What is Metamask?
Metamask was developed by Consensys, created by Ethereum co -founder Joseph Lyubin. The wallet was released back in 2016, before the appearance of Defi. Until 2020, it existed only in the form of an expansion for Browsers Google Chrome and Firefox.
Today Metamask can be downloaded in the form of a mobile application for iOS and Android, as well as in the form of web extension for Google Chrome, Firefox, Brave and Microsoft Edge. The last “seamless” is connected to smart contracts of a decentralized application at the entrance to its page. This allows you to use the protocol and make cryptocurrency translations without the need to register a separate wallet in it.
Metamask is one of the most popular wallets for Ethereum ecosystem. According to Consensys, at the beginning of 2022 the number of monthly active users of the application exceeded 30 million. This is 42% more than in April 2021.
In the expanded version of the application you can change the size of the commission. The higher the price, the faster the transaction is executed. However, we do not recommend making the commission too low, otherwise the transaction can go for a very long time or completely “get stuck”.
What is Metamask Swaps?
The Metamask wallet has a built-in Defi service that allows you to make swaps (exchanges) of various digital assets. It was developed jointly with Codefi.
The service works on the principle of the aggregator: in real time collects quotes of coins from leading decentralized exchanges, choosing the best prices. In the list of sites: Uniswap, Totle, Airswap, 0x and 1inch.Exchange.
Metamask Swaps also has other functions, for example, reduced commissions for swaps and protection against slip.
What are the advantages of the crypto Metamask?
The Metamask application has a number of obvious advantages: an eminent developer, a large number of cryptocurrencies, support service, additional functions and laconic design.
In addition, Metamask is a non-kastodial crypto-cutter: its developers do not collect private keys and user cid-frazes. That is, the owners of addresses have full control over their means.
The Metamask plugin has partially open source code – this allows you to participate in the development of the application by independent developers and check, as well as identify potential vulnerabilities in the program.
What are the disadvantages of Metamask?
Metamask wallet did not have serious incidents related to hacking due to exploit in the code. However, one of the key flaws of Metamask is the Internet connection. This makes its individual users vulnerable.
To solve this problem in 2018, Metamask added the ability to connect Ledger’s hardware wallet to combine the reliability of the “cold” wallet and the convenience of “hot”.
At the end of 2021, some Metamask users became victims of a large -scale phishing attack using a fake wallet site.
In April 2022, the wallet team warned of malfunctions due to malfunctions in the work of the provider of the Ethereum Infura. She also advised to disable ICloud backup for Metamask.
Does Metamask have their own token?
At the moment, the Metamask project does not have its own token. However, in November 2021, the head of Consensys, Joseph Lubin hinted that this could change.
Again this plot in the company commented after only a couple of months. The operational director Jacob Kantale called the introduction of a “important aspect” control to the Metamask in the decentralization process, which will help transfer the project management to the Is mining in the community.
At the same time, Kantala called not to count on the generous cadlop token.
How Metamask develops?
Initially, there were no restrictions on the use of the source code Metamask. However, in August 2020, the application developers obliged commercial projects with a large audience to conclude a special agreement with them on the paid use of the program.
In September 2020, Consensys released a mobile application for Metamask.
In the latest version of the mobile wallet, the feature of Apple Pay and “Beazed Transaction” payments also appeared – this greatly simplifies the purchase of cryptocurrency for fiat for users.
Soon developers also plan to add Bitcoin support.