What is Metamask and How to Set Up a Metamask Wallet?

Source: PNGkit

What is Metamask? 

Metamask is a browser plugin that serves as a crypto wallet. It supports Ethereum and stores other ERC-20 tokens. It can be easily installed like other browser extensions enabling users to make transactions related to Ethereum. As it comes in the form of plugins it becomes convenient for users to connect to any Ethereum decentralized app. 

Why Do You Need Metamask? 

Now you might ask why do I need Metamask? With the prolific growth of Ethereum as the blockchain platform, the demand for decentralized apps has increased. Many users have problems interacting with the DeFi applications.

Metamask aims to lower the difficulties in interacting with the dApps. It introduces the decentralized web to the mass market. Since Ethereum offers smart contracts this browser plugin serves as an Ethereum Wallet. You can store Ether and have access to more than 3700 decentralized apps as well as Web 3 services. 

How to Set Up A  Metamask? 

At first, it might seem daunting but Metamask is one of the easiest Ethereum wallets to use. You will only need Google Chrome or a Chromium-based browser such as Brave and Firefox. Here are steps that you need to follow to set up a Metamask wallet:

Step 1: Installing Metamask

First, you will have to download the Metamask wallet software from its official website. The website offers three main options: 

• Browser: It is compatible with Google Chrome, Firefox, Edge, and Brave. 

• Android: Any smartphone using Android Operating System. 

• iOS: Any iPhone. 

Once you have selected the Chrome extension, click the Install Metamask button. 

Step2: Creating Your Metamask Wallet

Once you have downloaded the software, click the Get Started button. It will take you to the next page where you are presented with two options:

• Import wallet: Users who already have an existing Metamask wallet and want to import it over. 

• Create a wallet: For users who want to set up a new wallet. 

Click on the Create a wallet button and agree to the disclaimer that appears. 

Step 3: Creating a password 

The next step is to create a strong password. You must create a unique password with a minimum of 8 characters. Remember to provide a password that you can remember as you will need to enter it every time you want to access your Metamask Wallet. After you have confirmed your password, click Create to set up your password. 

Step 4: Secret Recovery Phrase

Now a screen will appear outlining what is Secret Recovery Phrase, how you should copy it down, and why you should never share it with anyone. Secret Recovery Phrase is simply a 12-word phrase. 

It is a backup phrase in case you lose your mobile or laptop and can import your funds into another device. You should copy down each word carefully in the order it is presented on your screen. 

If you lose your Wallet credentials and your Secret Recovery Phrase, all your funds will be lost. When you are done writing down the phrase click the Next button. Here you are to confirm the 12-word sequence. Then click Confirm to complete the process. 

PS: Do not store a digital copy of your 12-word Secret Recovery Phrase.

Step 5: Final step

Once you confirm your Secret Recovery Phrase, you have to click All Done on the final page. You can log in to Metamask. You can log in by clicking on the face fox in your browser extension toolbar. 

Source: Phemex

There are a few additional things that you need to know to use meta mask software.

Identify your Public address: You can share this address with people or exchange platforms to receive cryptocurrency in your wallet. 

Just be sure to check if the inbound tokens are compatible with Metamask before receiving them. By clicking the Account 1 button you can locate your unique Metamask public address. 

How to buy and send: To interact with any Ethereum platform, you will need funds in your wallet with an amount of Ether. All actions like moving tokens from B to A or creating an NFT collection on the blockchain costs a fee. This fee known as the ‘gas’ fee is denominated in the ether as ether is the native cryptocurrency of Ethereum. 

Some basic functionalities in Metamask wallet are:

Assets tab: Find a list of your assets. 

Activity tab: Look at your transaction history. 

You can connect your wallet with dApps by clicking on the Connect to wallet button on the decentralized app. A prompt will ask you for permission to connect the dApp to your wallet. The dApps will view your public address but can not access your funds.

Conclusion 

The growing domains of crypto, the decentralized web, and DeFi are transforming technology. We need crypto wallets like Metamask wallet to access and manage all our crypto assets. Metamask provides us the opportunity for stepping into the world of DeFi, NFT, and dApps with utmost ease. 

Metamask has already crossed over 10 million users and has established itself as a credible wallet. If you are new to cryptocurrency there is no place better than Metamask to store your crypto tokens. Metamask is the future of Ethereum wallets. 

Written by Garima Jain