What is MetaMask?

What is MetaMask and how does it work? Is MetaMask wallet safe? We will give you answers to these questions. The majority of decentralized applications introduced by decentralized finance, which has taken a big place on the agenda recently, have been developed on the Ethereum blockchain network. The tool, which is a bridge that allows us to interact with this ecosystem on Ethereum, and also functions as a cryptocurrency wallet, is called MetaMask.

MetaMask was launched in 2016 by blockchain software company ConsenSys. MetaMask provides wallet service for Ethereum-based (eg ERC-20) tokens. At the same time, MetaMask, which offers access to Ethereum-based decentralized applications, allows users to use their tokens in these applications. Users can also access decentralized finance (DeFi) protocols such as Uniswap.

MetaMask, which is available as a browser extension and mobile application, can also be used on websites with integration.

How is it different from other wallets?

In addition to providing a wallet service for Ethereum-based tokens, MetaMask. It also provides access to decentralized applications and DeFi protocols in the Ethereum ecosystem.

MetaMask users can install without having to download the entire Ethereum blockchain. The wallet is sending requests to nodes outside of the user’s computer.

Users only need to remember the words that make up their passwords, instead of managing their private keys. Transactions are signed on behalf of users.

The direct use of MetaMask on integrated websites offers an advantage over wallets that require manual settings.

On the other hand, MetaMask, a hot wallet, stores users’ private keys in their browsers. This makes the wallet more vulnerable than hardware or paper wallets. Users need to be careful about the websites they allow access to.

Is it safe?

According to its website, the tool keeps wallet data private until the user allows sharing their account address. MetaMask sends a notification to the user when a website sends a request to view the user’s account address.

Transactions made using MetaMask are recorded on the Ethereum blockchain. And it can be viewed by anyone. Due to the anonymity of accounts on the Ethereum network, only those who know that the account address belongs to you can see that the transaction was made by you.

It stores users’ login passwords, recovery passwords and private keys in an encrypted manner on the device where it is installed.

Users need to keep their recovery passwords in a safe place. In case of device failure or browser reset, it is only possible to recover the wallet with the recovery password. Physically storing the recovery password by writing it down on paper is the most common storage method.

Recovery passwords and private keys should never be given to anyone or a website. It is recommended to only allow access to trusted websites.

Note: The information, comments and evaluations contained here are NOT in the Scope of Investment Consultancy. Keep following the SinceCoin.

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