What is MetaMask?
MetaMask is a crypto wallet created by ConsenSys that supports the storage and transfer of cryptocurrencies and NFTs issued on Ethereum or EVM-compatible blockchains. It serves as a wallet for Ether and other tokens and allows you to interact with decentralized applications or dapps. Unlike some wallets, MetaMask does not store any information about you: neither your email address, nor your password, nor your Secret Recovery Phrase, nor private keys. You retain full power over your crypto identity.
How and where can you use MetaMask?
MetaMask allows users to access decentralized exchanges (DEX), gaming platforms and many other applications without leaving their browser.
Today MetaMask can be downloaded as a mobile application for Android and iOS, as well as as a web extension for Google Chrome, Firefox, Opera and Microsoft Edge. At this stage, MetaMask supports all cryptocurrencies of the following networks: Ethereum, Polygon, Fantom, Avalanche, Optimistic Ethereum, Arbitrum One, Aurora Network, Cronos, Harmony, Celo and EOS. You can connect new mainnets in the application settings.
How do commissions work in MetaMask?
MetaMask automatically determines gas fees for each transaction based on network conditions, but users have the ability to customize settings through an advanced menu, allowing them to change gas fees and gas limits.
Fees and limits have different meanings: fees represent the cost of processing a transaction, while gas limits determine the maximum transaction cost that a user is willing to incur in a single transaction.
The speed of transaction processing depends on the selected commission. A high commission ensures faster confirmation, while a low commission does the opposite. MetaMask offers three gas fee options: “Fastest”, “Fast” and “Slow”.
Gas costs depend on network load, which was a pressing problem in 2021 and hampered the development of the smart contract network. If you set the fee too low compared to what MetaMask recommends, there is a risk that the transaction will get stuck and not be confirmed.
Security comes first or how MetaMask reached this pinnacle of security
The MetaMask wallet hasn’t been the victim of significant hacking incidents due to discovered vulnerabilities in its code, however, one of the significant shortcomings of MetaMask is its connection to the Internet, which poses potential threats to the security of individual users.
In 2018 a solution was introduced to overcome this problem: MetaMask introduced the ability to integrate Ledger hardware wallets. This combined the high level of security of cold wallets with the ease of use of hot wallets.
What is important for a beginner to know?
If you are new to the world of cryptocurrencies and blockchain, here are some tips:
- Learn: Before you start using MetaMask, familiarize yourself with the basics of blockchain. Understanding the basic concepts and terminology will help you better understand how your wallet works.
- Security: Be sure to create a strong password for your MetaMask wallet and store your seed phrase in a safe place. The safest way to store a seed phrase is to write it down with a pen on 2-3 pieces of paper and store them in places that are accessible only to you. Use only official and verified versions of MetaMask to avoid exposure to fraudulent attacks. Don’t connect your wallet to sites that you do not trust. If you have even the slightest concern about the security of the site, but you need to use it together with your wallet, it is always better to use a new, clean wallet in which you do not have anything that you would not want to lose.
- Test transactions: Before sending large amounts of cryptocurrency or participating in smart contracts, conduct small test transactions to ensure everything is correct.
Conclusion
MetaMask is a convenient and powerful online wallet that allows you to easily carry out transactions with cryptocurrencies and use the functionality of decentralized applications. With its help you can manage your cryptocurrency assets. But it is always worth remembering that security should be a priority, so be careful and keep your secret data safe, do not connect your wallet to unverified sites and do not download dubious applications, because these actions can put your assets at risk.