Understanding Decentralized Part 2 Homework Post @yohan02: MetaMask Wallet

I am very excited to write this homework post. I am really enjoying this course and hope to gain more knowledge on crypto with @yohan2on lessons.

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DeFi wallets are wallets which aids users to store their assets without having to depend on any third party. There are many examples which include coinbase wallet, metamask wallet, MyEther wallet and Argent wallet. I would be writing on Meta Mask wallet and explain how to use it.

WHAT IS META MASK?
Meta Mask is a software cryptocurrency wallet used to interact with the Ethereum blockchain.
It allows users to store and regulate account keys, broadcast transactions, send and receive Ethereum-based cryptocurrencies and tokens, and securely connect to decentralized applications through a compatible web browser or the mobile app’s built- in browser. This wallet was crerated in 2016 by Aaron Davis and Dan Finlay.

HOW DOES META MASK WORK?
The operation of Meta Mask wallet works with JavaScript by injecting a web3 object into the website page you are working on. In doing so, it only adds a functionality that makes it possible to access the Ethereum platform but doesn’t change the website in any way.

HOW TO USE META MASK
Before one can use Meta Mask wallet, one has to create a wallet account by visiting the MetaMask homepage and add the extension onto the browser to be used. Set your password and it should be a strong one of course.
Now, after registering for a MetaMask wallet, you are set to go into buying and selling of tokens using the wallet.

HOW TO PURCHASE TOKENS USING METAMASK WALLET.

1. To buy tokens on the wallet, you click ‘BUY’ on the MetaMask
2. From the interface, choose one of the integrated exchanges, ShapeShift or Coinbase to fund the account.
3. The tokens you want to buy will come from sellers on the ShapShift or coinbase exchange.

HOW TO SEND TOKENS FROM META MASK
To send tokens using metamask wallet, simply follow the procedures below;

1. Click on ‘Send’
2. Type in the public address of the recipient
3. Before confirming, check and be sure that there is enough tokens in your wallet for the transaction to be done.
4. Confirm the transaction details and then accept.

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ADVANTAGES OF USING METAMASK WALLET

1. The wallet has an intuitive user interface
2. It has a reliable customer support
3. It has a large development community that contributes to its development.
4. It also has integrated ShapeShift and Coinbase exchanges which makes it easy to exchange ETH and other ERC- 20 tokens.
5. Lastly, the wallet uses hierarchical deterministic settings that assist users to back up their accounts.

DISADVANTAGES OF USING METAMASK WALLET

1. There is easy compromising of your privacy
2. There is a greater risk of being hacked than with other type of wallets like hardware wallets. e.g. Ledger Nano S and KeepKey wallets.

I say a very big thank you @yohan2on