What are crypto wallets? Are these wallets safe? What makes them unique? Crypto wallets are not like the usual wallets that store money but are the ones that are responsible for storing the information about the cryptocurrencies. These currencies only exist as databases known as ledgers; they cannot be stored or moved from their native position. So, the wallets store the codes that link you to the coins you own. The portfolios use two keys namely public and private keys. The public keys are responsible for providing the address and visibility to the blockchain network while private keys are the ones that give access to your coins in the wallet. There are generally four cryptocurrencies wallets:
● Hardware wallets: They are like removable flash devices just as a USB stick. They are safe but somewhat expensive. They are regarded as cold storage as they contain private keys which are kept offline.
● Desktop wallets: They are the wallets that are downloaded from the blockchain website and stored in the personal desktop from where you can use them. They are not safer from the hardware wallets.
● Paper-based wallets: They are the ones which use a paper where both the private and public keys are written. They are the safest as both the keys are offline.
● Web-based wallets: They are the wallets that are always connected. One such wallet is Metamask. The metamask being the most recent tool is simplifying the assessment of blockchain technology making more of the users adopting cryptocurrencies.
But what is Metamask? What features does it hold? Is it safe? Are there any fees involved for using it? The following metamask review would surely generate an answer to your every question.
What is Metamask wallet?
Metamask is web-based cryptocurrency wallet which is also a Browser Extension. The basic work of this wallet is to transfer, manage and receive ETH and ERC-20 tokens and explore the applications of ethereum blockchain through the three browsers namely chrome, firefox and brave. As it acts as an extension, it helps in bridging the gap between the browser and Ethereum Blockchain. The good thing about the usage of metamask is that one can interact with the ethereum without downloading the entire blockchain.
Being a Browser Extension there is a benefit which is intact with it. In metamask, you are not required to enter the private key, and it can merely identify the malicious website or phishing that protects you. This wallet was created in the year 2016 by Aaron Davis and Dan Finlay.
How does the Metamask Wallet work?
What are the features of Metamask?
● Intuitive UI: The metamask team contains a user-defined experience engineer who is responsible for making the UI of metamask more intuitive. It has undoubtedly made the use metamask quite easy.
● Open source: Metamask is an open source meaning that the codes are online and are free to access. It is an open lead to continual improvement that can be caused due to the involvement of the community.
● Multilingual: Ethereum being a decentralized project needs to have multilingual build wallets. Due to this reason, the metamask wallet comes with 18 languages for the ease of accessibility.
● HD Settings: These settings help the users to have a backup for their accounts quickly. It happens due to the list of words provided, which are known as Seed Phrases. They are used to revive the lost account information.
● Custom fee: Though there is no charge for using metamask, the ethereum wallet is not simple. You need to provide customization for setting up gas price. It has led to a chargeable custom fee which is required to be paid while doing any transaction over the ethereum network.
● Built in coin purchasing: The metamask links directly with the two exchanges using which you can buy the tokens. You can select Coinbase to purchase ether or ShapeShift to buy ether or ERC20 tokens.
● Customer support: Metamask wants more and more people to get connected with the ethereum network. To do this, it has an introductory video on its homepage and a detailed support page for the users.
● Simple interface: Even if you are a beginner using the metamask wallet is easy as all the features are laid accurately and adequately.
● Network options: The metamask wallets even lets you access various testnets due to development of Dapps over the ethereum network.
● Local key storage: Sure wallets allow the storage keys on their servers. And this feature is common in wallets which will enable exchange through Coinbase. Metamask is one such wallet which allows the metamask keys to be stored on its browser, making the access and more control over both private and public keys.
● Community: It is an active part of the ethereum community having more than a million active users and over 40 thousand followers on the social site Twitter.
If you want to store your cryptocurrency in the Metamask wallet, then there are no such fees involved. But during an exchange, when you are transferring ether or ERC20 token from the metamask wallet to other wallets, then you need to pay a Gas Fee. What is Gas? Gas is the internal pricing which occurs while doing a transaction in Ethereum and is required by the Ethereum network to process the transaction. The busier the network, the higher the Gas Fee charged to get the transaction processed.
Is Metamask Wallet safe?
The metamask review can never be complete if the safety options are not pondered upon. But to decide this, there are certain things to keep in mind while judging the security of the wallet:
1. Metamask contains the Seed phrase which is encrypted with a password. Thus, even if the hackers can hack your device, they would require this password unless the application is open in your device.
2. Metamask is "hot" wallet meaning you can only use it when you are connected to the internet. It makes them the most insecure cryptocurrency wallets.
3. The wallet is an open source allowing transparency is making the developer to review and verify the codes.
How Secure is the wallet?
Whenever we think of downloading the Metamask wallet one questions linger in mind most, Is metamask safe? Though being Hot wallet it is regarded as an insecure wallet, but the researches tell that till date Metamask has not suffered significant hacks. It is all because of its feature of being open source and letting the developers keep checking the status. Apart from this feature, it uses a security option DEN which is storage of your application.
Despite the HD settings and an active community, the main risk of phishing attacks is being faced by Metamask. These attacks are the scams that the hackers use to steal information like passwords and usernames. It is essential to ignore pop-ups and malicious emails to prevent such attacks. Instead, use the official website for the login purpose.
The Metamask Security Features:
● Usage of strong password for your account.
● Seed phrase, which is a 12-word phrase that helps to revive the lost data.
● The private key has to be accessed by entering the right password.
● Do not support two-factor authentication.
The metamask has become an essential part of the Ethereum network and is especially beneficial if you are a newbie wanting to take a step in the world of the blockchain. The review lets you know the essential features of the Metamask Wallet and the security options it withstands. Thus, Metamask is "hot" online wallet which is easy to access, use and has decent security options making more users attract towards it.