May 28, 2023

MetaMask - how to use a cryptocurrency Ethereum wallet

MetaMask - how to use a cryptocurrency Ethereum wallet

MetaMask is an Ethereum wallet that can be installed for free in various desktop browsers computers or in the mobile beta for iOS and Android. Given its importance for interacting with decentralized applications (dApps), we have created a complete guide to it.

Ethereum is designed to execute code,necessary to run dApps, decentralized applications on the blockchain that will form web3. These applications are similar to those available on smartphones and can be used for various purposes, such as access to decentralized exchanges, managing financial instruments, anonymity of transactions, betting in gambling and much more.

Dappradar or State of the Dapps are websiteswhich allow you to find dApps available on Ethereum. However, to use these dApps and interact with them, you must use a special browser for dApp, such as MetaMask.

MetaMask Guide

The goal of MetaMask is to simplify interaction with the Ethereum blockchain. In general, it can be used:

  • As a general wallet for sending and receiving Ethereum;
  • To manage ERC20 tokens;
  • To connect directly to decentralized exchanges (DEX) without the need to create new addresses;
  • To use Ethereum dApps (e.g. Ethlend, MakerDAO, KyberSwap, etc.).

What's new in MetaMask?

Popular dApp browser recently announced a conteston GitHub with a prize of 20 Ethereum, which at the current exchange rate is about € 3,000, for the team that will create the best standard for meta transactions.

Meta transactions are a way to overcomeproblems faced by new Ethereum users - after creating a wallet, users receive an address with a zero balance. To avoid spam on the network, Ethereum requires that each account has a minimum balance to pay transaction fees, without which it is impossible to interact with the network.

This is a serious obstacle touse dApps, because in order for Ethereum to have a certain amount, the user must get access to the exchange with all the necessary checks, which, of course, is not the fastest procedure.

However, there may be someone else who is willing to paynetwork fees, such as the dApp developer or the hypothetical DAO (decentralized autonomous organization), which facilitate network adoption. This third-party transaction fee payment model is known as meta-transactions, as described on Austin Thomas Griffith's blog.

"Users do not care about decentralization or private keys, they take care of using your decentralized application to do something important for themselves."

The adoption of the Ethereum blockchain and its popularityare also issues that are recognized in MarketingDAO. This organization was created at the conference for developers of Ethereum Devcon in October last year. It includes more than 50 marketing experts, designers and communication specialists, their goal is to make Ethereum more popular.