How does MetaMask work? Is it reliable or is it a scam?
Do you want to enter the world of Dapps but find it complicated?
You're not the only one.
But don't worry, to make things easier, this application called MetaMask has emerged.
I will try to explain to you in plain language, that is, for non-expert people, what MetaTask is, because the subject has some fabric.
What is MetaMask?
MetaTask is basically a web browser plugin or extension for connecting to the Ethereum ecosystem and its Dapps.
Surely you have used some of these extensions. There are plenty of them, both for Chrome and Firefox.
But why is this bridge or browser extension needed?
Well, because I commented using Dapps blockchain without this bridge requires knowledge and an elaborate process which makes them almost inaccessible to the typical user.
Not everyone is a programmer or has the time to study how to operate Ethereum software.
Well, that's what MetaTask is for, to make use of DApps easier and simpler for most users.
MetaTask is also a wallet for Ethers and ERC-20 tokens, which can thus be bought or sold from any Ethereum address.
The latter allows you to interact with all Ethereum-based Dapps and this is how you can spend your tokens or coins on whatever you want.
What type of Dapps can we interact with MetaTask?
Well, all sorts of market-related applications that are emerging from decentralized token ecosystems.
Think decentralized crypto exchanges, gaming services, betting apps, and anything else you can think of.
So, in summary, we have:
|MetaMask is an application to be able to interact with the different DApps, and at the same time it is an Ethereum wallet.|
What DApps can we use with MetaMask?
Keep in mind that these apps are evolving and some may come in or go out. We are in an extremely dynamic market. Let's look at some of the ones we can use:
- Funding: DeFiGroupCH – ETH
- Games: Ethecom, Cryptowager, á table ¡, Block Wars, Ludos Protocol, Ring, Squirrel Forest Idle, CryptoNumismat, TokenWarriors, TotalGame, Dime
- Paris: MAVRO
- Risk: POG, 12HourToken, Ether Chain Fast, HEX Pool, Samurai Quest
- Development: DappNode
- Ownership: Crypto Space Commanders
- Media: CryptoTunes, Cryptography
- Social: Mentality
- Markets: CryptoBaskets
- Governance: YFIONE
- Identity: uPort
- Storage: certainty
- Exchange: DDEX
- And many more: you can see them at this page (as we see we have over 500 and I think it's rising like foam).
Some known DApps that can be used with MetaMask are:
PoolTogether – It is a lossless gaming protocol based on Ethereum. It is a system based on the deposit of funds and with the interest generated by the funds of all users, a kind of lottery is distributed, so that no one loses, and some, the lucky ones, win a good prize .
Compound: One of the most popular DeFis DApps on the market, where tokens can be exchanged in loan-like contracts, in which anyone can give or receive loans in a decentralized way in a secure environment.
Kriptokitties – This is one of the most famous blockchain games since the inception of this technology. In 2017, this DApp was the craze and one of the early successes of using these technologies to spark the interest of the masses. As the name suggests, the game is about virtual cats.
How to register?
Well, the first thing is to go to their website.
Then click on the download button, then we will have the downloaded program, which in turn will be installed in our browser, whether Chrome, Firefox or Brave.
The process is not very scientific, and it is quite simple.
Once you have created your password they will give you a passphrase consisting of 10 words which have a certain order and which you must keep safe, ideally you write it down on a few pieces of paper and record it in a few key locations.
With this, you should be able to enter the extension and with it be able to transact with your favorite DApps.
What do you want to use Compound with your MetaMask Tokens and Ethers wallet?
Well, you do that no problem.
The next thing you should do is try to insert Ether to be able to do things with DApps because otherwise there will be no point in joining this platform.
To deposit we give the buy button and see the options.
The easiest way is just to have an address with some Ethers, so we would only have to make a direct deposit.
Here's a very Example of sending 0,0272 Ethereum from Coinbase to Metamask.
As we can see, this is an operation in which Coinbase (the exchange) does not charge a commission, but there is a commission on the network, which in this case is 7,7% of the transaction .
As we can see, this is a very high transaction cost, but that's because the example is with a very small amount of ETH. If we ship 1ETH, the % commission decreases.
This is why it is not advisable to make small transactions too often because in this way the capital is swallowed up.
In the following table we have the possibility to choose how to deposit the Ethers. In the example above, we saw how to do it with a direct transfer from an exchange, but it could also be done with a debit or credit card.
Is MetaMask safe?
This is one of the millions of questions you should ask yourself whenever you are interested in any app or internet-related problem.
I will answer you clearly:
100% sure it is not.
What is blockchain based application?
There is no complete security on the Internet, and I believe that MetaMask will not be the first completely secure application.
That said, at the moment there is no known hack of the system, which after a few years of operation is a good record in the world of cryptocurrencies.
A significant issue is that it is an online wallet system, and therefore 'hot', not like Ledger or Trezor, but that is something it shares with the vast majority of the industry. It's a risk we have to take.
When it comes to the security of this platform, perhaps the biggest problem could come from phishing hackers, who may be watching your screen and if they see that you are involved in this application, they may try to fool you to get your password.
In this sense, it is advisable to take all possible precautions, such as trying to carry out the transaction while keeping the wallet closed.
Logically, if you start using illegal services on the network, or strange things, you are more likely to find sites where these hackers abound.
Un case recent phishing occurred with an issue related to Google Ads. According to the article, the scam was carried out by creating similar fake websites and buying Google advertisements, to lead users interested in information on these websites, where they took their security keys and then were cheated. This is not a system hack but rather an elaborate plot to steal money.
What are the pros and cons of MetaMask?
Lots of Dapps to choose from, over 500 and counting
It helps to save space because downloading Ethereum blockchains is a tedious process.
Without MetaMask, the individual process of interacting with each Dapp would be cumbersome.
It's a "simple" platform, but not in a bad way, designed to be easy to use.
It has a very large community of users, with over a million, and I think it will grow
It is an Open-source system, that is to say open source. This means that it is free and accessible without barriers. Anyone can contribute to the project and improve the app.
What disadvantages does it have?
This is an online application and as such carries risks inherent in the operation of the web. Even if for the moment he has the reputation of being safe
It depends on external nodes, which can cause “hangs” or so-called downtimes, i.e. times when the application does not work.
It only works to trade with Etheres and ERC-20 tokens as a wallet
What alternatives are there?
One is the one you will have already figured out, which is to kick your ass with the DApps one by one with all the fuss that entails.
MyEtherWallet is a similar application, which also depends on the Ethereum ecosystem. It works similarly but has its quirks. Which is better? It depends on everyone.
One of the advantages of myEther is that it can also be used as a cold wallet, since it can generate its own wallets. It also allows direct access to Smart Contracts.
For this reason, it may seem that MyEther is better than MetaMask, but it doesn't have to be. In some cases, MetaMask may be easier to use.
Other MetaMask competitors are Parity and Mist Browser.
After what we have seen, do you think it is worth using MetaMask?
If you want to use some of these Dapps that are in their ecosystem, this is an option worth considering, especially if you don't want to complicate your life.
It is this simplicity that has made its success and that is why there are already more than a million users who use this extension to use their favorite dapps.
With the stratospheric rise of the cryptocurrency world, I think there is a good chance that the number of users will continue to grow in the years to come, possibly up to 10 million or more, which know?
If Bitcoin rises to 500 USD, anything can happen.
Of course, as long as the app continues to have a good reputation and there are no major security issues.
One way to maintain a good security profile is to not have too much money on it. Your most important fonts need to be on other systems, and MetaMask would do well to see it as a way to have a bit of a change for playing your games, or making the occasional purchase of digital assets.
If you use MetaMask, I hope it will eventually be useful to you.