MetaMask is a popular and established browser extension which functions as a cryptocurrency wallet that connects to the Ethereum blockchain. MetaMask allows users to interact with the Ethereum ecosystem, which hosts a vast universe of decentralized applications (Dapps), without having to download the entire blockchain on their device. As such, it’s the one of the best Ethereum wallet solutions for easy access to decentralized exchanges (DEX), gaming platforms, gambling sites and many other applications.
The wallet is compatible with the most widely adopted browsers such as Chrome, Firefox, Brave and Microsoft Edge. Apart from storing Ethereum’s native currency, ETH, MetaMask also holds tokens that are built on the protocol’s ERC-20 and ERC-721 standards.
MetaMask was founded by Aaron Davis and the blockchain company ConsenSys.
MetaMask: A Brief History and Key Features
MetaMask acquired 400,000 users between the wallet’s creation in 2016 and September 2020. Last October, it hit one million monthly active users. Prior to 2019, the Ethereum online wallet was only available as a desktop browser plugin for Firefox and Chrome. In September 2020, ConsenSys released the first official MetaMask mobile application for Android and iOS-powered mobile devices.
According to an independent audit by Least Authority, a security company, the Ethereum online wallet provides top-of-the-line features and functionalities in terms of security and design.
A feature that makes MetaMask a top Ethereum wallet is its outstanding encryption technology, which securely stores passwords and private keys in each user’s device. Moreover, it allows users to connect multiple wallets and switch between the Ethereum mainnet, major testnets, and even the Binance Smart Chain mainnet.
Gas fees depend on the congestion on the Ethereum blockchain, which has been a major problem in 2021 to date and a major obstacle for the smart contract network to solve. Note that if you set your gas fees too low relative to the default fee provided by MetaMask, there is a strong possibility that your transaction may get stuck and never get confirmed.
MetaMask’s online nature limits its security level compared to cold storage offline wallets like Trezor and Ledger; however, it beats other wallets in terms of ease of access with the Ethereum DApp world, thanks to its easy setup and availability on both desktop and mobile platforms. In fact, it’s hard to imagine how the DeFi sector would have proliferated to this extent if it weren’t for the MetaMask browser extension.
Additionally, the wallet’s option to set the gas limit above or below the average fees gives users the freedom to choose how fast their transactions are processed and how much they have to pay in fees; a functionality unavailable in most crypto wallets.