MetaMask is a web3 wallet that allows interaction with decentralized applications developed on the Ethereum blockchain. MetaMask, which is integrated into the web browser, is more than a wallet. Accessing and interacting with websites that are part of the decentralized web ecosystem is not possible through classical e-mail or social media accounts. For this, you will need a MetaMask wallet.
Types of crypto wallets: Hot and cold wallets
In the cryptocurrency world, wallets are a rapidly advancing technology. Investors, prices BTC priceWhile following on the screen, BTCUSDT It carries out buying and selling transactions with low commission on its page. Metamask is at this stage How to buy Bitcoin This is not the answer to the question, because places such as Kucoin cryptocurrency exchange come to the fore for BTC trading transactions. However, the advantages of MetaMask and other wallets are different.
In the cryptocurrency world, wallets are divided into two groups: hot and cold. Cold wallets have physical hardware such as USB. The reason why these wallets are called cold wallets is that they are not connected to any network. Hot wallets, on the other hand, are wallets integrated into the browser or network, such as MetaMask and Trustwallet.
Although it was developed for the Ethereum ecosystem, MetaMask, which is now integrated with different networks, is a structure that can work with many protocols, especially decentralized finance (DeFi). Exchange, stake or securely store cryptocurrencies and coins is possible with MetaMask. Since it is decentralized, the balances in your wallet are entirely your responsibility. With the MetaMask wallet, it is possible to step into the metaverse, interact with smart contracts, and even get loans.
Who founded MetaMask?
MetaMask, a decentralized web3 wallet, is a project launched in 2016. With the development of projects such as DeFi and the spread of coins in the cryptocurrency and blockchain industry, the number of members of MetaMask exceeded 400 thousand in 2020. Currently, the number of MetaMask users is over 1 million. In addition to web browsers, the application is also available on iOS and Android platforms. The developers of the app are Aaron Davis and the blockchain company ConsenSys. MetaMask, which has a simple design, has high standards in terms of security. The platform, which has advanced encryption technology, is very easy to use.
MetaMask, which has a smartphone application as well as a computer, is a system that anyone can get an address and start using for free. So how to use MetaMask? What should you pay attention to?
How to install MetaMask?
MetaMask wallet is available as a plug-in or app integrated into mobile or web browsers. To use MetaMask on web platforms, you can use Google Chrome, Firefox or Brave browser. To install the application, you must first enter the plugin store. Then download the MetaMask extension from the download page. Access to the browser is required at some stage, so you must grant some permissions to MetaMask.
Creating a wallet address is the second stage of the MetaMask download process. You will use your unique address created specifically for you on many decentralized websites. But password security is the most important issue here. Because when you forget the terms of the recovery sentence, you may not be able to receive it even if you have millions of dollars of balance in your MetaMask. Follow the steps below for installation:
- At this stage, the recovery phrase words will come to you. Write or save seed phrases. But make sure it’s in a secure environment, because you’ll need these phrases if you forget your password.
- Set a password, make sure it is not an easy password.
After opening your wallet, you must add a network to MetaMask. The Ethereum main network is located on MetaMask as Main Ethereum Network. However, for testing, use the Ropsten test network. Once you have no problems on the test network, you can send balance to the mainnet. You can then trade on the Ethereum network. Apart from Ethereum, MetaMask also includes networks such as Avalanche and Binance Smart Chain. All you have to do is add the necessary information to create a network.
What are the transaction fees on MetaMask?
MetaMask network is used not only in the Ethereum network but also in the Avalanche, Polygon, Binance Smart Chain network. Transaction fees are calculated based on a gas fee, depending on the density of the network. MetaMask users can change gas fees and limits. So you can enter the amount you want to pay for the transaction commission. However, it should be said that transaction fees in MetaMask have an impact on transaction speed. For example, slow, fast and fastest processing time options come with different gas fees. You should know that if you set the transaction fee low in Metamask, the time may be longer.
In conclusion, MetaMask is a wallet used by many investors with its private key mechanism, versatile integration and trouble-free web3 login experience. If you want to be a part of the DeFi, NFT, metaverse ecosystem, you should also create a MetaMask wallet. However, never forget the password and recovery words during the wallet opening process.