MetaMask Review: Is It A Safe Crypto Wallet & Gateway?

MetaMask provides an easy-to-use interface that allows users to interact with dApps. It replaces all complex operations like importing private keys or finding mnemonic phrases in order to move funds around Ethereum accounts. Let’s move to the MetaMask review.

MetaMask integrates with Ethereum wallets, so there is only one web interface you need to use. After installing MetaMask and logging into your account, you will be able to reach the contract address of any dApp that has integrated with MetaMask. You can interact directly with smart contracts and send or receive ether. 

MetaMask was first developed by ConsenSys, a company that builds decentralized solutions on top of Ethereum. For example, they have built Gnosis Olympia – an interactive forecasting tool powered by an oracle system that uses market data from all over the world. Gnosis Olympia uses Web3 as its backing blockchain layer for ORACLEs (Off-Chain Reliable Autonomous Communication).

Metamask Review

The newest version of MetaMask is a mobile browser extension. It connects directly to the Ethereum blockchain through a fallback integration with the Mist and Parity client.

This allows users to access their Ethereum wallets and interact with decentralized applications without needing to download a full Ethereum node (just like using an app on your phone). 

Features Review of MetaMask.io

Swap 

The first thing to say is that MetaMask Swap is an official MetaMask extension on Google Chrome that was released about a week ago. It’s available on the Chrome store and even for the mobile application. MetaMask Swap is an extension for MetaMask, and it is a very important feature, as it lets users swap their ERC-20 tokens to ERC-20 tokens that have fixed supply. 

CEIP-1559 

EIP-1559 improves the way contracts are handled by the Ethereum browser, making it easier to find exactly what you need without having to go hunting through pages of data. The function of this proposal is very simple – instead of displaying every contract individually in their own tab, they are now displayed in a table view, making it easier to compare side-by-side agreements and select which one you want to use. This proposal also provides more space for reading data before selecting a contract. 

The MetaMask application for Android and IOS and Browser 

With MetaMask installed, you can create and sign transactions locally, meaning your private key stays on your computer and never leaves (unless it’s specifically exported). 

What this means for you: 

– You don’t need to download any apps or software to manage your Ethereum account 

– You can interact with all dApps on the web without worrying about installing anything else   

– Your private key will be encrypted and stored locally (on your computer) so there are no chances of keys being stolen by phishing sites or hackers. 

MetaMask has even released its official application which can be used by enthusiasts. The mobile application has all the main features that allow you to use dApps. It also comes with Private key export and import functions, Token management, and many other useful options. 

The application allows users to create accounts easily by setting up a password of their choice while the magic happens via the Ethereum blockchain. The process is the same as it would be when using any other Ethereum wallet like my ether wallet but MetaMask has been designed to be user-friendly and convenient for casual users who want to see what this whole blockchain thing is about without having to download any additional software or apps. 

How to open an account on MetaMask? 

Steps to create an account on MetaMask: 

1) Visit https://metamask.io/ and click “Sign Up”. 

2) Enter the email address you want to use, a password that is long enough so that it cannot be guessed easily, and a secure password hint. 

3) MetaMask will then send you a confirmation email with your new account information. 

If this is your first time trying out MetaMask, an easy way to try it out is by faucet mining:  

1) Open up Metamask (if it’s not already open). 

2) Click on the “accounts” tab at the bottom of the window that pops up.  

3) Click on “faucet mining”.  

4) In the dropdown menu under “Your Address”, select “Main Network”.  

5) Click on the first link in the list of faucet links.  

6) Click the button “Continue” and then on the button “Claim” to claim some free test ether. (You may have to scroll down a bit.)  

7) You’ll now see that your balance has increased by a small amount of Ether. You can click on the down arrow next to your balance and click “Send” in order to send some Ether back to the faucet for additional testing if you’d like.  

8) When you’re done experimenting, remember to click on the button “Close Account”. 

Security and Safety Protocols of MetaMask 

Security features of MetaMask include: 

Four-Digit Code [updated] – This code is sent by MetaMask to the user’s phone and then used in combination with a password to log into their account on the blockchain. It also protects your account from getting hacked should someone steal your phone’s information.  

Security Verification [Updated] – When attempting to send an Ethereum transaction, MetaMask sends an encrypted request with a random number to a server hosted by an Ethereum node. This number can be used to prove that a transaction is legitimate.  

Safety features of MetaMask include: 

Two-Factor Authentication – When creating an account, the user is required to provide a phone number and then a second code will be sent to their phone via SMS. This code is used in combination with the password to log into their account on the blockchain. 

Scanning for Malware – MetaMask has a built-in scanner that monitors your computer for malicious software. It also has official plugins for Windows, macOS, Linux, and Android operating systems. 

Logging Activity – Every time you use MetaMask, it records the IP address, timestamp, and transaction amount used. The record can be viewed by clicking: “Show records”. 

Onboarding New Users – When a new user installs MetaMask, they will be required to undergo onboarding. This process allows the user to confirm their account, review the terms of service, and choose an icon for their account. 

Monitoring for Phishing – The creators of MetaMask have partnered with EtherScamDB, a website that monitors for phishing attempts. Users are able to report phishing websites in order to stop them from doing damage. 

Is MetaMask safe to use? 

With MetaMask installed, you can have your own identity stored in The MetaMask Identity Store and use any dApp as if you were on the client. It also provides a visual overview of how much Ether you are holding. 

To use this extension, it’s important to check out some of the most popular dApps on the market such as MakerDAO, SingularDTV, or myCryptoWallet.com. 

How do I install MetaMask extension? 

The installation process is fairly straightforward, but make sure you follow these instructions! It can save you a lot of trouble if you get it wrong. You can visit the MetaMask website to download the extension and follow these installation instructions: 

Steps To Install MetaMask Extension

On the top right of your screen, you will see your 3 options: ‘Firefox’ / ‘Chrome’ / ‘Brave’. 

Click on the corresponding button to the type of browser you are using, and then press “ADD TO CHROME”.

A warning will pop up – click the “ADD” button to proceed. 

Return to your browser, and you will see a green icon that says “Metamask”. Click on it. 

Click “CONTINUE TO CHROME WEB STORE”.

After a short while, you should be able to see the extension in your chrome://extensions area at the bottom of your screen. If it does not appear there for any reason, go back and try again, as there may be a technical issue on their side or with your computer. You can also check online for any issues with installation by visiting the official website of MetaMask 

FAQ: 

  • Do I need cryptocurrency to use MetaMask? 
  • Recently, MetaMask released their newest product, the Ethereum Wallet. With the wallet, you are now able to use Dapps and connect your Blockchain wallet with your browser.

    A lot of people have been using it to create accounts on ERC-20 token exchanges without needing to download a whole new cryptocurrency wallet app for each one. But some people might be wondering if they need cryptocurrency in order to actually use the MetaMask Browser extension.

  • How to get funds in MetaMask? 
  • Here are some simple steps you need to follow:

    A) Install and Open Metamask  
    B) Click on the “Add Wallet” Button  
    C) Add Your Account Address or a Custom Address  
    D) Add ERC20 Token or ETH Deposit Address     
    E) Fill out your account details (Security question, etc. ) 
    For security reasons, you will be asked to submit a very short Security question after you add any wallet address. After you submit this answer which will be found to be right, your account is all set and you can start managing your funds. 

  • How do I send ETH and tokens to someone? 
  • To send an ETH or token transaction, you need to know the recipient’s address. If you do not know this information, type “0x” into the To: field. The Smart Contract System will then take care of the rest. 

    Conclusion On MetaMask Review

    MetaMask.io is an important building block for accessing a wide variety of blockchain services and applications from within your browser. While it may be a little unnerving to only have Chrome or Firefox as options for the browser you’re using to access Ethereum, in my opinion, there are many advantages to that situation. You can use MetaMask or not, but either way, you’ll have a full node running at anytime you need one. 

    Give a Comment