Cryptocurrency users have a new way to store their digital coins, particularly Ethereum users.
MetaMask is one of the world’s most popular web-based cryptocurrency wallets for Ethereum or ERC-20 tokens.
But MetaMask is more than a wallet, it is a gateway to the decentralized future of the internet.
Learn all about the crypto MetaMask wallet here.
What Is the MetaMask Wallet?
MetaMask is a browser plugin that serves as an Ethereum wallet. Additionally, MetaMask is available as an iOS or Android app.
As a browser plugin for Firefox, Chrome, Brave, and Edge browsers, MetaMask also allows users to access and interact with smart contracts and decentralized applications (DApps) built on the Ethereum blockchain.
In short, MetaMask is a wallet built around the Ethereum ecosystem that allows users to store Ethereum and ERC-20 tokens but also provides ease-of-use for using your coins and tokens on the growing decentralized internet.
As MetaMask says: “MetaMask is a bridge that allows you to visit the distributed web of tomorrow in your browser today. It allows you to run Ethereum dApps right in your browser without running a full Ethereum node.”
Put simply, MetaMask is unique in that it is implemented as a browser extension that allows web applications to interact with the Ethereum blockchain from a traditional web browser.
What Is a Cryptocurrency Wallet and Why Do You Need One?
If you have an interest in cryptocurrencies, you have likely heard of a cryptocurrency wallet.
If you are new to cryptocurrency, a cryptocurrency wallet is an app that, as its name suggests, allows users to store and retrieve digital assets.
Technically speaking, the analogy between a traditional wallet and a cryptocurrency wallet is not quite accurate.
Cryptocurrency wallets do not actually store cryptocurrency, which only exists on a distributed database known as a blockchain. Cryptocurrency can be moved around a blockchain, but cannot actually leave it.
Cryptocurrency wallets store information, particularly public and private keys, that allow you to access your cryptocurrency from the distributed database.
Just as in traditional currency environments, a wallet is not necessary in order to own and use cryptocurrency. You could hold coins and paper money in your pocket without a wallet. Similarly, you can store your private and public keys on bits of paper in your desk drawer.
But, if you use cryptocurrency regularly, you will almost certainly want to use a crypto wallet.
How to Get Started With MetaMask
One of the many benefits of MetaMask is its simplicity. Within minutes, you can have an Ethereum based wallet that allows you to store and use Ethereum and ERC-20 tokens.
1. Make sure you have the Firefox, Chrome, Brave, or Edge Browser
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Firefox, Chrome, Brave, and Edge are all free, open-source browsers. If you do not have one of these browsers installed, do not worry, they are simple to install on Windows, macOS, or any Linux distribution.
In addition to desktop browsers,
2. Download the MetaMask Plugin
Next, download the MetaMask plugin from the MetaMask website. You will need to make sure you download the plugin appropriate for the browser you are using.
Additionally, MetaMask is available as a mobile app for iOS and Android mobile devices.
Whatever platform you choose, MetaMask does a wonderful job of making download simple and straightforward.
3. Create a New Wallet
Through the browser plugin or mobile app, create a new vault, or wallet.
You will then be prompted to create a password for this new wallet. It goes without saying that it is best to create a strong password.
Importantly, MetaMask will show a 12-word seed phrase. Place this seed phrase somewhere safe, either in a secure file or on a piece of paper that you will not lose.
This seed phrase will allow you to recover your cryptocurrency in case you forget your password.
4. Fund Your Wallet
One of the best features of MetaMask is how simple it makes funding your wallet.
Simply click “Buy” on the MetaMask interface to buy Ethereum or other ERC-20 tokens.
MetaMask will then prompt you to choose one of two integrated cryptocurrency exchanges, Coinbase or ShapeShift.
Both Coinbase and ShapeShift are great exchanges, but this tutorial will show you how easy it is to fund your MetaMask wallet using Coinbase.
With your account funded, simply click “Send” and enter the public address of the recipient you wish to send your cryptocurrency.
You are now prepared to send and receive Ethereum and ERC-20 tokens and take part in the emerging world of web3.
What Are DApps
Traditionally, web applications are hosted on centralized servers. This gives hackers a target to attack and allows control of an application to rest in the hands of a few. This is the way of the past.
Decentralized applications, commonly known as DApps, are an emerging technology that builds on blockchain and other peer-to-peer networks.
Ethereum is the leading platform for developing and deploying DApps.
One exciting aspect of MetaMask is that it allows users to explore DApps on the Ethereum platform without running a full Ethereum client or node.
You can use MetaMask to explore the state of DApps.
What Is DeFi
Decentralized Finance, DeFi, applications are not necessarily built as DApps.
However, DeFi and DApps share a common goal – decentralizing how the world operates.
DApps take web applications off a central server and place them on distributed platforms such as the Ethereum blockchain.
Use SmartCredit with MetaMask Today
SmartCredit.io has integrated with MetaMask so that you can use your MetaMask wallet with the SmartCredit.io app.
Try the SmartCredit.io app today by clicking on “Try App” on the SmartCredit homepage.
With the MetaMask plugin installed and the SmartCredit app downloaded, you can receive a SmartCredit loan today. Or you can begin earning exceptional interest rates on your Ethereum or ERC-20 tokens.
To learn more about SmartCredit.io’s vision for the DeFi future and the product we offer, read our whitepaper here.