MetaMask

Metamask

MetaMask Review

MetaMask is an online Crypto-Wallet for Chrome or Firefox Browser extension. Private keys are used on your own Chrome Browser instead of the server, with a password protection. It mainly functions and enables the user to interact with Ethereum based websites whether to keep or transfer Ethereum coins.

PROS


  • Beginner friendly, clean and easy to use interface
  • Extension on browser, no other apps or software needed
  • Crypto address are readily available on extension
  • Provides confirmation before transaction and protection against dodgy websites

CONS


  • A “Hot” wallet, not advisable to keeping very large amount of coins for long period.

How much do they charge for transaction?

Basically MetaMask does not imply charges by using standard medium such as % of the fee transferred. Instead, it will charge by using “Gas” or “GWEI” , an internal currency commonly used for transaction for Ethereum. GWEI are commonly known as “small change” of 1ETH or 1e9.  The standard price for each transaction will be 21 GWEI , however users could choose to reduce the amount of GWEI required per transaction. But bear in mind that the lower the GWER , the higher possibility the transaction will fail.

Ease of usage

MetaMask is considerably one of the idiot-proof crypto-wallet available on the market. Its clean and easy to use interface can be used by new users who know very less about crypto-wallet or cryptocurrencies. To make it more attractive , a fox head will hover and following around your cursor and typing. The extension is available for Fire-fox users as well incase Chrome are not the preferred browser.

Key Features and Functions

Once Metamask extension is installed on your preferred browser, it can be accessed on the right corner of your browser as shown on the image. A small dropdown window will show your info such as name, transaction history , tokens you hold and most importantly your personal address. There are buttons for users to buy and send coins using whatever currencies available on your Metamask wallet. For buying , users could only buy from these two crypto-exchanges below

  • Coinbase (Fiat/Cryptocurreny)
  • Shapeshift (Cryptocurrency only)

Meanwhile sending coins to someone else’s wallet is as simple as inserting receiver’s wallet address and amount of coins to send. Once users have input the correct address and amount , an confirmation will be prompted before the transaction. Other than using wallet address which is combination of 34 to 36 of number and alphabets , users may use QR code scanning as well. Users could export their Private key as physical copy in case browser or device failure.

How does MetaMask works ?

This is where users with lesser knowledge on tech stuff struggle to understand. Meta Mask works with JavaScript by injecting a web3 object into the page you are currently browsing. However it does not change the website in any way, instead, it can access the network’s full functionality. Thus, MetaMask extension will request for few permission and most importantly the permission to read or change any data on the websites you visit. Think of it like a cookie, but instead of recording your usage behavior , this one changes your data as well.This is required because of the web3 JavaScript.

Once Metamask is installed, which basically is your very own browser crypto-wallet. You will be prompted to save a few seed words, which will be used to regenerate your wallet if needed. Storing the seed words physically somewhere safe where potential hackers or exploiters are crucial for the safety of your wallet. Despite MetaMask is considerably a safe wallet, but it is recommended to NOT keeping a large number of Ethereum or currency inside. Only keep the amount that u need for any transaction you may require from time to time. As there are still certain risk where the wallet might fail in terms of security or lost of currency as it is still an “online” wallet.

Is it Safe?

When using something online holding users precious hard earned currency , the question always falls on whether its safe to be used. While Metamask is quite safe from potential online attacks from hackers, unless the account was sabotaged directly on your device. For example, your device stolen or accessed without authorisation given if they know your password. One of the few concerns for users is the lack of Two Factor Authentication and Multi-Signature which is quite common on crypto-related applications.

Are MetaMask’s Customer Support reliable?

MetaMask’s support team are quite responsive and attentive towards when there are issues occured. There were been reports of wrong seed phrases, for backing up the wallet where users unable to re-access their account. Thus MetaMask recommend trying out the seed code as soon as the user gets it to prevent any future issues. Otherwise, their e-mail response time is considerably good and quick to respond.

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