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Metamask Wallet
Definition of ‘Metamask Wallet’ - MetaMask is a free crypto wallet software that you can connect to virtually any Ethereum-based platform.
What is Metamask Wallet?
MetaMask Definition — MetaMask is a popular digital wallet that you can use to make payments on the Ethereum network. It's straightforward to use and supports all popular browsers, including Chrome, Firefox, Opera, and Brave. MetaMask also lets users run Ethereum dApps right in their browser without running a full Ethereum node.
Metamask was founded in 2016 by ConsenSys, an American software-production studio that builds decentralized applications (DApps) on the Ethereum network.
Metamask's purpose is to bridge the gap between regular browsers and the Ethereum blockchain. It's a digital wallet and browser extension that allows anyone to connect with web3 dApps, and other decentralized services on various platforms.
Metamask has a user base of more than 1 million people from all over the world. This reason makes it one of the most popular and trusted wallets available today.
Metamask includes a secure identity vault, providing a user interface to manage his identities on different sites and sign blockchain transactions.
Using Metamask is easy and requires no registration/KYC unless you use their custody service. Then, all you need to do is install the extension on your browser, create a wallet, save your seed phrase properly, and start using it.
Is it safe to use Metamask?
Yes, it is safe to use. The primary safety concern with Metamask is the risk of a phishing attack. A phishing attack would attempt to trick you into logging into a fake website, which would capture your login information and send it to the attacker, who would then be able to access your wallet and all of your funds.
Metamask has built-in protections against this type of attack, but hackers can bypass it if you are not vigilant about checking URLs before signing in. For an attacker to successfully phish you, they must first convince you to visit their fake website by sending you a link via email, social media message, or other means. You can avoid most phishing attacks simply by recognizing suspicious links and not clicking on them.
FAQs
What is the difference between MetaMask and Coinbase?
Coinbase is a standard brokerage company and Metamask is an Ethereum wallet. MetaMask is a browser extension that allows you to store and buy cryptocurrency without downloading the entire blockchain. It is like a digital wallet in your browser, except for running decentralized applications. However, Coinbase is like a bank for your cryptocurrency. It is a hosted wallet that also has an exchange built-in.
How does MetaMask make money?
Swap Fees
Metamask charges a 2% fee on any swap performed through their exchange. This fee is lower than many other exchanges, attracting more users to MetaMask. However, the swap price is pulled from external sources like Bittrex, Poloniex, and ShapeShift, so the price will fluctuate depending on which exchange you're using at the time of purchase.
Merchandise
The Metamask team sells merchandise like stickers and t-shirts in their online store. These items are sold at a premium compared to other sites, but they're still popular amongst fans of the wallet and cryptocurrency in general.
Supporting Developers
The MetaMask team has received funding from ConsenSys, an Ethereum-based venture studio founded by Joe Lubin. The funds are used to support the development of the product and pay its staff members.
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