With a large number of encrypted users, will MetaMask become Google in Web3?

Author: Russian DeFi

Compilation: Deep Tide TechFlow

MetaMask is a popular decentralized wallet, but it offers more than just storing encrypted tokens.

It also provides many features for NFT and Web3 applications on the Ethereum blockchain. Since 2016, when the MetaMask development team started designing the wallet's various functions and features, its main goal has been to make access to the Ethereum blockchain easier, more reliable, and more secure.

As the most popular Web3 portal, will MetaMask become a Google-like information hub?

This article sorts out the current status and development of MetaMask products, and discusses the possibility of future development.

A wallet is your personal key to the crypto world. It enables you to buy, sell or transfer assets on the blockchain.

Blockchain wallets can be used as digital or online wallets that allow users to store and manage their bitcoin, ether and other cryptocurrencies. Blockchain wallets allow cryptocurrency transfers, protecting crypto assets from theft and allowing users to convert them back to their local currency if necessary.

MetaMask is the most popular blockchain wallet today, with over 21 million monthly active users, making it the most widely used non-custodial cryptocurrency wallet in the world. It is the gateway to the DeFi ecosystem, NFTs, ERC-20 tokens, and pretty much all Ethereum functionality.

• The MetaMask browser extension is a must-have for crypto gamers, developers and newbies entering the blockchain space, making Web3 accessible to the masses.
• It has a huge community with over 1 million downloads and many resources contributing to the project.
• Unlike traditional wallets, MetaMask requires no additional plugins and allows you to use it in any browser.

Once installed, you can view your Ethereum address and send and receive tokens to any other Ethereum address.

• MetaMask lets you stake your tokens on gambling sites, trade them on DEXs, and participate in projects like PoolTogether and Compound.
• MetaMask app is available for desktop and mobile devices.
• The download process is basically the same on all supported browsers.
• What sets MetaMask apart from other hardware wallets is its encryption capabilities. Both the user's private key and mnemonic are stored in a secure location, and users only need to manage their own independent mnemonic.

MetaMask launches deposit and withdrawal function

MetaMask has introduced a new feature that allows users to buy cryptocurrencies with fiat currency directly from their wallets. Currently, fiat currency payment methods include debit card, credit card, bank transfer, PayPal, and instant ACH, with more options coming soon.

The “Buy Cryptocurrency” feature is part of the Portfolio Dapp, and users can now purchase around 90 cryptocurrencies using local payment methods by connecting their MetaMask wallets.

According to MetaMask, the service is live and supported in 189 countries. However, the amount a user can purchase through the service is limited by the laws applicable in the region in which he or she is located. This feature is also available in browser applications.

The feature currently supports Ethereum, Polygon, Optimism, Arbitrum, Binance Smart Chain, Avalanche Contract Chain, Fantom, and Celo.

MetaMask, more than a wallet

Most people associate MetaMask with a cryptocurrency wallet, but it does so much more. Think of it as an encrypted account manager that uses cryptography to protect your account keys. When a new account is created on MetaMask, a new pair of private and public keys is generated.

These keys are required to ensure that account owners are legally transacting, and users can manage them in a variety of ways. For example, hardware wallets secure wallets by isolating them from the Web3 environment.

MetaMask Portfolio

Previously, the ability to buy cryptocurrencies was only available in the MetaMask mobile app. Now, computer users can access the service through wallet extensions and web browsers.

Many people may have multiple cryptocurrency wallets/accounts. However, until now, you could not see the total value of all accounts in your MetaMask wallet. For this, you have to rely on other platforms.

MetaMask Portfolio is a Dapp that allows you to view all MetaMask accounts and assets in one place. It aggregates the value from up to ten accounts and displays your total holdings, making it easier for you to get an instant snapshot of their value in your preferred currency.

Multiple Networks

If the future is multi-chain, the Portfolio Dapp supports this vision by providing a variety of alternative networks:

• Ethereum;
• Optimism (Optimism Network);
• BNB smart chain;
• Polygon;
• Phantom;
• Decision;
• Avalanche.

Once you link your accounts, you will be able to see all assets in these chains in one place, with more networks to be supported in the future.

Richer NFT experience

By switching to the Dapp's "NFT" page, you can see your digital art collection and other NFTs on the Ethereum mainnet and Polygon.

Portfolio View

Simply select Portfolio from the extension's home screen to easily access a user's portfolio:

• Connect multiple accounts: You can connect all MetaMask accounts to this Dapp.
• Aggregate your holdings: By linking multiple accounts, you can easily track your important token balances, which in turn aggregate your entire portfolio.
• View your NFTs: View collections across all your connected accounts on Mainnet and Polygon.
• View your multi-chain holdings: This Dapp allows you to view your holdings on 7 networks.
• Search and Watch Coins: See your favorite coins on any supported chain and add them to your watchlist to keep track.

MetaMask after 20 years

MetaMask co-founder Dan Finlay explains how MetaMask will be the Google of Web3.

MetaMask may develop into a Dapp that provides users with exactly what they are looking for through various recommendations and services that meet their needs.

According to Finlay, Google is trying to address the problem in a broader global way, explaining: "If you search for an auto mechanic, it might ask you where you are, combine that with your past search history, but it doesn't integrate completely private , personalization, and social networking type information. In MetaMask, we’re working on building a user-centric, cryptography-first user agent.”

This means that using MetaMask as your wallet in the future might help you find a good mechanic or whatever else you're looking for.

Main functions of MetaMask wallet

MetaMask supports Ethereum transactions with advanced features that allow users to send and receive funds in minutes. The following are the main features of the MetaMask wallet:

Exchange tokens anytime, anywhere

Users with a MetaMask account can exchange any token from their mobile device or desktop wallet. The exchange feature combines data from DEX aggregators, DEXs, and market makers to ensure each user gets the best price at the lowest network or gas fees.

Compared with other digital wallets, MetaMask wallet has privacy protection as its top priority. The platform allows users to store, exchange and access tokens without worrying about exchanges and DApps capturing more private information than users agree to.

Adjustable Gas Fee

Unlike other hardware wallets, MetaMask wallet users can set transaction fees according to their level of needs. The wallet also allows fine-grained control over gas fees.

Supported Networks

Although users are limited to using Ethereum, it is possible to communicate with other networks such as:

• Ethereum mainnet;
• Kovan test network;
• Goerli test network;
• Ropsten test network;
• Rinkeby test network.

EIP-1559

The implementation of EIP-1559 changed Ethereum's market mechanism, replacing first-price auctions with fixed-price sales. What's more, users who submit transactions no longer need to calculate the gas required, because the base fee is already included in subsequent blocks. Applications or users who want to prioritize transactions can pay miners a priority fee or tip.

The world's leading non-custodial cryptocurrency wallet

MetaMask grew 1800% in one year, from 545,080 monthly active users in July 2020 to 10,354,279 in August 2021.

Founded in September 2016, MetaMask has played a vital role in the adoption of decentralized applications on Ethereum.

The launch of the mobile version in September 2020 was key to attracting new users from global markets such as the Philippines, Vietnam, China, India, Indonesia, Thailand and Brazil.

In March 2021, the MetaMask mobile version launched a token exchange function, which also accelerated user growth.

"MetaMask defines a new type of cryptocurrency wallet where users can interact not only with currencies, but also with decentralized applications, and we continue to make these new types of applications more secure and accessible to expand the audience," said MetaMask co-founder According to Dan Finlay. "We let users discover new ways to build trust online," he added.

in conclusion

MetaMask is a decentralized wallet with many features and Web3 applications, a central hub for NFT and Web3 enthusiasts to build decentralized applications on the Ethereum blockchain. When the MetaMask development team started designing the functionality and functionality of the wallet in 2016, the main goal was to make access to the Ethereum blockchain easier, reliable and secure. Today, it has achieved great success.

Despite the wallet's many features, it cannot be used as a primary wallet as it does not support Bitcoin, the most widely held digital asset in the cryptocurrency industry. This wallet is suitable for intermediate and advanced cryptocurrency investors as it emphasizes technical features. But considering the plans of MetaMask co-founder Dan Finlay, the future of the wallet looks bright.