MetaMask: What is MetaMask, and what advantages does it have?

Suppose you have friends or family who are enthusiastic about cryptocurrencies. In that case, it is very likely that when you use your web browser, you will find an icon with the head of a fox, which follows your mouse pointer with its gaze, and although it sounds a bit funny, it is not some kind of video game.

 

What is MetaMask, and what was it created for?

MetaMask is a cryptocurrency backup service specializing in Ethereum digital currencies and the entire spectrum of its micro-ecosystem tokens based on the ERC-20 standard. It is a wallet that works through a browser extension, allowing users to protect public and private keys and send and receive cryptocurrencies and tokens. It also allows the connection of decentralized applications compatible with a web browser, making a complete and versatile application for those users whose cryptocurrency catalogue is dominated by Ethereum tokens.

MetaMask was developed by Aaron Davis and Dan Finlay, creating a primary application in 2016 that would later evolve into what MetaMask is today. The main idea behind the project was innovative and very versatile since it would allow users to interact with their favourite cryptocurrencies and tokens easily. From a plugin that would be hosted in any browser, it would also allow them to have a direct channel with their favourite decentralized applications without having to configure anything; So, with MetaMask, everyone would have a fast and secure way to make crypto transactions from their web browser.

The Ethereum web API, better known as web3.js, would be used to achieve this. With this Ethereum library, they would lay the foundation for a project with great potential and full of possibilities since, with this library, they could create a communication bridge between decentralized Ethereum applications and users.

The development of MetaMask was not easy at all since a perfect balance between security and functionality was required, and this effort was not in vain since its first version was presented on July 14, 2016; In its beginnings, it was only available for the Chrome browser and its derivatives, for years later it expanded its reach to the most used browsers worldwide.

Today MetaMask is one of the most used decentralized wallets or applications by cryptocurrency users due to its ease of use and the enormous amount of functionalities that can be integrated with it, in addition to the fact that its use is almost mandatory for ERC-20 token enthusiasts since it is perfectly developed to support this type of digital assets.

 

 

What advantages have using MetaMask?

  • As we mentioned before, among the main advantages of using MetaMask, we find
  • Easy installation and account creation.
  • It does not require any type of specialized technical knowledge to be used.
  • It can be run in virtually any web browser.
  • It’s focused on Web 3 applications, so it’s very intuitive.
  • It has an excellent level of security for a web plugin.
  • It allows executing transactions with hundreds of tokens established within the ERC-20 standard of Ethereum.
  • It will enable the use and connection with other decentralized applications within the Ethereum network.
  • You can save or store crypto assets within the ERC-20 standard and send them to other wallets.
  • Be used in various crypto games as a bridge between wallets.
  • It has a private mode that increases the security level to the highest, thanks to EIP 1102.
  • It allows the creation of different usage profiles, which enables the user to use various accounts within the Ethereum network.

How to install MetaMask?

As mentioned above, MetaMask works and operates on various web browsers, including Chrome, Mozilla Firefox, Opera, Brave, and Safari, among others. For this reason, it would be very complex to explain the installation process for each of these browsers. Still, luckily the plugin installation process is very similar, if not identical, in all cases.

  1. We will go to our favourite browser and search for the MetaMask extension in our browser’s app store or extension catalogue (Chrome, Opera, Firefox) and select install.
  2. Once the application is installed, we will proceed to the initial configuration of MetaMask, and to start this configuration, we go to the plugin and select Start.
  3. Conditions of Use: in this step, they give us information about the data they collect that is useful to improve their wallet. This collected data is anonymous and will not be used to track user activity or sell it to third parties. Every user will have the option to Accept or Reject these conditions.
  4. Create a wallet: This step will ask us if we want to create a new wallet from scratch or import an existing one. If we import MetaMask, it will request the Seed Phrase or Backup Phrase to recover an old wallet the user has previously created.
  5. Create Wallet password: If you have chosen a new wallet, MetaMask will request you to create an access password. Its length must be greater than eight characters. At MegaAcademy, we recommend that a mixture of alphanumeric characters and special characters is used when creating passwords in this type of application.
  6. Visualization of security measures: in this part, MetaMask will show us an explanatory and didactic video on the importance of the Backup Phrase or Recovery Phrase; once we have understood what they have shown us, we will select Continue.
  7. Backup Phrase: in this part, we must see the Secret Backup Phrase or Secret Recovery Phrase and find the best way to protect the information in a safe place where it is not lost or destroyed. MetaMask on the right side gives us some tips for carrying out the backup process.
  8. Confirmation of the backup Phrase: In this step, MetaMask will request the backup Phrase you gave us in the previous step; it is necessary to know that the 12 keywords must follow the same order in which it was delivered previously.
  9. Congratulations: in this last step, MetaMask will welcome us and give us some tips to keep our account secure.

 

Articulos relacionados

Preguntas frecuentes

Al igual que las criptomonedas, las billeteras tienen diferentes enfoques, algunas wallets se especializan en algún tipo de criptomoneda o token, y este es el caso de MetaMask que se especializa en todos los tokens que se generan bajo el estándar ERC-20; pero cuando nos enfocamos en otras monedas, existen muchas otras wallets que quizás sean mejor en la gestión de criptomonedas diferentes al estandar ERC-20.

MetaMask es una aplicación descentralizada que le permite a sus usuarios conectar de forma directa con otras Dapps, también almacenar cualquier criptomoneda o token bajo el estándar ERC.20, realizar transacciones de envio y deposito de criptomonedas y todo esto desde una extensión de navegador web. 

Es un sistema de seguridad extra que posee algunas wallets que se usa para poder recuperar los datos de dicha billetera si por alguna razón se pierde acceso o es eliminada la aplicación, la Seed o frase de recuperación consta de 12 palabras generadas de forma aleatoria pero con un orden establecido, lo que quiere decir que aun teniendo las 12 palabras si no están en el orden correcto el sistema las tomara como falsas.