For example, a Bitcoin-dedicated wallet would only be able to hold BTC coins. Some wallets can only hold one coin, and are thus “dedicated”. Just as you hold your real money in your physical wallet, cryptocurrency wallets hold your digital coins - cryptocurrencies such as Bitcoin, Ethereum, and many more. Let’s break the concept of a crypto wallet down.Ī cryptocurrency wallet is a digital equivalent of your physical wallet. So, first and foremost, the MetaMask app is a software wallet! Simply, in crypto, all software-based wallets are called “hot wallets”, and as an opposite, all electronic hardware-based wallets are called “ cold wallets”. The primary (and most well-known) purpose is cryptocurrency storage - in other words, MetaMask is a “ crypto wallet”, or actually a HOT crypto wallet! Well, MetaMask is an internet app that serves a few different purposes. Understand crypto with ease New explainer videos every week! What is MetaMask? "PSA: MetaMask reveals your Ethereum address to sites you visit, here's how to hide it". "Google lifts ban on Ethereum wallet app it thought was mining cryptocurrency". "Google should learn from Apple's cryptocurrency guidelines". "Exclusive: Google removes 49 Chrome extensions caught stealing crypto-wallet keys". "Google Play caught hosting an app that steals users' cryptocurrency". ^ "Third Point, Marshall Wace Back Crypto Firm ConsenSys"."Crypto wallet MetaMask now lets you swap tokens on your phone". "MetaMask's Blockchain Mobile App Opens Doors For Next-Level Web". ^ a b Leising, Matthew (2 September 2020)."Ethereum, a Virtual Currency, Enables Transactions That Rival Bitcoin's (Published 2016)". "How blockchain technology could help us take back our data from Facebook, Google and Amazon". "Crypto wallet MetaMask finally launches on iOS and Android, and it supports Apple Pay". ^ a b Schroeder, Stan (2 September 2020)."Beyond the Bitcoin Bubble (Published 2018)". While MetaMask and other " Web3" focused applications aim to decentralize control over personal data and increase user privacy, critics have pointed to the potential for MetaMask's browser extension to leak identifiable information to data collection networks and web trackers as a fundamental flaw. The product became available on mobile devices in March 2021. ĭuring October 2020, MetaMask Swaps, a built-in DEX aggregation service was added to the desktop extension. Starting in 2019, MetaMask began releasing mobile app versions for closed beta testing, followed by their official public release for iOS and Android in September 2020. In one instance, Google Play unintentionally removed MetaMask's official beta app before reverting the decision a week later on January 1, 2020. Given the popularity of MetaMask among cryptocurrency users, and its lack of an official mobile app for several years, instances of malicious software posing as MetaMask became problematic for Google in regulating its Chrome Web Store and Google Play platforms. Prior to 2019, MetaMask had only been available as a desktop browser extension for Google Chrome and Firefox browsers. MetaMask was created by ConsenSys in 2016. Īs of November 2021, MetaMask's browser extension had over 21 million monthly active users, according to Bloomberg. This feature, branded as MetaMask Swaps, charges a service fee of 0.875% of the transaction amount. The application includes an integrated service for exchanging Ethereum tokens by aggregating several decentralized exchanges (DEXs) to find the best exchange rate. Websites or other decentralized applications are able to connect, authenticate, and/or integrate other smart contract functionality with a user's MetaMask wallet (and any other similar blockchain wallet browser extensions) via JavaScript code that allows the website to send action prompts, signature requests, or transaction requests to the user through MetaMask as an intermediary. MetaMask allows users to store and manage account keys, broadcast transactions, send and receive Ethereum-based cryptocurrencies and tokens, and securely connect to decentralized applications through a compatible web browser or the mobile app's built-in browser. MetaMask is developed by ConsenSys Software Inc., a blockchain software company focusing on Ethereum-based tools and infrastructure. It allows users to access their Ethereum wallet through a browser extension or mobile app, which can then be used to interact with decentralized applications. MetaMask is a software cryptocurrency wallet used to interact with the Ethereum blockchain.
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