MetaMask Review: The Best Way To Interact With The Ethereum Ecosystem?

Software wallets work out differently when compared with hardware wallets and almost everybody knows it differently but the software wallets also differ from each other. The same is the case with the Ethereum wallet because it operates differently from the common Bitcoin wallet. Both of them have their way of offering users various things.

The Ethereum Wallets are more concerned about browsing from anything else and the Bitcoin wallets are used for aiding people the Bitcoin storage in their wallet for a long time. Ethereum wallets are designed as a portal for entering into the Ecosystem of different decentralized applications that are built on the blockchain.

That’s why your Ethereum wallet will look like an app store rather than a cryptocurrency wallet. MetaMask is one of the most commonly used things whenever you will discuss Ethereum, let’s explore more about it.

MetaMask With A Glance

• WALLET TYPE: Software
• PRICE: Free to download
• CRYPTOCURRENCIES: 1000+ (any EVM-compatible blockchain)
• SIZE OF THE APP: 47 MB
• YEAR OF RELEASE: 2016
• FREQUENCY OF UPDATES: Medium
• PIN CODE PROTECTION: Yes
• TRUST RATING: High

MetaMask Pros & Cons

Pros

• It was launched in the year 2016.
• It offers hardware wallet integrations.
• It is available as a browser extension on mobiles.
• Its user interface is straightforward especially for beginners to interact.
• It has a large number of active users monthly with over one million people.
• It allows consumers to use Ethereum as a portal into D-apps.

Cons

• Somehow it has a confusing user-interface
• In some countries, it offers limited options for cryptocurrency purchasing from this wallet.
• It doesn’t offer native support for Bitcoin.
• For the default backend, it used Infura.
• You might face issues phishing attacks with your wallet in the past.

What’s The Beginner’s Perspective On MetaMask?

The MetaMask has more than one million active users on monthly basis and it becomes one of the biggest reasons to review it as a beginner. Its Blockchain network created hype around a high potential for the Ethereum platform which is considered beneficial for smart contracts. But in 2017, Initial Coin Offerings eliminated the bubble.

When that happened, people start trading with ETH on exchanges or gambling with different available ERC-20 tokens. People used this method for getting money quickly without being asked for so much. But nowadays, the digital era has entered into De-centralized finance where people want to have full custody over their coins while playing with various DeFi apps.

With the prosperity of the Ethereum project, the MetaMask offers an amazing wallet for cryptocurrency wallet in case you are a beginner. The reason is that this mobile wallet permits you to have full custody over your coins and ensures you that assets are completely safe with it. They make it extremely clear from the beginning of making an account.

Moreover, the MetaMask continuously reminds you about backup of any kind which will be helpful for you in case your phone is hacked, stolen or lost etc. Initially, once you completed the setup procedure, you will be shown the 2-key feature that is specifically designed for a beginner’s Ethereum wallet. It will help you in buying some ETH with the ability to load different applications of ETH.

Additionally, this mobile application will give you a complete guided tour which will help you in figuring out the whole layout and essential features of the wallet. For the first-time user, you will never find such a perfect option for trying DeFi applications empowered through the Crypto application. So you can use it freely.

Amazing Features Of MetaMask

• The MetaMask offers amazing features to its clients and is one of the best in its capability of showing the simplified process of how to get started with the Ethereum ecosystem for the first time. You can easily understand the example of the contribution of the application within the browsing section making it easy to use.
• You can easily connect your personal information with your Ethereum wallet with a single click. The different Ethereum applications are organized in various categories which help you in getting the desired thing in one go. You will get decentralized finance and collectibles with different URLs into the Ethereum browser as well.
• It is very easy and quick to buy ETH from the different D-apps making it beginner-friendly for their clients. Once your setup is done, you can quickly access the applications via your wallet and buy whatever you want. Moreover, it will allow you to do your local jurisdiction of cryptocurrency.
• This type of wallet saves you time from the lengthy process of making an account and then verifying your identity. Furthermore, it will help you in buying 500 dollars worth of ETH through your MetaMask mobile application via debit or credit card. It permits you to trade with other people peer-to-peer known as the P2P manner which will get you your first coins.

MetaMask Compatibility With Ledger And Trezor Wallets

This is more than a key feature of the MetaMask wallet. It easily integrates with various hardware wallets such as Ledger and Trezor. On the other hand, the MetaMask sometimes steps out negatively in the security department because of is first embedded into any web browser. The hardware wallet ability offers the plus sign as the private keys of clients are protected.

Moreover, the other feature involves the cryptocurrency networks that you can connect with EVM known as Ethereum virtual machine. You can easily access alternative networks including Bitcoin sidechain RSK and Tron. So, it will help you eventually in every perspective related to cryptocurrency.

Supported Cryptocurrencies

This Block Chain network allows so many tokens and crypto to become helpful and offer their abilities to their clients specifically. That’s why MetaMask is supported by 1000+ cryptocurrencies through which you can easily get the desired one for sure. Some of them are given below:

• Augur
• Ether
• USDC
• Tether
• Compound
• GUSD
• PAX
• Gnosis
• Badger DAO
• Yearn Finance
• Brave’s Basic Attention Token

Is MetaMask Wallet Safe Or Not?

Security is the main concern of the clients dealing with cryptocurrencies and this is where MetaMask goes a bit down from others. First of all, you should keep in mind that MetaMask is not a full-node system of the Ethereum Ecosystem. It means that if you are interested in using highly De-Fi applications, this might not be the ideal option.

The various Ethereum servers don’t run the MetaMask wallet with proper abilities because they will let know the information about Ethereum blockchains. The usage of Infura in the MetaMask is where the problem starts because it blocks the outsourcing responsibility of centralized points making it the failure of the amazing Ethereum ecosystem.

With the increasing popularity of MetaMask over years, the attack of hackers is also high. They aim to create malicious versions of MetaMask wallets and allow people to use their URLs instead of a real website link which destroys the popularity chain of Ethereum eventually. In this way, those hackers stole the funds and coins of the clients.

That’s why it is always advised to double-check whether you are downloading the accurate wallet or not.

Operating Systems Supported By MetaMask

The MetaMask is a very common software wallet and that’s why it supports almost every type of operating system you need for your Ethereum wallet. You can get its extension in Firefox and Google browsers which prove to be helpful for desktop computers and laptops. Moreover, it includes Linux, MAC OS, and windows. Recently, they have introduced a mobile app for android and apple smartphones which you can get from the app store easily.

Potential Deal Breakers

The potential dealbreakers are mostly discussed when a light wallet such as MetaMask is used by people by keeping that level of trust put into other parties but some issues arise at the centralization point with the Ethereum network itself. If you are concerned about this one, then you can use the full-node Ethereum ecosystem within the MetaMask wallet.

By using with key deal breaker along with MetaMask in the Cryptocurrency wallet, you will find some support lacking issues for blockchains that are not compatible with EVM. On the other side, it doesn’t offer native support for Bitcoin which will not be beneficial for the RSK blockchain system. Or you have to search for other tokens via different payment methods along ERC-20.