Have you ever fancied having a wallet inside a wallet? The idea sounds straight out of the movie ‘Inception,’ but it is already a reality in the crypto world. In a volatile space like crypto, developers have to come up with innovative ideas to provide extra security to users’ digital assets. MetaMask is a product for the same. It is a cryptocurrency wallet that allows users to gain access to their Ethereum wallet. The wallet also allows users to manage their transactions and even provides them access to decentralized applications. Thus, the platform provides safe access to one’s assets and helps users connect with other platforms.
How was MetaMask created?
MetaMask was founded by Aaron Davis, and its platform was launched by a New York-based company called ConsenSys in 2016. However, it had a different look back then. MetaMask was initially launched for Google Chrome as a desktop browser extension. Following its launch, the software wallet gained fame swiftly, which posed a serious threat to its users. As there was no official mobile application for the software, it became easy for hackers to mirror its functions and fool its users. It also caused a delay for Google in regulating the platforms on Web Store and Google Play platforms. Google once even accidentally removed the official beta app of the platform, adding to the inconveniences of the platform.
Thus, to combat the issues faced during the initial years since its launch, MetaMask released its mobile app versions. However, they were only available for closed beta testing. Following successful test flights, the platform released apps for both iOS and Android in September 2020.
How does MetaMask work?
The non-custodial Ethereum wallet is widely adapted by users not only because it is safe but also because it is easy to use. Firstly, it allows users to perform transactions, save tokens, and manage their assets without opening several accounts across different platforms. Secondly, it is a ‘self-custodial’ wallet, meaning the user is in charge of their private keys and does not have to rely on third parties to perform transactions. However, that’s not all.
Why Should You Use MetaMask?
With the crypto space expanding almost every day, innovations in the industry never stop. Thus, like any other sector, it provides users with several options. For example, users can choose custodial and non-custodial wallets while choosing crypto wallets. Now, if they choose non-custodial/self-custodial wallets, they will come across several other options. However, with more than 30 million active users, MetaMask is dominating the market.
Here are some of the benefits that MetaMask users enjoy:
MetaMask supports several cryptocurrencies
If you have spent significant time in the crypto space, you must have learned that it is best to diversify your investments. Imagine you have invested in Ethereum (ETH), USD Coin (USDC), and Tether (USDT). Now, if you had to keep all the tokens in separate wallets on different platforms, you would either have to choose custodial wallets (which may increase the risk factor) or you would have to generate private keys for individual platforms, which seems to be inconvenient. However, with MetaMask, you can keep all your tokens in one place and generate one private key, giving you access to your assets. MetaMask supports over 20 tokens, including ETH, BSC, ERC-20, etc.
Thus, the application saves you time, safeguards you from high risks, and provides a seamless experience.
MetaMask offers security and anonymity
While dealing with cryptocurrencies, we suggest users only use platforms and applications that provide the utmost privacy, given the high risks involved in the space. Several widely known crypto wallets guarantee security and privacy but impose KYC requirements on the users. It is inconvenient for those who do not want to reveal their identity during transactions.
MetaMask offers a solution for the same. It offers users 100% anonymity, thus not imposing mandatory document verification upon them. Instead, it lists all the transactions as pseudonymous and records them on a public blockchain.
MetaMask offers lower fees
If you are heavily invested in crypto, you must have already avoided paying high transaction fees. However, using the multichain platform does not come with a financial burden. The network asks for a transaction fee of only 0.875% while sending or swapping assets. However, it allows users to receive assets without paying any fee.
MetaMask is compatible with hardware devices
When it comes to the security of the users, it is tough to compete with MetaMask. The application lets users perform transactions without revealing one’s identity and is also compatible with hardware devices like Ledger and Trezor. Thus, users can even store sensitive data like their private keys on the device instead of the internet. It reduces the chances of hacking significantly and thus can provide users with an extra layer of protection.
Future Of MetaMask
The software wallet has slowly gained the reputation of the world’s most trusted digital wallet by making its users experience how convenient it is to deal with crypto. But when we thought MetaMask could not make our lives easier, it launched MetaMask institutional. It is an extended version of the digital wallet designed to help organizations.
The added benefit of MetaMask institutional is that it is a multi-custodial wallet and the first of its kind. Thus, big organizations can integrate the wallet with their custodial or non-custodial provider. The digital wallet will not only help them manage their assets or facilitate their transactions but will also help optimize their trade flows.
With this initiative, MetaMask might claim dominance in the crypto industry soon.
MetaMask is one of the most user-friendly non-custodial wallets in the crypto space. It provides a secure network for users to carry out their daily crypto chores, including staking, converting, and swapping assets. Its application also comes with a smart interface that both beginners and experienced users can navigate effortlessly. So, your search for the ideal crypto wallet ended here.