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Metamask is a popular and widely used software wallet that is used to store, maintain and manage digital currencies based on the Ethereum blockchain network and operates in a decentralized manner.
Using Metamask, traders can store their digital currencies such as Ethereum and ERC-20 and BEP-20 tokens in it and perform their transactions.
This wallet was launched in 2016 and was initially only a browser extension for Firefox and Chrome, and then in 2020 its mobile application was presented. Overall, Metamask is a functional browser extension that allows you to interact with the blockchain and manage your digital currencies. Using this plugin, you can easily and more securely make your transactions and manage your digital currencies. This wallet is designed for both web and mobile.
Application of Metamask wallet
Metamask wallet is an online software where users can store and manage their digital currencies and perform their transactions on the Ethereum network, and it also allows trading and storage of standard ERC20 and BEP-20 tokens.
This wallet can be used as a browser extension and a mobile application. Metamsk wallet is used to manage digital currencies, perform independent and secure transactions, execute smart contracts and connect to the Ethereum network.
Advantages of Metamask wallet
Metamask bag has many advantages and useful features.
Some of the advantages of this wallet are:
Easy to use: Metamask wallet has a simple and user-friendly interface and it is very easy to use, and even beginners and newcomers can use it easily. Security: Metamask has good security and user information is encrypted in the browser. And no one will have access to it except the user himself.
Open source: Open source means that all the online code in this software is publicly available online and everyone can see it. Metamsk is reviewed by programmers and developers and is continuously updated. It will be updated and improve its safety and performance.
Recovery and HD settings: Metamask wallet includes HD settings and provides users with the ability to restore and back up through a 12-word recovery phrase, which allows users to make a backup copy of their wallet in case of problems such as Being deleted and stolen and… easily able to return their wallet.
Control of private keys: Some digital wallets store private keys on their internal servers, but in Metamsk wallet, private keys are stored on the user’s browser instead of Metamsk servers, and users can have more control over them.
Connectivity: Using the Metamask wallet, it is possible to interact with dApps, and users can take advantage of its features and perform various operations by communicating. This includes executing smart contracts, sending and receiving transactions, and signing them.
Disadvantages of Metamask wallet
Along with the advantages of the Metamsk wallet, there are also disadvantages. Some of these disadvantages are:
Being online: Online and warm wallets are less secure than cold (offline) wallets and are more vulnerable to hacking and cyber attacks.
Cryptocurrency limitation: Ethereum and tokens under this network are supported in this wallet, and it does not support other blockchains by default, and the user must add it manually to connect with other networks. Also, this software does not support the popular cryptocurrency Bitcoin and the Tron network, which limits the user’s transactions.
Browser Access: Although Metamask has no access to user information, the browser installed on the wallet will have access to some information such as when and how the application is used.
Is Metamsk safe and reliable?
Metamask wallet is a safe tool for storing digital currencies and has good security and credibility. Also, this wallet is considered one of the most reliable digital currency wallets. This software has not been the target of extensive cyber attacks.
Metamask has the ability to restore and backup with a 12-word phrase. In addition, with the option of being open source, all the source code is available to everyone and is visible and is constantly reviewed and updated by programmers. Also, users can use password and two-step verification to control their account.
It is worth mentioning that in any case, Metamask is an online and hot wallet, and compared to cold wallets, it has less security and is more exposed to cyber attacks; However, Metamsk always strives for the security and protection of its users’ information.
Metamask wallet usage fee
Metamask wallet is a free wallet and there is no cost to install plugins and mobile app. However, a fee has been considered for conducting transactions. The fee for transactions performed on the Ethereum network is calculated as (Gas fee). This fee is used to pay miners to confirm transactions and execute operations in the network, and the amount of gas fee varies for each transaction and depends on the complexity of the operation, the volume of data and user demand. In Metamask, users can change the amount of fee for each transaction. This allows users to set the amount of gas fee manually and, as a result, reduce the transaction verification time or reduce its cost. However, it should be noted that reducing the fee may increase the transaction confirmation time and in some cases, your transaction may be rejected due to low gas fee.