MetaMask is, by far, one of the most popular Ethereum wallets and dapp browsers available on the market – for newcomers and early adopters alike. In this review, we explore MetaMask, it’s functionality, and how it grew to become one of the go-to wallets for ERC-20 related transactions.
Over the past year, the interest in decentralised applications has skyrocketed – led mainly by Decentralised Finance (DeFi) and the growing popularity of Non-Fungible Tokens (NFTs). With that being the case, it might be safe to assume that new entrants to the cryptocurrency space might also find these emerging fields interesting.
With that in mind, one easily notices the importance of security and ease of use as more and more people start to get involved.
As For MetaMask
Very Popular among early adopters, MetaMask is a champion decentralisation. MetaMask is both an open sourced and non-custodial ETH wallet and Ethereum dapp browser, staying true to the idea of a minimalist approach to intermediary involvement. This means that users retain full control of their private keys – its open source nature means that anyone can scrutinise and submit suggestions regarding the program’s underlying code (which are subject to the scrutiny of the maintenance team).
MetaMask came to life in 2016 and is the brainchild of developer duo, Dan Finlay and Aaron Davis. It started out as a web-based wallet that also acted as a browser extension to help users interact with the decentralised web. MetaMask is compatible with Chrome, Brave Browser, and FireFox, and was purposefully created to streamline interactions between the Ethereum network and everyday users.
Fast forward to today and one sees that MetaMask has grown, even adding a mobile app for dapp browsing on the go.
The very first thing we need to do here is either download and install the mobile app or desktop based extension/add-on for the relevant Browsers. Once that’s done, the next step is setting up your user profile. This is as easy as following the given prompts – like agreeing to the terms and choosing a password.
What follows is possibly the most critical points of the setup process. This is when you have to record and store your 12-word backup phrase. This phrase is how you will regain access to your user account should you forget your password.
Having completed these steps, you should see MetaMask’s main wallet interface displayed on screen. From here on out, you are free to interact with the world of Ethereum – so long as you have the necessary ETH to pay for the transaction fees.
Funding Your MetaMask Wallet
MetaMask supports ETH and all tokens related to Ethereum’s ERC protocols. Therefore, getting funds into your MetaMask wallet is as simple as visiting an exchange like Binance, buying ETH and/or ERC-20 tokens, then transferring them to your MetaMask wallet address.
Interacting With Dapps
Without the need for enduring the rigours of signing up again and again, users can interact with any dapp on the Ethereum network by simply clicking or tapping on their screens.
One other neat feature that MetaMask has is that users are able to adjust gas fees to suit their needs. If you need your transactions to happen quickly, then you’ll be expected to pay a higher gas fee in order to facilitate that.
MetaMask supports all Ethereum related tokens and services and the open source nature adds a layer of transparency, which fosters trust between the users and the team of developers – this is especially reassuring for those who like decentralisation, but don’t know which wallet services and dapp browsers to trust.
The addition of a mobile app is also a win.
Though the interface is simple, some may feel it is not necessarily the most intuitive interface available on the market. Another issue is that lesser known coins need to be added manually. This is not an impossible task for a beginner, but could be a deterrent for irritable users.