What is MetaMask? The easiest way to use dApps

MetaMask is a browser extension to access the decentralized Ethereum network from where you can manage your cryptocurrencies and make secure transactions on the Ethereum network. Find out how Metamask simplifies your cryptocurrency trading and gives you access to decentralized finance.

MetaMask, the birth of a bridge for dApps

MetaMask was developed by two developers, Aaron Davis y Dan finlay. It was they who laid the first foundations for the development of MetaMask in 2016. The idea behind the project was simple and revolutionary. MetaMask would allow users to use their web browser to easily interact with their favorite dApps, quickly and safely.

For this, MetaMask would use the Ethereum interface and web API, web3.js. This official Ethereum library would be the fundamental basis of the world of possibilities offered by MetaMask. Thanks to it, it would be possible to create a proxy or communication bridge between the dApps, MetaMask and the users.

The work turned out to be quite a technical challenge, especially on the subject of maintaining the necessary security for its users. However, MetaMask accomplished its mission and the July 14, 2016 its first version was presented. At this point, the extension was available for the Chrome browser and derivatives. Later its version for Firefox would be presented, allowing the use of said extension in that browser.

Since then MetaMask has become the easiest way to access dApps through a user-friendly interface. All this without the need to configure absolutely anything.

How does MetaMask work?

MetaMask works thanks to the use of web3.js, a library that is part of the official development of Ethereum. web3.js was created in order to allow the creation of web applications that could interact with the Ethereum blockchain. Thanks to it, web pages and extensions can take advantage of the power of Ethereum and its features.

In that sense, MetaMask was created to be a purse for Ethereum and a tool to interact with dApps. To achieve both tasks, MetaMask establishes a communication channel between the extension and the dApp in question. Once the application recognizes that MetaMask is present, it is enabled and can be used by the user.

Once the dApp is enabled, the user can perform each and every one of the actions or events that it allows. From the purchase or sale of tokens, to access to resources or any service provided by it. Each and every one of these actions has a cost, one that must be paid in Ethereum or in the token indicated for it. In either case, MetaMask has the necessary tools to handle said interaction.

That is to say, MetaMask not only generates a cryptocurrency wallet, but also controls every user interaction with the dApp, and performs the operations necessary for said operations to be carried out. All this is carried out in a secure means of communication and with the use of strong cryptography. MetaMask has the ability to generate its own asymmetric keys, save them locally and manage their access. Thanks to this, MetaMask is a highly secure extension.

How to install MetaMask?

The installation of MetaMask does not involve major difficulties and it is also currently possible to use mobile Metamask. Being a popular and proven browser extension, it is available in the extension store or repository. In this way, it is enough to access the store of your browser and download it to use it in your preferred web browser.

In the case of Chrome, you can find it here. In case you have a browser derived from Chrome like Opera, Brave or Vivaldi, this extension will work perfectly. If you use Firefox instead, the extension can be found at this link. You can also access the extension from the official MetaMask website. This will detect your browser and direct you to the correct link to install the extension

As a warning from Bit2Me Academy we warn you that be very careful with the extensions you install in your browser. Remember that there are many cases of identity theft (phishing) among extensions, so you must verify very well what is installed. For this, it is best to use the official media and attend to the updates offered by the platform itself. These checks will allow you to get the most out of your MetaMask experience.

Detailed installation and configuration process

Depending on the browser you use (Chrome, Edge or Firefox) it is very likely that with the previous step you have installed the MetaMask extension in it. Now, here we will guide you step by step through the process so that you have your MetaMask 100% functional. We will do this tutorial on Firefox, but it is exactly the same for other browsers.

Step # 01: Start with the wallet setup

Once the MetaMask wallet has been installed, you will see a welcome screen in which you must click on "Start"

Step # 02: Create a wallet

The next step will give you two options:

1. Import a wallet: in this case, MetaMask will ask you to use seed phrase (or backup key) to recover an old MetaMask wallet that you have owned. This process restores that wallet and you must have the seed phrase and the key to that purse at hand.
2. Create a wallet: to create a new wallet from 0. For this example we will choose this step.

Step # 03: Accept the Metamask Terms of Use

At this point MetaMask lets you know that they collect some data that is useful for improving their wallet. Likewise, they let you know that this data is anonymous and that it will not be used to track your activity, much less sell it to third parties. At this point, you have the option to “Do not accept” or “Accept”, in both cases, you will be able to configure the wallet without problems.

Step # 04: Create the wallet password

The really important thing begins in the creation of our wallet. This key is the one that will allow you to unlock the wallet for use and in the same way, it is used as entropy when creating the wallet. All this means that this key must be very secure, so we recommend using alphanumeric keys (with numbers and letters), with symbols, uppercase and lowercase, and with an extension that cannot be less than 8 characters.

A good example of a key with these types of options would be:

#*L45!Crypt0!50n!L1b3rt4d*#

In this case we have used all the previous options together with a mnemonic technique to always have our secure password in mind at all times.

Step # 05: Backup the seed phrase

Once our password has been created, MetaMask begins to generate our seed phrasese which we must copy very carefully on paper or any other secure medium. Remember in any case the following:

La seed phrase and the wallet password is your money, if you lose it you will not be able to recover it, so make sure you keep it in a very safe place.

This seed phrase you will have to copy it and then MetaMask will ask you to confirm it to know that it has been copied correctly.

By confirming the seed phrase Then you will have your MetaMask configured and you can use it without problems with the ETH or tokens you want.

Where can I use MetaMask?

Thanks to the wide popularity of MetaMask, there are many dApps that support interaction through this extension. Among the most popular applications that you can access through MetaMask, the following can be highlighted:

1. Applications like CryptoKitties: Buy your kitty and breed it as your best digital pet. CryptoKitties is one of the most popular games in the entire crypto world. You can buy, sell or exchange virtual kittens and earn money thanks to this. Its integration with MetaMask allows you to make full use of the gaming platform.
2. Services like Bonfire. Bonfire is an agreement between users to "burn" ETH with the intention of making ETH rarer and more valuable. Each commitment to the contract also gives the user the opportunity to be randomly selected for a prize in ETH. Pledges range from £ 1 to £ 5 depending on the bonfire a user commits to. 55% of the ETH promised to the contract is removed in a coin burn. A coin burn is the process in which each coin is permanently removed from circulation.
3. Games like 0xUniverse. This is an entertaining RTS type game where you must conquer planets and expand your empire across the galaxy. It is another game that allows the use of MetaMask to interact with all aspects of it.
4. Type purses MyEtherWallet. This renowned online wallet is also another project that allows the use of MetaMask. In fact, using MetaMask is recommended to add an extra layer of security to the wallet. This is thanks to MetaMask's ability to locally store wallet information.

Metamask is safe

Below we talk about Metamask security and review its main advantages and disadvantages.

Advantages

1. Created with the web3.js library which guarantees that you will be able to use all the power of Ethereum.
2. Completely free software, so you can audit your code and enjoy updates and security patches very quickly.
3. Ability to store private keys locally, fully securing your crypto assets.
4. It allows the creation of purses by means of HD. This helps users to back up their accounts through the seeds.
5. It allows the use of several Etherem accounts and networks thanks to the creation of usage profiles.
6. It has a private mode that offers a high level of security to your account data, thanks to the use of EIP 1102.
7. Allows you to keep any ERC-20 token in the same wallet. In fact, it allows to store several tokens ERC-20 simultaneously.
8. It has a high level of integration with sites like Coinbase, shapeshift o MyEherWallet in order to recharge the MetaMask wallet.
9. Allows the use of nodes. Remote or local Ethereum, allowing a high level of security in both cases.
10. It offers our browser the ability to interact with most DApps.
11. It has internal protections that block cases of phishing or other attack vectors that endanger its funds.

Disadvantages

1. The fact that it is an extension for browsers means that they can track all the activity of MetaMask. This is an especially true case for Chrome, as Google performs heavy data mining of all users of its browser.
2. Despite all the MetaMask protections, this is still an online wallet with all its downsides. A vulnerability in the extension or the browser can jeopardize all your funds.
3. MetaMask is limited to only interacting with the smart contracts and dApps they point to. You can't do much else, such as redo or write a new smart contract.
4. The fact of relying on external networks for its operation adds a point of failure in the security scheme. The extension can be secure, but if the nodes are not only, this can mean the loss or theft of information and user funds.