MetaMask is an open-source, free extension. It does not need users to run an Ethereum node, and users can directly interact with apps (decentralized applications). MetaMask offers wallet services along with Dapps access functionality. The users can enjoy all the product’s features and the wallet services. Two versions of the Metamask are available: One is for the standalone clients that run on MacOSX, Windows, and Linux operating systems, and another is Google Chrome or Firefox add-ons.
Why is MetaMask a good option?
MetaMask is an extension for #GoogleChrome browsers. But it is compatible with Opera and Firefox browsers. It has the feature to store Ether or ERC20-based cryptocurrencies on a user’s device along with the interaction with dapps. The users can use these stored cryptos in various dapps without registering another account.
Users can download and install the MetaMask on their devices and access it after completing the logging-in process. They can view all the transactions and balances, eliminating the need to download the entire blockchain, which is time-consuming.
As the MetaMask extension does not store anything on local computers, the risk of malware or virus attacks minimizes, ensuring the protection of personal information.
Uses of MetaMask.
Built-in exchange service: This extension offers a built-in exchange service and acts as a wallet to store, buy, sell or trade Ethereum. This extension connects users with their MyEtherWallet, eliminating the need to enter private keys at each transaction.
Interaction with smart contracts on the Ethereum network: This feature simplifies the transaction execution process, like creating and sending tokens.
There is no need for the internet to access: The account’s private key is stored in the user’s local device; users can access ETh even without the internet.
Compatible with other dapps: This extension is compatible with dapps like Cryptokitties, and users can see the game progress and insert ethers using this extension.
Advantages of MetaMask:
1. Easy to set up: The users with less cryptocurrency knowledge can easily set up the MetaMask. The users only need a mobile phone number or an email address. Private is not required for this extension. The users have complete control over their transactions and funds once installed on the MetaMask extension.
2. Free to use: This extension is an open-source and free resource. This feature is the most significant advantage to users over other comparable extensions that charge some fees.
3. Supports various Dapps: MetaMask extension supports various Dapps making it a more straightforward process to manage the various currencies and transact with them. It supports apps like Datawallet, EtherDelta, Augur, Cryptoitties, etc. This feature has minimized the need for a centralized exchange to store tokens, Ether, and other forms of cryptos.
4. Users enjoy complete control over funds: The MetaMask gives the access to the users for their funds and transactions by storing them on local devices. This feature enables the users to keep the transactions away from the hacker’s reach.
5. No additional downloads: With the adoption of MetaMask, the users can interact with other apps without needing to install complete nodes. It is effortless to use for users who are not techno-savvy.
6. Users can create their wallets: One of the significant benefits of MetaMask is the creation of a unique internal wallet. If a strong password is set up, cybercriminals cannot hack the user’s private keys. This feature makes the MetaMask safe for use on public and private WiFi as no third party can access the funds due to the encrypted connection.
7. Zero Exchange Fees: One of the most significant advantages to the user is zero exchange fees or rates. The users do not need to spend fees while converting crypto coins for cash and vice versa.
8. Privacy: Due to the zero fees, the user’s financial information is not shared with third parties for calculating the fees at the time of withdrawal.
9. Private keys: The user’s information is stored in the blockchain and not on some central server; the user’s data is secured with the private key.
Disadvantages of MetaMask:
1. Time required for syncing the Blockchain: It is the users’ everyday experience that they have to wait for the transaction confirmation. This time lag might incur higher transaction fees in case of price fluctuations.
2. High Gas Prices: On the Ethereum network, gas denotes the computational power needed for transactions like the purchase and sale of tokens from an exchange. Based on the demand and supply, the gas price fluctuates. In other words, the gas price increases with the rise in the transaction volume.
3. Security issues: As the user’s devices store the keys and funds, the user’s funds are at risk of stealing the laptop or phone. The attackers might use malicious code on a website to transfer the funds from MetaMask to their accounts. The Ethereum blockchain is immutable, so the transaction cannot be undone or reversed.
Final Thoughts: MetaMask is a perfect choice for users who are not technology-savvy as it is easy to use and offers excellent privacy, security, and usability. The users are not required to purchase expensive hardware to use it. If you have queries, please get back to us. Team Blockchain Shiksha would be happy to solve.©
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