MetaMask Crypto Wallet, Free Digital Asset Storage; How to Use?

MetaMask is an Ethereum-based crypto wallet that supports multiple blockchains for free and is a safe storage for crypto assets. It is a completely free software developed by one of the major developers of Ethereum. Users can avail it for all types of digital assets like cryptocurrencies, NFTs, tokens, etc. that are based on the supported blockchains. It is user-friendly, easy to install, and allows instant integration of Ethereum-based tokens for storage, trading, and utilization.

What is MetaMask?

MetaMask is a hot non-custodial crypto wallet software developed by the largest Ethereum developer company, ConsenSys. It allows users to purchase, transfer, and store cryptocurrencies, and NFTs, access DEX platforms, and use DApps and other tokens issued on Ethereum and other EVM-compatible blockchains. It’s a widely acclaimed wallet service that is easily accessible and safe.

One of the oldest cryptocurrency wallets, it’s the go-to wallet for the Ethereum ecosystem. Not just Ethereum, it also supports other EVM-compatible blockchains, including Binance Smart Chain-based tokens, and Layer-2 solutions like Arbitrum, Optimism, Polygon, etc.

Notably, wallets are the primary requirement to store and trade cryptocurrencies. Once a user purchases digital currencies, a software-based medium to store them is mandatory. A crypto-wallet allows users to buy and sell their crypto, and store the purchased assets from the exchange. Hence, it’s the basic interface that allows crypto-users to access and interact with the world of digital assets.

Development and Technical Overview

Founded by Aaron Davis and Dan Finlay, with ConsenSys, the wallet was launched in 2016. By 2020, the platform acquired over 400,000 monthly active users (MAUs). By that time, it could only be used and accessed over a desktop browser. But in September 2020, ConsenSys launched an official mobile application of the MetaMask wallet compatible with Android and iOS mobile devices. Consequently, the wallet hit 1 Million MAUs in October 2021.

It is an open-source, free-to-use software that is available as a browser extension plugin for computer desktops. It uses browser integration and is supported in Chrome, Firefox, Opera, Safari, Edge, and Brave. The blockchain being used will deploy smart contracts via a JavaScript code that allows the wallet program to interact with other applications run on those browsers, such as to send transaction requests and other action prompts.

Key Features of MetaMask

Being a hot wallet, it is used in the online mode, which can be accessed anytime by the user. It is a non-custodial wallet, also known as a self-custodial wallet that allows users to store and manage account keys, and have full custody of their funds. The company doesn’t act independently with the customers’ funds in any way.

The wallet has a very intuitive user interface that can be very easily understood by seasoned crypto users. Newbies can also easily use the platform with a little assistance.

MetaMask Mobile: Mobile users can access the wallet by installing the application. They can skip using it on the browser, and can directly buy and sell their crypto on the apps. The mobile interface is even better than the desktop one.

The safety feature of the hot wallet is ensured by its excellent encryption technology which generates private keys that are very hard to hack. It then securely stores these passwords and private keys, along with seed phrases, in each user’s device.

Acting as a gateway into the world of crypto and DApps, it enables the trading and storing of ETH and other ERC-20 tokens. Users can send and receive all Ethereum-compatible stablecoins like USDC and USDT. It also allows the trading of NFTs issued on the Ethereum blockchain using the ERC-721 standards. Other than this, it can be used to access DEXs for swapping tokens and accessing various DApps.

It can be easily used to access DApps like various games and utilize user tokens for games, and crypto casinos, trade NFTs and implement them in various online games.

As of today, the blockchains supported by MetaMask include— Ethereum, Binance Smart Chain, Polygon, Arbitrum, Optimism, Avalanche, Fantom, Cronos, Aurora, Celo, and EOS.

How to Use MetaMask?

How to install: The browser plugin can be installed like any other plugin. Once the plugin is installed, it gives an option– “Get Started”. Then the user gets to the option of “Create a wallet”.

How to Sign-up: The sign-up process is initiated with a public address assigned to the user, after which a password is created by the user. This password is used to open the wallet, whenever the user wants to access their crypto assets. The platform gives guidelines on creating a strong password. Then it automatically generates a private key for the public key or the wallet address, which must be saved by the user for their own future reference. They need to enter the private keys every time they want to send crypto to another address. After reading and accepting the “Terms of Use”, the account is created by clicking the “Create” option.

Seed Phrase: Once an account has been created, the network sends a 12-word seed phrase to the user. The user must preserve this phrase by copying it somewhere securely, in case of recovery for forgetting their private keys. It is recommended never to enter the seed phrase anywhere online for security purposes.

Integration with Exchanges: The wallet automatically integrates with the Coinbase exchange.

Buying and trading NFTs: The wallet is very easily compatible with OpenSea and as such can be used to trade NFTs available on the platform. Users’ MetaMask wallets are also regularly featured in various collections for airdrop events from the  OpenSea marketplace.

Advantages of MetaMask Wallet

The wallet has many advantages—

• It has no transaction fees by itself. It only incurs costs for the gas of various assets being traded using the wallet.
• It does not require the user to download the entire blockchain as it simply executes transactions on the external nodes of the platform that are set up outside of the user’s device. The blockchain network is accessed using these external nodes, thus, saving a lot of space in the user’s computer.
• The wallet also gives provisions for earning rewards via yielding and staking. Their addresses are popularly selected by the OpenSea platform for various NFT airdrops.
• Besides having a very easy-to-use interface and an easy setup process, it has an excellent, optimized integration for many DApps. This is because a lot of the DApps developed on the Ethereum network are designed specifically to function for integration with this specific wallet. The wallet is completely free to install and download on any supported device.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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