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MetaMask is a cryptocurrency wallet that lets users store Ether and other ERC-20 tokens. A critical security risk concerning IP leaks was found ...

What is MetaMask? The Blockchain Wallet Explained

Learn more about the blockchain wallet

In the digital world of crypto, owning a wallet is necessary, and it won’t cost you a dime to get started. You can’t send and receive blockchain-based transactions without a compatible blockchain wallet. That’s where MetaMask comes in! But what is MetaMask, and how can I get started with digital wallets? This article is going to guide you through these very common questions. Follow through!

What is a digital wallet?

A digital wallet, just like your traditional leather wallet, in blockchain terms, is an interface that allows you to store your private key and interact with multiple digital ledgers depending on the wallet type.
Each public blockchain has its wallet. The MetaMask wallet is native to Ethereum, supporting the storage of ETH and its tokens. It’s like a bridge, bringing the Ethereum blockchain closer to users through browsers.

What is MetaMask?

MetaMask is a wallet that connects the user to the Ethereum blockchain. The objective of its creators back in 2016 was to make ETH transactions simple and as intuitive as possible. The project grew much more than that and is today one of the biggest web3 companies.
Through MetaMask, you can also interact and use various Ethereum dapps easily – and you can do it from your desktop or mobile app.
DappRadar Ethereum Dapps Ranking
Access thousands of dapps on the Ethereum network through DapprRadar
You may also like to read: The Best Cryptocurrency Wallets for 2022

How does MetaMask work?

Since their overall goal is to promote adoption, MetaMask is self-hosted, and its plugin is available for different browsers.
You simply have to add an extension to your browser, whether it’s Firefox, Chrome, Opera, or Brave.
It is also non-custodial, which means that you have full control of your funds. Moreover, MetaMask has a security vault that keeps your identity secure, allowing the end-user to interact with Ethereum from different browsers, and sign off transactions.

How can I install MetaMask on my Chrome browser?

  1. 1.
    Visit MetaMask’s official site and select your download option (Chrome, iOS, or Android app). Head to Chrome’s official store, and click “Get Chrome Extension.”
  2. 2.
    Follow the link, click “Add to Chrome” to add the extension, and install the MetaMask plugin. Once ready, you will be redirected to a new tab.
  3. 3.
    To get started, you can either “Import Wallet”—which applies to those who had MetaMask wallets before, or “Create Wallet” for those who want to create a new wallet. To create a new one, click on this button.
  4. 4.
    On the “Help Us Improve MetaMask”, click on agree to grant permission to MetaMask.
  5. 5.
    Create a new password.
  6. 6.
    Next, back up your seed phrases. You’ll use these phrases to recover your wallet in case of loss. Jot down these keywords on a piece of paper, and store them safely.
  7. 7.
    Click “All Done” to conclude the process.
Watch the video below for a visual explanation of what MetaMask is and how to create your own wallet.

How can I transfer funds to my Metamask wallet?

To receive funds from an external account, click “Receive” on the main window. You can copy your public address or scan the QR code to start the transaction.
You can also connect your MetaMask to a hard wallet like Ledger or to another web or desktop wallet.
With a MetaMask blockchain wallet, you can also deposit or receive ETH to or from any Ethereum dapp from the comfort of your browser.

What is MetaMask Swap?

Launched in 2020, MetaMask Swap is a feature that allows you to swap (or exchange) one cryptocurrency token for another.
MetaMask Swap works from your desktop or mobile wallet, combining data from different decentralized exchange aggregators.
It’s similar to DappRadar’s Token Swap, but here tokens must be from the Ethereum network only.

What’s the future of MetaMask?

MetaMask is celebrating its 6th anniversary in 2022. As a way to celebrate the occasion, the company shared exclusive insights and very interesting data on their users for the first time ever.
MetaMask successful roadmap
This year, with over 30 million Monthly Active Users, MetaMask has become every crypto newbie’s go-to wallet. It is, therefore, one of the most essential tools for Ethereum adoption.

Keep learning about digital assets with DappRadar

Once you have set up your MetaMask wallet and have your tokens stored, head over to DappRadar.
With the DappRadar Portfolio Tracker, you have an overview of all of your digital assets across multiple blockchains – cryptocurrencies and NFTs. Take a look at the video below to learn how to connect your MetaMask wallet to DappRadar.
In the ever-changing world of decentralized applications, cryptocurrencies, and blockchains, it’s important to keep well-informed.
Luckily, DappRadar’s team works hard daily to provide you with the latest news and essential tutorials. If you want to learn even more about the best Web3 projects, follow the DappRadar blog, YouTube channel, and Twitter.
Last modified 2mo ago