One of the challenges of being a new crypto investor is choosing which wallets to use. Among the factors that they have to consider are complexity, versatility, and potential for growth. MetaMask is an easy-to-use wallet with access to all Ethereum features. It also gets a lot of support from other Ethereum-based software thanks to being open source.
The most user-friendly ones like MetaMask are used by all kinds of traders. Wallet developers are making user-friendly wallets to make blockchains platforms and decentralized apps more accessible. MetaMask has the biggest potential for long-term relevance thanks to its open-source system.
What is MetaMask and what is it meant to do?
The quickest answer to the question ‘What is Metamask’ is that it is a crypto wallet for ERC-20 tokens and Ethereum. What made it appealing to many users is how it omitted a lot of elements in blockchain interaction that were used to deter newbies. Metamask simplified complex commands into button prompt.
MetaMask is an extension wallet for web browsers. It can be installed primarily on Google Chrome and Firefox. Chromium-based browsers are also supported so it can be installed on Microsoft Edge, Opera, and Samsung Internet. It does not have support for Apple’s Safari as of 2021.
What is the Ethereum network, dapps, and ERC-20 tokens?
The Ethereum network is the platform for Ether (ETH), the world’s second-most valuable cryptocurrency after Bitcoin. Its network is designed to support software rather than payment so it is the foundation of many smaller networks with specific functions. One of its notable features is the ability to support decentralized apps (dapps) which are like mobile or browser applications that run on the Ethereum blockchain.
The Ethereum ecosystem provides means to mint ERC-20 tokens which are cryptocurrencies exclusive to the network. Many of them have specific features but they can be accepted as payment by members of its ecosystem. MetaMask can store all ERC-20 tokens and interact with any dapps freely.
How does the MetaMask software work?
MetaMask is a non-custodial wallet so all important information like your private keys is stored in your device, not in its platform. This means that nobody can control your savings if they somehow stole your login information. Thanks to this feature, MetaMask can be paired with a hardware wallet for storing all of your private keys. It then becomes a third-party interface for interacting with Ethereum and keeping track of your ERC-20 token portfolio.
What are its advantages over other wallets?
MetaMask is open-source software so anyone can contribute to its development and expansion. Given ETH’s popularity and how many of its members started with MetaMask, it is guaranteed to have a lot of technical support in the future. This is also how it gains support from other third-party wallets like MyEtherWallet (MEW).
Speaking of which, its partnership with MEW is another strength of MetaMask. MEW is a great alternative for interacting with dapps thanks to its multi-encryption security system and a user interface for tracking your overall portfolio.
Between being the most user-friendly wallet, open-source system, and support with MEW, MetaMask is one of the most popular crypto wallets in the industry. For more tips on how to use it, you can almost always find another user who has already created a thread about it at a forum. These will always have useful information that all newbies could use. What is MetaMask besides being one of the simplest crypto wallets in the world? That would also be one of the most versatile. Thanks to Ethereum’s development towards accessibility, no investors need to invest time in programming to trade ETH and ERC-20 tokens. All you need is MetaMask and a fair understanding of market trends.