What is MetaMask And How It Works

MetaMask is a well-known piece of software that serves as a means of interaction between users and the different properties of the Ethereum network.

In order to interact with a blockchain, people need to use an external application. These programs are commonly known as wallets. They are the door that allows people to carry out transactions and all kinds of activities in other networks that have more complete functions.

 

 
Cryptocurrencies are stored within the blockchain. That is, we do not really have possession of the crypto within a wallet. Actually, the wallet is a way to access the funds that are in the chain of blocks through the private keys, which are the data that verify the ownership of the funds. That is, it is not that the coins are stored in the purse as such.

This also works like this in the case of Ethereum, where the existence of smart contracts and all kinds of tokens , each one with its special characteristics, makes it necessary to have complete software that allows all these options to work, in addition to the common ones such as the exchange of digital currencies to make payments for products or services.

As a unique solution for the interaction of people with the Ethereum network and its tokens, MetaMask is born . In this article we are going to analyze all the important aspects and define what this popular web application is all about.

What is MetaMask ?

MetaMask is an application that integrates with web browsers. It is available for the most popular browsers, such as Chrome or Firefox. Also, for the quintessential browser related to the world of cryptocurrencies, Brave .

It is therefore an extension for these programs that allows the creation of a cryptocurrency wallet. This wallet has access to the Ethereum network and to all the tokens created within this network.

Also, it serves as a means of interaction with smart contracts and decentralized applications. It has a simple and intuitive interface whose objective is to make this technology accessible to everyone.

It is not surprising, therefore, that it has become one of the most used wallets in the world of cryptocurrencies. Also, it is one of the most popular.

In short, MetaMask offers the possibility of interacting with the Ethereum network and its derived assets and functions directly from the browser you usually use. It is this simplicity that makes it so highly recommended and for which it has been so successful.

It must be remembered that cryptocurrencies and their operations are not yet easy for everyone. The easier the access to the use of this technology, the greater the adoption and therefore the more the prices of these financial assets , which play a prominent role in the new digital economy, will also increase.

What is MetaMask

Origin and foundations

The origin of MetaMask as a project dates back to 2016. It was created by the company 'ConsenSys', which is a technology company that is mainly focused on developing tools to be used within the Ethereum network .

During its early years, it was only available for the two most popular and used browsers i.e. Chrome and Firefox. It was from 2019, three years after its launch, when this project began to be present both on mobile devices and on other less used but also well-known web browsers, such as Opera.

The main rationale of this in-browser wallet is to be a tool for web 3.0 , in which Ethereum plays a very important role. The goal is the creation of a new Internet in which personal data is processed in a decentralized way, with a corresponding increase in privacy.

However, precisely because they are incorporated into a browser, they have also received much criticism. A priori, the security it offers regarding the possible leakage of personal data is not the best.

Despite this, when some type of problem of this type has occurred, as a general rule it is more justified by an interaction with an untrusted site. In other words, the user has been deceived, without having to influence the security offered by the application itself against possible hacks that could jeopardize its operation.

How MetaMask works

The main feature that makes the MetaMask application so interesting is its versatility. In principle, as we have mentioned, it is a wallet for Ethereum and the token networks that are launched within this platform.

To make its operation possible, it makes use of what is known by programmers as the web3.js library. The objective of this library is to be able to create all kinds of applications and web pages that allow interaction with the Ethereum network and its properties.

Also, MetaMask is not just limited to Ethereum, even though it is its main application. Also, it serves as a means of connection with other blockchains, so its possibilities are very great and are increasing.

In short, the objective of this project is to serve as a unique medium with which you can interact with different blockchains. In this way, the tokens in a single wallet can be managed from the same place, but also all the applications that are used and that make use of this technology.

It also has its importance and utility within the world of NFTs and decentralized games . It is the channel through which any user can communicate with a blockchain from the comfort of their browser.

The most orthodox regarding cybersecurity will probably still see a series of problems with this integration, since browsers are subject to, for example, third-party cookies.

Despite this, in general the security offered by MetaMask is very high. In addition, additional security can be established by connecting physical wallets to the application. These are not connected to the Internet, so they allow greater security with respect to possible attacks.

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