Web3 Wallets
MetaMask
MetaMask is a browser-based cryptocurrency wallet that allows you to manage, receive, and send cryptocurrency and tokens from Ethereum, Binance Smart Chain, and other blockchains. It can also be used to store NFT crypto art and other crypto treasures. It works as a browser extension and is compatible with Chrome, Firefox, Edge, and Brave. It was created by ConsenSys in 2016.
What is MetaMask?
MetaMask is a browser extension that functions as an Ethereum wallet and can be installed just like any other extension. It allows users to store Ether and other ERC-20 tokens and send them to any Ethereum address after it is loaded.
By connecting to Ethereum-based Dapps, users can spend their currencies in games, stake tokens in gambling apps, and sell them on decentralized exchanges. It also allows consumers to participate in the developing field of decentralized finance, or DeFi, by providing access to DeFi apps such as Compound and PoolTogether.
How do I open a MetaMask account?
To begin, download and install the official MetaMask extension/addon for your browser. Once installed
- Click the GET STARTED button
- Then, on the following screen, click the CREATE a WALLET button and select a password
- This must be at least eight characters long. Once your password has been established
- Read, and agree the TERMS OF SERVICE
- And then click CREATE button
- MetaMask will then display your 12-word backup phrase to you
- You must write this down in the same order as it appears on your screen. This will be required to recover your wallet
- if you ever lose access to your computer and should be maintained in a secure location. Once you've written
- This down, click NEXT button.
- On the following page, confirm your backup phrase by entering the words in the same sequence as previously stored. Once finished
- Click CONFIRM button.
Now your MetaMask account is up and running.
What are the Pros and Cons of MetaMask?
MetaMask is a popular plugin commonly used by its users for its simplicity, integration, and space-saving technology. Instead of managing private keys, users simply need to remember a list of words, and transactions are signed on their behalf. Dapps are designed to work with it, making it much easier to send Ether in and out, and users do not need to download the Ethereum blockchain because it sends requests to nodes outside of the user's computer.
The cons include its compromise of safety. MetaMask holds the private keys of the user within the user’s browser, which is less safe than a paper or a hardware wallet. The second con is that it relies on external nodes rather than being a full node, which can sometimes cause downtime, and thus a temporary pause in the proper functioning of MetaMask.
How do I connect my MetaMask to the Polygon network?
Upon opening your MetaMask Menu
1. Click on the Settings, and then the Networks
2. This will open a tab providing you a Add Network button
3. MetaMask will now ask you to enter the following information:
• Network Name:
Polygon Mainnet
• RPC Url:
https://polygon-rpc.com/
• Chain ID:
137
• Currency Symbol:
MATIC
• Block Explorer URL:
https://polygonscan.com/
The last step of this process is to connect your MetaMask wallet to the Polygon network you just entered. To perform this, simply click on the current network on the top of your MetaMask account, and then click “Polygon Mainnet”.Now your Polygon network has been successfully activated.
How do I connect my MetaMask to a hardware wallet?
Firstly, open your MetaMask extension. Click the icon on the top-right corner and then on “Connect Hardware Wallet”. Next, choose either Ledger or Trezor, and click connect. Lastly, select the account you want your MetaMask to be connected with. Now your MetaMask is connected to the hardware wallet you have selected.
MetaMask will operate as usual, with the only difference being that you will need to have your hardware wallet plugged in for performing transactions. If you would want to remove your connected account in the future, simply click the “X” next to it in the account list menu.
Website
Visit the official wallet website, which contains detailed valuable information about it. You'll also find here answers to frequently asked questions, various support tools, or interesting news and articles.
Smart contract addresses
In this section you can find a list of addresses of smart contracts for individual tokens and coins on the Polygon network. Addresses are used to manually import tokens and coins into your extension wallet.
At OneCrypto, we have decided to present you current topics of the crypto world via the YouTube channel MoneyZG.
At OneCrypto, we have decided to present you current topics of the crypto world via the YouTube channel MoneyZG.
