MetaMask is an open source software cryptocurrency wallet that was created in 2017 as an extension for browsers. Initially focused on the Ethereum network and ERC-20 tokens, the wallet was subsequently supplemented with support for other blockchains, including BEP20 and BEP2.

The main function of MetaMask is to serve as a central element in the Ethereum ecosystem, providing convenient interaction with decentralized applications. Users can store and move cryptocurrencies, as well as NFT tokens, and even purchase ETH cryptocurrency through various payment methods, including bank cards and payment gateways.

MetaMask is available as an extension for Chrome, Firefox, Edge and Brave browsers, as well as as a mobile application for iOS and Android devices. This wallet provides convenience and security for users by giving them access to the world of cryptocurrencies and decentralized applications directly from a browser or mobile device.

The principle of operation

MetaMask uses a cryptographically secure mechanism to store private keys encrypted on the user's device. This means that the wallet itself does not have access to private keys and cannot disclose them without the appropriate user permission. 

The user has full control over his private keys and, consequently, over his cryptocurrency assets. He can use MetaMask to sign transactions transferred to the blockchain, which ensures the security of the process and prevents possible manipulation by third parties.

In addition, MetaMask provides the ability to interact with decentralized applications (dApps), allowing users to use their cryptocurrency assets to access various services and functions without leaving their wallet. This makes MetaMask not only a means of storing and managing cryptocurrency, but also a platform for interacting with a decentralized ecosystem.

How to use MetaMask

On the official MetaMask website (metamask.io ) Users can simply download and install the wallet by following a few simple steps.

Here is an example of installing the MetaMask browser extension for Google Chrome:

1. Go to the website metamask.io and click on the "Download" button.

2. Select the platform to install, for example, for Google Chrome, click "Install MetaMask for Chrome".

3. You will be taken to the MetaMask extension page in the Chrome app store. Click the Install button.

4. After installation, the extension will automatically open in a new browser tab. Click "Get Started".

5. On the authorization page, select "Create wallet" if you do not already have a MetaMask wallet.

6. Create a password that will be used to log in to the wallet. Confirm the password and agree to the terms of use.

7. Then you will be asked to generate a secret phrase or private key. The secret phrase is necessary to restore the wallet in case of password loss or browser change.

8. It is important to keep the secret phrase in a safe place. After confirming the phrase, the MetaMask main menu opens.

In addition, it is important to understand that the backup phrase (seed phrase) is the main element of the security of a cryptocurrency wallet. It is recommended to store this phrase offline, for example, write it down on paper and store it in separate parts.

After installing MetaMask, you will have access to the functions of buying, exchanging and sending tokens, as well as managing your assets in your wallet. You can also add new tokens by clicking on the corresponding button at the bottom of the window.

MetaMask Features

MetaMask is a non–custodial cryptocurrency wallet that provides complete security and confidentiality of user data. Private keys, passwords, and addresses are not shared with developers or third parties, and encryption takes place right inside the application. This means that the user is in full control of their funds and can manage them safely and securely.

MetaMask provides a wide range of standard functions for a cryptocurrency wallet, including storing, receiving and sending tokens on various connected networks, including NFT. Users can also use test networks with demo tokens, as well as buy ETH directly through supported payment options and exchange tokens through the built-in DEX exchanger.

The exchange function in MetaMask is implemented through the EIP-1559 protocol, which allows you to reduce gas costs and choose a priority for the transaction, as well as through the decentralized exchange aggregator (DEX), which finds the best price for the token and the optimal route for the transaction.

It is important to note that MetaMask does not support Bitcoin directly. However, users can convert Bitcoin into ERC-20 standard tokens, such as Wrapped Bitcoin (WBTC), which can be stored and transferred to MetaMask in the same way as other tokens on the Ethereum network.

When using MetaMask, there are no limits and commissions from the wallet. Users can use the wallet for free, and the transaction fee depends on the selected network and the priority set by the user. MetaMask provides flexible and convenient conditions for managing cryptocurrency assets without unnecessary restrictions.

Commission 

It is important to understand that MetaMask, as a wallet, does not charge fees for the process of transferring cryptocurrency itself. Instead, commissions are paid to miners for adding transactions to the blockchain. The amount of the commission depends on the selected network and the current value of its tokens.

When a user initiates a transaction through MetaMask, he indicates the desired commission that will be paid to the miners for processing his transaction. This commission is usually measured in gas and may vary depending on network congestion. Miners will be more likely to add transactions with higher fees to the blockchain in the first place, so an increase in fees can speed up transaction processing.

This way, MetaMask users can control the amount of commission they are willing to pay for their transactions based on the current market situation and their needs. This provides flexibility and convenience in using the wallet.

Safety

The MetaMask crypto wallet has earned an impeccable reputation over the years of its work, without letting its users down even once. Moreover, the number of users who have installed his application has exceeded 21 million, which indicates his popularity and trust on the part of users. The main pillar of wallet security is its fundamental refusal to store user data. This means that even in the event of an attack on the company's servers, attackers will not be able to gain access to users' coins. The platform is also open, reviews updates and provides monthly security reports by posting them on the blog.

The basis of data protection in MetaMask is the SEED phrase that is generated by the wallet when it is created during registration. To do this, the BIP39 standard is used, which provides the most random and complex combination of 12 words. This phrase is used for all types of coins and is stored exclusively on the user's device.

For an additional level of security, the following is recommended for the MetaMask user:

1. Limit the connection of the wallet to selected sites and regularly check the list of connected resources.

2. Do not disclose the SEED phrase to anyone, including company representatives.

3. Ensure the physical and software security of your device to prevent intruders from accessing the recovery phrase.

4. Carefully check the addresses of smart contracts when making token purchases.

5. Use only official and verified sources of information about the application and related sites.

6. It is preferable to store funds in cryptocurrencies rather than in stablecoins.

7. Consider using MetaMask together with a hardware wallet for an additional layer of security.

These measures help MetaMask users to ensure a high level of protection for their cryptocurrency assets and minimize the risks of possible attacks or data leaks.

MetaMask functionality

MetaMask is one of the most popular cryptocurrencies due to its incredible versatility, which allows users to conduct many operations with cryptocurrency, while receiving additional opportunities for investment and earnings. Here are just a few of them:

Buying and selling NFT: 

MetaMask allows you to conveniently purchase and sell NFT on popular marketplaces such as OpenSea. Users can easily download an application or wallet extension, replenish its funds and start buying and selling digital collectibles.

DApp applications: 

MetaMask supports decentralized applications (DApp), providing users with access to various services and functions without centralized management. Developers of such applications can easily use the MetaMask wallet to create their own decentralized platforms.

Swaps: 

The MetaMask wallet allows users to exchange tokens of one cryptocurrency for others directly through its interface. This is convenient and effective for users who want to convert their assets easily and quickly.

Buying Cryptocurrency:

With MetaMask, you can purchase cryptocurrencies not only on traditional exchanges, but also through decentralized platforms such as Binance Smart. This makes the process of acquiring digital assets even more convenient and accessible.

Stacking: 

MetaMask supports stacking, which allows users to earn passive income by storing certain tokens. Users can easily connect their wallets to the official token sites and start receiving interest for participating in the network.

These capabilities make MetaMask not just a crypto wallet, but a full-fledged tool for managing cryptocurrency assets, investing and earning in the digital ecosystem.

Mobile application

To safely install the MetaMask app on your smartphone, follow these instructions:

1. On your device, go to the Google Play app Store for Android devices or the App Store for iOS devices, and you can also click on the links on the official website.

2. Click on the "Install" button and wait for the download and installation of the application on your device to complete. Pay attention to the permissions requested by the application and make sure they match its functionality.

4. After installation, open the MetaMask app on your device.

5. If you already have a MetaMask account, enter your credentials and log in. If you do not have an account, follow the on-screen instructions to register again. If necessary, go through verification.

Remember that your seed phrase (12 words) is the key to your wallet and must be kept confidential. Do not share it with others and do not enter it on suspicious websites and applications.

Support Service 

The MetaMask support service is characterized by fast and competent responses, as many users have seen. In addition, the wallet provides an extensive knowledge base on its website, where users can find answers to many questions, including such common ones as "I can't log into MetaMask – what should I do?". It is also worth noting that you can get a lot of useful information on the wallet users forum.

Conclusion

MetaMask impresses with its easy and fast installation, simple registration and high security. It supports staking to generate passive income, easily connects to NFT marketplaces, provides the opportunity to exchange cryptocurrencies and create DApp applications. However, the safety of savings directly depends on the user's competence in information security issues.