MetaMask is one of the most popular Ethereum wallets for storing tokens and using decentralized applications. You can use this MetaMask to store Ethereum, ERC-20 tokens, ERC-721 tokens (crypto-collectibles), and access apps. It is an easy-to-use and very useful Ethereum wallet. If you want to trade on decentralized exchanges or use Defi apps, you especially need MetaMask.
It allows users to manage, transfer and receive Ethereum and ERC-20 tokens — without the need to download the whole blockchain in the process.As well as allowing digital coins to be stored, MetaMask also enables users to interact with smart contracts and decentralized applications without using a full Ethereum node.
The cryptocurrency wallet was created in 2016 by ConsenSys, a Brooklyn-based blockchain software company focusing on Ethereum-related tools and infrastructure.
How To Setup MetaMask
MetaMask is available on web browsers, Android and iOS. You can download and install the MetaMask application in Firefox, Brave, Chrome, and Edge. In addition to MetaMask, there are also various mobile wallets such as Trust Wallet and Coinbase Wallet that you can use to access d-apps on mobile.
But using d-apps on mobile is a bit difficult and you should not expect a smooth experience. So browser extensions are the best option for now. Now let’s see how to install MetaMask in the Chrome browser. You can follow the same steps to install it in other supported browsers.
Step 1: Add the MetaMask extension to Chrome
Go to Chrome Web Store Extensions Section and Search MetaMask. Check the number of downloads to make sure that the legitimate MetaMask is being installed, as hackers might try to make clones of it. Click the Add to Chrome button.
Note that this shows as “Remove from chrome” since i have already added the metamask wallet to the chrome. But it will show add to chrome.
Step 2: Click on the ”Create a Wallet” button
This is the first time creating a wallet, so click the Create a Wallet button. If there is already a wallet then import the already created using the Import Wallet button.
Step 3: Agree or disagree to anonymized data collection
Click I Agree button to allow data to be collected to help improve MetaMask or else click the No Thanks button. The wallet can still be created even if the user will click on the No Thanks button.
Step 4: Choose a password for your MetaMask wallet
You will just use this password to log in to your MetaMask wallet. If you forget the password, you can import your wallet using the seed phrase that will be shown in the next step.
Step 5: Back up your seed phrase
This is the most important step. Back up your secret phrase properly. Do not store your secret phrase on your computer. Please read everything on this screen until you understand it completely before proceeding. The secret phrase is the only way to access your wallet if you forget your password. Once done click the Next button.
The security of your backup phrase must be of the utmost importance. Anyone who has access to your backup phrase can transfer your coins to different wallets.
Step 6: Confirm your Secret Backup phrase
Click the buttons respective to the order of the words in your seed phrase. In other words, type the seed phrase using the button on the screen. If done correctly the Confirm button should turn blue.
One can see the balance and copy the address of the account by clicking on the Account 1 area. One can access MetaMask in the browser by clicking the Foxface icon on the top right. If the Foxface icon is not visible, then click on the puzzle piece icon right next to it. you’re all done! Read the tips on safety and click on the ”all done” button start using your MetaMask wallet.
Thanks for visiting Newzpanda.com.