Written by: Russian DeFi
Compiled by: TechFlow
MetaMask is a popular decentralized wallet that provides more functionality than just storing crypto tokens.
It also provides many features for NFT and Web3 applications on the Ethereum blockchain. Since the MetaMask development team began designing the wallet's various functions and features in 2016, its main goal has been to make it easier, more reliable, and more secure for users to access the Ethereum blockchain.
As the most popular Web3 portal, will MetaMask become an information hub similar to Google?
This article reviews the product status and development context of MetaMask, and discusses the future development possibilities.
A wallet is your personal key to the crypto world. It enables you to buy, sell or transfer assets on the blockchain.
Blockchain wallets can be used as digital or online wallets that allow users to store and manage their Bitcoin, Ethereum and other cryptocurrencies. Blockchain wallets allow cryptocurrency transfers, protect crypto assets from theft, and allow users to convert them back to local currency when necessary.
MetaMask is the most popular blockchain wallet today, with over 21 million monthly active users, making it the most widely used non-custodial cryptocurrency wallet in the world. It is the entry point into the DeFi ecosystem, NFTs, ERC-20 tokens, and almost all Ethereum functions.
The MetaMask browser extension is an essential tool for crypto gamers, developers, and newcomers to the blockchain space, making Web3 accessible to the masses.
It has a large community with over 1 million downloads and many resources contributing to the project.
Unlike traditional wallets, MetaMask does not require additional plugins, allowing you to use it in any browser.
Once installed, you can view your Ethereum addresses, and send and receive tokens to any other Ethereum address.
MetaMask allows you to stake your tokens on gambling sites, trade on DEXs, and participate in projects like PoolTogether and Compound.
The MetaMask app is available for desktop and mobile devices.
The download process is essentially the same on all supported browsers.
What makes MetaMask different from other hardware wallets is its encryption feature. The user's private key and mnemonic are stored in a secure location, and the user only needs to manage their own independent mnemonic.
MetaMask launches deposit and withdrawal functions
MetaMask has introduced a new feature that allows users to buy cryptocurrencies with fiat currency directly from their wallets. Currently, fiat payment methods include debit cards, credit cards, bank transfers, PayPal, and instant ACH, with more options coming soon.
The “Buy Crypto” feature is part of the Portfolio Dapp, and users can now purchase around 90 cryptocurrencies using local payment methods by connecting their MetaMask wallet.
According to MetaMask, the service is already live and supported in 189 countries. However, the amount that users can purchase through the service is limited by the laws applicable in their region. The feature is also available in the browser application.
The feature currently supports Ethereum, Polygon, Optimism, Arbitrum, Binance Smart Chain, Avalanche Contract Chain, Fantom, and Celo.
MetaMask, More Than Just a Wallet
Most people associate MetaMask with cryptocurrency wallets, but it's much more. Think of it as a crypto account manager that uses cryptography to protect your account keys. When you create a new account on MetaMask, a new pair of private and public keys is generated.
These keys are necessary to ensure that the account owner is legitimately conducting transactions, and users can manage them in a variety of ways. For example, hardware wallets protect wallet security by isolating the wallet from the Web3 environment.
MetaMask Portfolio
Previously, the ability to buy cryptocurrencies was only available in the MetaMask mobile app. Now, desktop users can access the service through the wallet extension and web browsers.
Many people may have multiple cryptocurrency wallets/accounts. However, until now, you couldn’t see the total value of all your accounts in your MetaMask wallet. For that, you had to rely on other platforms.
MetaMask Portfolio is a Dapp that allows you to view all of your MetaMask accounts and assets in one place. It aggregates the value from up to ten accounts and displays your total holdings, making it easier for you to instantly snapshot their value in your preferred currency.
Multiple Networks
If the future is multi-chain, the Portfolio Dapp supports this vision by providing a variety of networks to choose from:
Ethereum;
Optimism (Optimism Network);
BNB Smart Chain;
Polygon;
Phantom;
Decision;
Avalanche.
Once you link your accounts, you’ll be able to see all your assets across these chains in one place, with support for more networks to come in the future.
Richer NFT Experience
By switching to the “NFT” page of the Dapp, you can see your digital art collection and other NFTs on the Ethereum mainnet and Polygon.
Portfolio View
Simply select Portfolio from the extension's home screen to conveniently access the user's portfolio:
Connect multiple accounts: You can connect all your MetaMask accounts to this Dapp.
Aggregate your assets: By connecting multiple accounts, you can easily keep track of your important token balances and aggregate your entire portfolio.
View your NFTs: View your collection across all your connected accounts on Mainnet and Polygon.
View your multi-chain assets: This Dapp allows you to view your holdings on 7 networks.
Search and Watch Coins: View your favorite coins on any supported chain and add them to your watchlist to track.
MetaMask 20 years later
MetaMask co-founder Dan Finlay explains how MetaMask will become the Google of Web3.
MetaMask could potentially evolve into a Dapp that provides users with exactly what they are looking for through a variety of recommendations and services that cater to their needs.
According to Finlay, Google is trying to solve the problem in a broader, global way, explaining, "If you search for auto mechanics, it might ask for your location and incorporate your past search history, but it doesn't incorporate completely private, personal, social network-type information. At MetaMask, we're committed to building a user agent that's user-centric and cryptography-first."
This means that in the future using MetaMask as your wallet may help you find a good mechanic or whatever else you are looking for.
Main functions of MetaMask wallet
MetaMask supports Ethereum transactions, allowing users to send and receive funds in minutes through advanced features. Here are the main features of the MetaMask wallet:
Exchange tokens anytime, anywhere
Users with a MetaMask account can swap any token from their mobile device or desktop wallet. The swap feature combines data from DEX aggregators, DEXs, and market makers to ensure that every user gets the best price with the lowest network fees or gas costs.
MetaMask wallet has privacy protection as its top priority compared to other digital wallets. The platform allows users to store, exchange and access tokens without having to worry about exchanges and DApps obtaining more private information than the user agreed to.
Adjustable Gas Fees
Unlike other hardware wallets, MetaMask wallet users can set transaction fees according to their own needs. The wallet also allows fine-grained control over gas fees.
Supported Networks
Although users are limited to using Ethereum, they can communicate with other networks such as:
Ethereum mainnet;
Kovan test network;
Goerli test network;
Ropsten test network;
Rinkeby test network.
EIP-1559
The implementation of EIP-1559 changes Ethereum's market mechanism by replacing the first-price auction with a fixed-price sale. More importantly, users submitting transactions no longer need to calculate the required Gas, as the base fee is already included in subsequent blocks. Applications or users who want to prioritize transactions can pay a priority fee or tip to miners.
The world's leading non-custodial cryptocurrency wallet
MetaMask grew 1800% in one year, from 545,080 monthly active users in July 2020 to 10,354,279 in August 2021.
Founded in September 2016, MetaMask has played a vital role in the adoption of decentralized applications on Ethereum.
The launch of a mobile version in September 2020 was key to attracting new users from global markets including the Philippines, Vietnam, China, India, Indonesia, Thailand and Brazil.
In March 2021, the MetaMask mobile version launched a token exchange function, which also accelerated user growth.
“MetaMask defines a new type of cryptocurrency wallet where users can interact not only with currencies but also with decentralized applications, and we continue to make these new types of applications more secure and accessible to a wider audience," said Dan Finlay, co-founder of MetaMask. "We let users explore new ways to build trust online," he added.
in conclusion
MetaMask is a decentralized wallet with many features and Web3 applications. It is a central hub for NFT and Web3 enthusiasts to build decentralized applications on the Ethereum blockchain. When the MetaMask development team began designing the wallet's features and functions in 2016, the main goal was to make access to the Ethereum blockchain easier, more reliable, and more secure. Today, it has achieved great success.
Although the wallet has many features, it cannot be used as a primary wallet because it does not support Bitcoin, the most widely held digital asset in the cryptocurrency industry. The wallet is suitable for intermediate and advanced cryptocurrency investors because it emphasizes technical features. But considering the plans of MetaMask co-founder Dan Finlay, the future of the wallet looks bright.
