MetaMask Wаllеt Rеvіеw
MetaMask is a web-based wallet designed for managing, receiving and transferring Ethereum and ERC-20 tokens. It functions as a browser extension compatible with Chrome, Firefox and Brave browsers. Currently, MetaMask has over a million active users. This really shows how widely accepted it is.
The MetaMask wallet has become common among crypto enthusiasts due to its functionality that allows users to fully interact with the smart contracts and decentralized applications (DApps). In simple terms, MetaMask users are able to interact with the Ethereum blockchain without having to download the entire blockchain. Some of the Dapps that you can explore with MetaMask include CryptoKitties, The Digital Art and Blockchain Arcades.
The MetaMask wallet user-interface is quite intuitive for a regular Ethereum-user. If you are new to Ethereum, you might find it a bit difficult to understand its workings. The wallet’s security architecture is built around HD settings, so it is quite secure. A good security feature of the MetaMask wallet is that it automatically blocks suspicious websites when in use.
MetaMask was created by Aaron Davis and Dan Finlay in 2016. The main purpose of creating MetaMask was to make Ethereum easy to use. Ever since its launch, the development team has grown to include very experienced developers including Christian Jeria, Frankie Pangilinan, Kevin Serrano, Thomas Huang and James Moreau. The company’s headquarters are in the United States of America.
MetaMask Supported Coins
MetaMask wallet supports Ethereum and all ERC-20 tokens. You can add other tokens by simply searching for the token name or using the custom add tab where you will have to present the token’s smart contract address, symbol and decimals of precision.
To see where you can trade all of these different cryptocurrencies, just review our Cryptocurrency Exchange List.
You need a small amount of Ethereum to initiate transactions using MetaMask. These transaction fees are set based on the network. You have three options; slow, average and fast. You can choose any of these depending on how fast you want your transaction to be completed. MetaMask also allows custom fees which can be set by clicking “Advanced Options.” Remember that setting a ridiculously low fee might mean your transaction never gets completed.
Transaction fees are usually measured in Giga Wei or Gwei. The fees go to the miners on the network.
This wallet is free for download. You can find the three browser extensions of the wallet on the wallet’s official website.
MetaMask Ease of Use
The wallet is quite easy-to-use judging by the user-friendly interface. If you are new to Ethereum and ERC-20 tokens, you might want to carry out a bit of study to master how it works before adding your coins. In spite of this, it is quite easy to grasp. The wallet supports 18 international languages to further ease access.
You can simply set up your wallet by downloading the browser extension you will be using. Click on the MetaMask icon as soon as it appears on your browser, and then go ahead to create your wallet. Ensure you create a strong password. Never forget to copy and safely keep the 12-word seed phrase that will be displayed after creating your password. You will need this phrase to restore your account in case you lose your password. After this simple step, you can begin to receive and send digital assets using your MetaMask wallet.
This wallet does not have access to your personal information. However, one cannot say the same about the browser you are using. So in a sense, since you need a browser to use the wallet and the browser collects data, MetaMask is indirectly not that anonymous.
As an HD wallet, you can generate new addresses for every transaction. Consequently, no one can trace a certain transaction to your wallet.
Just like other web-based (hot) wallets, there have been concerns about this particular wallet’s security. However, the wallet is yet to suffer any major hack since its release in 2016.
The wallet has built its security around Hierarchical Deterministic (HD) settings. This ensures a good backup for user accounts. Users can use a 12-word seed phrase generated during setup to recover lost accounts. Also, you can use this seed to encrypt, if you use a secure password.
MetaMask runs on an open source software backed by a large community of developers who contribute to its development. However, it is vulnerable to phishing attacks. Apart from this, the wallet is quite secure. You just have to think about avoiding responding to pop-up ads or opening suspicious e-mails which might be an attempt by hackers to steal user information.
Where to buy MetaMask
This wallet is free to use. You can download the browser extensions on the official website.