this article, we will explain the popular Web3/crypto wallet, MetaMask, by the end of this lesson you will be able to understand its benefits and limitations as well as get acquainted with its features.

MetaMask is a free web3 cryptocurrency wallet, build as a browser extension and mobile application that can be connected to virtually any Ethereum-based platform.

MetaMask is a free hot wallet available as a smartphone app or web browser extension. This means you can download the Metamask application directly onto your phone or the Google Chrome, Mozilla Firefox, Brave or Edge browser, similar to an ad blocker extension. 

The “hot” term refers to being permanently connected to the internet so that you can instantly execute the transactions and transfer your crypto assets around at any time.

MetaMask wallet has multiple uses: 
  • Storage of the cryptocurrency 
  • Exchange token swap
  • Access to Decentralized applications 

Benefits of Metamask
  • Open source software, accessible through several browser networks.
  • Easy to use and user-friendly interface and design.
  • Control of private keys kept on the internet browser
  • Integration with hardware devices.
  • Automatic account backup.

Drawbacks of Metamask
  • Security concerns – a hot wallet.
  • Support of ERC 20 and Ethereum tokens only.

Security

MetaMask uses very powerful seed phrases that are supremely challenging to figure out even for the most brute-force hackers, thus keeping your wallet very safe all the time. But effective security is meaningless if the user decides to hand over their seed phrase to someone he wants to believe will give him free money in some internet scheme.

Summary

MetaMask is a cryptocurrency wallet that enables users to access the Web 3 ecosystem of decentralized applications (Dapps). Metamask platform is one of the best options to store or transfer funds between the accounts. 

Sources:
  1. https://metamask.io
  2. https://en.wikipedia.org/wiki/MetaMask 
  3. https://www.cryptonewsz.com/crypto-wallet/metamask-review/

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