Introduction

One of the cryptocurrency wallets in the Defi ecosystem is called Metamask. So, therefore, we can say that Metamask is a cryptocurrency wallet that can be used on browsers such as Chrome, Firefox, Brave etc. Metamask is also a browser extension. This implies that Metamask works like a bridge between the normal browsers and the Ethereum blockchain.

Source

Recall that we once said that the Ethereum blockchain is a network that allows users to build their apps which are also called dApps. The blockchain deals in the form of transaction called smart contracts. It's also important to mention here that Metamask is used to store keys for Ethereum cryptocurrencies only.

Aaron Davis and Dan Finlay created Metamask in the year 2016. Now, the main reason for creating Metamask is to make Ethereum easy to use. The company’s headquarters are in the United States of America.

Coins supported byMetaMask

The said wallet supports Ethereum and all other ERC-20 tokens. Furthermore, other tokens can also be added to the said platform by simply using the custom add bar, here, you will be required to present the tokens smart contract address, symbol and it's decimal precision.

Fees associated with MetaMask

All transaction in Metamask requires a certain amount of fees. Metamask transaction requires at least a little amount of Ethereum before the transaction will be initiated. Based on the network you want, be it slow, average or fast, your fees depend on it. If you want your transaction to be slow, you will be given a small fee charge whereas if you want it to be fast you will have to lay more charges. You can use the advance option to customise your fees charges.
The fees charged per transaction be it slow, average or fast goes to the miners on the network. And also, the fees in Metamask are usually measured in Giga Wei or Gwei.

MetaMask Ease of Use

The interface of the said platform is user-friendly hence it is very easy to use. More also, it is important to mention here that the wallet support about 18 international languages these is to help ease the interaction between platform and users.

Anonymity

Many persons are scared because of much of the fraudulent activity taking place in the cyber world. So it is on this note that I need to educate us on the fact that the wallet does not have access to our personal information. But we allaydownha at we require a browser to access Metamask and you know that browser sometimes, saves personal data hence we can say that Metamask is indirectly not that secret.

Installing Metamask

Installing Metamask is very easy and simple you can follow the lay down step to install it.

• Go to the Metamask right-hand- Click “Get Chrome Extension” to install Metamask.

• Click “Add to Chrome” in the upper right.

• Click “Add Extension” to complete the installation.

To know whether you have successfully installed Metamask, You will see the fox logo on the upper right hand corner of your right-hand

Using Metamask

OnChromehe first tasks you will want to do on Metamask is to install a wallet (or “vault” as Metamask calls it) to hold your cryptocurrencies. To do this, follow the instructions below.

• Click on the Metamask logo in the upper right hand corner of your Google chrome browser.

• Read and agree to the terms and conditions. You may have to agree to 2 to 3 pages worth of terms.

• Enter a password and click “Create” to create your wallet.

• You will see a set of 12 “seed words” for your vault. Click “Save Seed Words as File” and copy the “MetaMask Seed Words” file that is downloaded to a safe place. You will need it to access your vault.

• Click “I’ve Copied It Somewhere Safe” once your seed words file has been secured. You’ll be taken into your Metamask wallet!

Advantages of Metamask

• Open Source:- these imply that the wallet is free and can be used by anyone.
• Customer Support:- the application has a customer support unit and also has a video on their home page to guard new users on how to use the application.
• Simple interface:- the interface of Metamask is very easy to use. All new users can interact with the interface without any issues.
• Community:- Metamask is one of the biggest community in the Ethereum blockchain because it has more than a million users.

Disadvantages of Metamask

• Browser access:- the browser stores most of the information of the user hence can be access by any other person who has access to the phone or computer.
• Risk of been Hack:- Because of the presence of the wallet online, it is open to the risk of been hacked by online fraudsters.

Best regards
Cc: @steemitblog
Cc: @steemcurator01
Cc: @steemcurator02
Cc: @steemcurator03

#defi #yohan2on-week5 #crypto #blockchain #finance #ethereum #nigeria