Crypto Academy Week 5//Decentralized Finance (Part 2)//Submitted to @yohan2on

Thank you for this week lectures Prof. @yohan2on, it's really getting interesting.

For the purpose of this lecture, I will be discussing on the Meta mask DeFi wallet.

What is a Metamask Wallet
Metamask wallet is a fully decentralized soft wallet. As we know from previous lectures, that crypto wallets don't store cryptocurrency but rather they store private keys and other vital information on your cryptocurrency assets.
Metamask is built on the Ethereum blockchain and can be used to assess Etherum tokens only. It is open source, has simple and easy to use interface, very good customer support system, it has linkage between 2 exchanges(it serve as a bridge between 2 exchanges), gives you access to explore Dapps on the Etherum blockchain,etc.

It is vulnerable to attack since it is a hot wallet and has a connection to the internet, it does not store your information but the browser on it might.

How to Set up and Use a Metamask Wallet
Setting up a Metamask Wallet is quite difficult, it starts by first accepting you need a wallet, selecting your browser and move further to download it on goggle play store. I will be showing snapshots of this process as we progress.

To download visit www.metamask.io

Once downloaded on goggle playstore, next is setting up the wallet

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You can either choose to import a wallet or create a wallet.

Move on to setting your passwords and next secure your wallet,your 12 seeds words will be revealed to you, ensure you write them somewhere safe. During this process you will be asked to reproduce the seeds words, this action is called BACKING UP.

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Once you have backed up, account is created and you can start trading.

To buy crypto, all you need to is click on Wallet, which will be displayed. Once displayed it asked you if you want to buy or send crypto. To buy, it redirect you to choose you funding method. Fees are deducted upon acceptance of the transaction.

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Using your wallet address, you can receive your purchase crypto. If you also intend to send, you need the wallet address of the receiver in other to send crypto.

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Among many of its features are its inbuilt Web 3.0 browser, allowing easy access to the web. Also has inbuilt list of Decentralized Exchanges which it support for easy access such as 1inch exchange, Uniswap exchange, etc can be found on the Dapps. On the DeFi section we have Aave, compound, curve, etc.

It is also possible to added token from already list tokens and to add costume tokens,using its contract address. Still on its interface is column where you can view on etherscan your transactions. Successful and unsuccessful transactions can also be viewed.

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Finally, there are also provisions to import account and add new account inside the Metamask wallet. Metamask is quite user friendly, though they only accept Etherum based tokens.

Snapshots are not allowed inside the Metamask wallet mobile app

I think I still prefer Trustwallet when compared to the Metamask.

Thank you Prof. @yohan2on, see you in the next class.