Why Use Metamask?

2 August 2023

6m read

Why should I be familiar with Metamask?
You require a program like MetaMask if you're interested in the Ethereum ecosystem. It gives you access to websites that use Ethereum, making it far more than just a straightforward wallet.
You can use a browser extension or a mobile app to connect to decentralized applications using MetaMask. You can play games with a fully visible code and conduct trades without the use of middlemen, ensuring your integrity.
Check out the starter manual below to get going!

What is a MetaMask, and what does it do?

The open-source Ethereum wallet MetaMask supports all types of Ethereum-based tokens, including non-fungible tokens and those adhering to the ERC-20 standard. Additionally, you can use the integrated Coinbase and ShapeShift connectors to buy, sell, or exchange them.

The ability of MetaMask to interact with web pages is what makes it so intriguing. With other wallets, you would have to copy-paste payment addresses or use a different device to scan a QR code. The website merely pings your wallet when using the MetaMask plugin, and you are then given the option of accepting or rejecting the transaction.

Although MetaMask may function as a standard cryptocurrency wallet, its actual power lies in its ability to interact with decentralized software and smart contracts without any glitches. Let's now examine the setup process.

Introduction

The long-awaited Web 3.0, or a distributed Internet, was promised by Ethereum. Decentralized applications (or DApps) and real data ownership are characteristics of a fair playing field without centralized points of failure.
With an industry-wide focus on Decentralized Finance (DeFi) and interoperability protocols that seek to connect the many blockchains, such an infrastructure is rapidly coming together. Today, it is feasible to borrow money backed by cryptocurrencies and carry out trustless cryptocurrency exchanges.
The preferred wallet for many Ethereum fans is MetaMask. It comes bundled as a browser extension, allowing users to immediately interact with compatible webpages, unlike traditional smartphone or desktop software. In this article, we'll describe MetaMask's operation and guide you through using it for yourself.

What is MetaMask, exactly?

The open-source Ethereum wallet MetaMask supports all types of Ethereum-based tokens, including non-fungible tokens and those adhering to the ERC-20 standard. Additionally, you can use the integrated Coinbase and ShapeShift connectors to buy, sell, or exchange them.
The ability of MetaMask to interact with web pages is what makes it so intriguing. With other wallets, you would have to copy-paste payment addresses or use a different device to scan a QR code. The website merely pings your wallet when using the MetaMask plugin, and you are then given the option of accepting or rejecting the transaction.
Although MetaMask may function as a standard cryptocurrency wallet, its actual power lies in its ability to interact with decentralized software and smart contracts without any glitches. Let's now examine the setup process.

Install MetaMask here

On the Brave Browser, Firefox, or Google Chrome, the MetaMask wallet can be installed. An in-depth discussion of its availability on iOS and Android is not necessary at this time. Although we'll be using Firefox throughout this guide, the procedures you follow will essentially be the same regardless of the platform you're using.
Visit the Metamask.io official download page. Choose your browser, and it will direct you to the Firefox add-ons site or the Chrome web store, respectively. To add the extension to your platform, click the button. Before it can function, you might need to give it some permissions. Please confirm that you are satisfied with the level of access it has to your browser; if so, we can proceed.

Initialize the wallet

You ought to now see a greeting.

If you're anything like us, you'll undoubtedly spend some time using your cursor to try and make this guy dizzy.

Click Get Started after you've finished bugging the fox on the welcome screen. Here, you'll be given the option to import an existing seed phrase or start from scratch. Then select Create a Wallet. The question about providing anonymized data to assist the developers improve the app appears on the following page. Choose the solution that you like most.
We must now come up with a password. You can examine the terms of use by clicking on Terms of Use if you're one of those fabled ones who actually read the user agreement for your program. If not, create a secure password, check the box, and click Create.

Support your initial claims!

The ensuing point is sufficient to merit a separate subheading. Since MetaMask is a non-custodial service, nobody else, not even the MetaMask creators, has access to your money. Your password secures a kind of encrypted vault where your tokens are stored within your browser. That implies that nobody can assist you in getting your wallet back if your pc is lost, stolen, or broken. Your secret keys will be lost in cyberspace indefinitely.
Therefore, it's imperative that you record your backup phrase. In the unfortunate event that something goes wrong, you can only restore your account in this way. We advise you to write the words down and save them in two or three distinct places, as indicated. Although it is not necessary to bury them in a fireproof safe far into the woods, doing so won't do any harm.

To view the phrase, click on the gray box.

The program prompts you to confirm the phrase when you arrive at the following page because it suspects that you might have skipped the previous step out of laziness. Click Back and note it down if you didn't the first time!
Verify the statement before moving on to the next action. When you click All Done, the wallet interface will appear.
Now that the dull part is over, let's start making money on (testnet) ether.

Fund your wallet.

We're going to use the Ropsten testnet for this tutorial. It's a network that performs nearly identically to the genuine Ethereum network, but its units are worthless. These are useful for creating contracts and checking to see if there are any flaws that may allow an attacker to steal $50 million in value. Every action we take on this network today may be repeated on the actual one (except, regrettably, for the bit where they give us free ether).
Click on Main Ethereum Network in the top right corner and choose Ropsten Test Network to connect to the Ropsten testnet.

On Ethereum, there are numerous separate testnets. Check out this comparison if you're curious about the variations.

To get some play money, we're going to use a faucet. To get some, go to this website with a browser that supports Metamask.

Woohoo! Free cash!

Anytime you click on the small fox icon, a pop-up window displaying your MetaMask account details will appear (as shown in the GIF above). To copy your Ethereum address to the clipboard, hover your cursor over Account 1 and click. Copy it, then click the Send me test Ether button.
Generally speaking, Ethereum transactions are confirmed quite quickly, but it can take some time before the 1 ETH really arrives in your wallet. By clicking the fox on your toolbar, you may see if you have it or not.
When that happens, we can begin interacting with DApps.

The decentralized web must be opened.
We don't have as many applications to experiment with because we're on a testnet. Check out State of the DApps or Dappradar for an extensive list of mainnet decentralized applications. You can gamble on prediction markets, play games, or purchase unique assets.
The DApp that we previously presented will be used. As a decentralized exchange or DEX, Uniswap enables us to conduct transactions without the aid of middlemen. Check see What Is Uniswap and How Does It Work to learn more about the systems that support it. if you're curious about how it operates.
Access it now by clicking here. You should notice a prompt to connect to a wallet in the top right corner. All MetaMask-compatible websites will display this in some way because it is not connected automatically for security reasons. You'll be prompted to choose which wallet you're using after clicking on it. If you haven't been paying attention, that wallet is MetaMask.
A MetaMask popup will show up when a site first tries to connect, requesting your confirmation. Before you confirm the rights you're about to provide, you'll have the option of choosing an account (we only have one for the time being, so leave it as is). The website is asking for information on the wallet address that your account manages in this instance, as it does in many others.

Regarding privacy and MetaMask

It's crucial to be aware of what you're allowing. A website can view all ether and token transactions to and from your address if they have access to it. Additionally, they are able to link it to your IP address.
Others aren't worried about these hazards (after all, the blockchain is public), while some want to separate their addresses to avoid any overlap. In the end, it is up to you how much privacy you want. Don't give websites you don't trust access in general.

Ether & DAI Swap

It's time for our first trade. The ERC-20 stablecoin DAI will be the target of our efforts. But this DAI has no real-world value, like our ether. Hit After choosing a token and adding the Uniswap Default List, click DAI. You might also choose WETH (wrapped ether), as an alternative.
The quantity of ETH we wish to exchange must now be entered. We will determine an estimated amount of DAI as we proceed. We're now ready to travel! Press Swap.

Finish the swap using MetaMask.

In MetaMask, you are once more asked to take action. In this scenario, the transaction must be approved before it is created. When doing this on the mainnet, be sure you are satisfied with the fees because they can be substantial.
Following that, all we have to do is wait for the transaction to be confirmed!

Where to Find Your Tokens

So, even when your ether is lost, your account doesn't display your tokens. You have to manually add them, so don't panic.
You can choose Add Token in your wallet and look up more well-known tokens by name or ticker by doing a search. We need to add the contract address—a unique identifier that informs MetaMask where to seek our balance—for the less well-known ones (or those on the testnet).

When you click the extension, your wallet will be opened.
In the top bar, click the three dots.
the View on Etherscan option.
Select DAI from the Token dropdown menu under Overview by clicking on it.
An address for the contract should be listed under Profile Summary. Copy the address by hovering over it.
Back at MetaMask, select Add Token.
The Custom Token tab can be selected.
Copy the information, then paste it into the Token Contract Address box.
The remainder ought to fill itself. After selecting Next, click Add Tokens.
To view your entire balance, navigate back to the main overview.

Congrats! By carelessly exchanging ether for DAI, you have engaged with your first DApp. You can now apply everything you've learned to real-world situations. Remind yourself to return to the main network from Ropsten when you're ready to experiment with mainnet applications.

What else should I be aware of?

Other cool aspects of MetaMask that we haven't discussed today exist. Besides receiving and sending money as you would with a typical wallet, you can also connect a hardware wallet (Trezor and Ledger are both supported), make a contact list, and link a hardware wallet. Examine the options to tailor the extension to your needs.
Other than that, the standard security guidelines are applicable: As a hot wallet, MetaMask functions on a computer or other device with an internet connection. Compared to a cold wallet, which is kept offline to lessen attack vectors, this puts you in greater danger.
Last but not least, it makes sense that you should be aware of which websites you're providing access to when utilizing MetaMask.

The MetaMask application

For interacting with Web3 apps while on the go, the MetaMask Android/iPhone app offers a convenient option. It incorporates a DApp browser and offers many of the same features as the extension, allowing you to quickly visit different decentralized applications.

The browser for the MetaMask app.

The application's workflow is remarkably similar to that of the browser extension. You can interact with Uniswap as we saw above, or you can send ether or tokens directly from your wallet.

utilizing an app prompt to connect to PoolTogether.

Concluding remarks

A potent tool for exploring the decentralized web is MetaMask. You've seen the wallet's potential if you've followed the instructions in this manual. It currently boasts more than a million subscribers, so obviously others have as well.
Applications like MetaMask will undoubtedly play a key role in bridging the gap between established technologies and emerging cryptocurrency infrastructure as the Ethereum stack matures.
Questions on Ethereum, MetaMask, or anything else? Visit Ask Academy, where the community will respond to your questions.

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