Web3 Ethereum Wallet
MetaMask is a very popular and important part of the Ethereum community.
It is the wallet of choice by many, having in excess of a million active users and also a huge following on
Twitter.
MetaMask is an Ethereum and ERC20 token-compatible crypto wallet that can be used on Chrome, Firefox and Brave browsers. This means that it works like a bridge between normal browsers and the Ethereum blockchain and as such can be used to store keys for Ether and its related cryptocurrencies, as well as all ERC-20 tokens.
Functions
MetaMask keys are stored on your own browser as opposed to being held on remote servers, which gives more control over your public and private keys. MetaMask allows you to back up your accounts by way of seed phrases. Seed phrases is a list of keywords, which are very important because in the event you should forget your Ethereum wallet login password, the only way to access your wallet would be via your seed phrase.
You would also need your seed phrases to restore your MetaMask wallet in the event you could not access it on the same device on which you downloaded or if your device was lost or broken or you changed it. Restore simply means you would download the wallet again and use your original seed phrase to regain access.
Via direct links to a number of crypto exchanges, this Ethereum wallet enables you to access an inbuilt coin purchasing functionality. There is additionally the option to swap in or out of tokens. The wallet is very easy to use, especially if you are new to crypto investing. This Web 3 will generate both your private and public keys during the process of setting it up. You will receive prompts on how to save and back up your wallet.
Security
A potentially worrying aspect with this Ethereum wallet provider is the browser you might install it on. While the MetaMask wallet will not have access to any of your personal information, the browser on which it is installed will. And even though your browser will not have access to your private keys, it may collect key information such as when and how you are using the app, which does not sit well with many people.
Google, for example, does not have a good reputation in this respect and for this reason, people in the crypto community favour other browsers such as Brave browser which is less likely to be collecting information about you.
MetaMask has not to my knowledge suffered any major hacks. It uses HD backup settings and has a strong community of developers updating its open-source code. However, the wallet is online, so it is considered to be more at risk as opposed to hardware wallets and other forms of cold storage.
The most common risk facing this Ethereum wallet is phishing attacks. However, security is an issue with any online wallet. A phishing attack is a scam where hackers can steal personal information such as passwords and usernames. If you plan on using this wallet to store your Ether and other ERC20 tokens, be aware that this kind of attack is quite common with online wallets. The standard caution is, do not open other tabs on your computer when using your wallet and always keep your wallet locked once you have finished using it or before you walk away from your computer.
The writer has personally used this Ethereum wallet and has found it very useful and convenient, especially if you plan on getting involved in DeFi tokens and other assets.
In terms of safety, follow the basic guidelines for personal online safety and be careful of the websites you visit. Do not have any other tabs open when using your wallet (unless you absolutely need to). Remember, online wallets are only as secure as the person using them.
On a final note, 'do not keep all your Eths in one basket'. You have a choice of wallets so there really is no need to stick to one type for all your holdings. One DApp that is often used with MetaMask is:
MyEtherWallet.
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