It is a bridge for Ethereum-like blockchains to operate and interact. Metamask is developed by ConsenSys Software Inc., a blockchain company focused on Ethereum-based tools and infrastructure. Transactions are easy with a small browser plugin and mobile app.
One of MetaMask’s biggest advantages over its competitors is that in addition to being an app for smartphones, it can also be accessed as an extension for browsers, allowing easy integration with various websites and online platforms, and this functionality is highly utilized. The DeFi protocols and NTF markets are two sectors that have experienced significant growth in recent months.
DeFi applications, for example, have grown from $2 billion in collateral in 2019 to over $80 billion in 2021.
The NTF market has also set consecutive records with unprecedented millionaire numbers and platform sales moving billions of dollars every month.
As MetaMask adoption on many of these platforms became widespread, wallet usage exploded, increasing by more than 1,800% since July 2020 to more than 10 million monthly active users – up from 545,000 a year ago.
Metamask is ideal for swapping Ethereum-based tokens at the best exchange rate, especially by combining DEXs. This feature, called Metamask Swap, charges a service fee of 0.875% of the transaction amount.
Using MetaMask: Good Features
The main benefits often cited for the MetaMask user guide are as follows:
Open source: All MetaMask code is available online and for free. You can build your own version at home! (You can, but I’m kidding) Open source software can be reviewed and updated by the community, so it is constantly evolving.
HD settings: Hierarchical deterministic settings help users back up their accounts. It does this by giving users seed statements. Seed emotes can be used to reset lost account information.
Built-in coin purchasing: MetaMask is connected to two crypto exchanges where users can buy cryptocurrencies directly. Users can use Coinbase to buy Ether and ShapeShift to buy Ether or ERC20 tokens.
Using Metamask
Customer service: It wants the Ethereum network to reach as many people as possible. Its homepage features a promotional video and a separate detailed support page.
Simple interface: Once installed, it is very simple to use. All features are clearly laid out so that even beginners can easily buy and sell coins.
Local key storage: Some wallet providers store keys on their own servers. Exchanges like Coinbase that provide wallets are common. Their keys are stored in the user’s own browser, not on any remote server. This gives the user more control over their public and private keys.
Community: It is an important part of the Ethereum community. It has more than one million active users. It also has almost 70,000 followers on Twitter.
All this is very good! So what’s so bad about using MetaMask?
Using MetaMask: Bad Features
Nothing is perfect. It would be a mistake not to mention the most important shortcomings for a usage review.
Browser access: It cannot access your information, but the installed browser can. While your browser cannot access your private code, it can collect information about when and how you use the app. Mozilla and Google are not very popular in the crypto community. Most crypto users don’t take kindly to these companies collecting information. This may put some users off the idea of using MetaMask.
Online Online wallets have their advantages and disadvantages. One of the biggest disadvantages is security. Any information stored online is much more at risk of being hacked than stored offline. MetaMask does not provide enough security. Remember, always use several types of wallets.