What is MetaMask?
MetaMask is a cryptocurrency wallet that operates as a plugin for well-known internet browsers such as Chrome and Firefox.
It allows users to manage, transfer, and receive Ethereum and ERC-20 tokens without the need to download the entire blockchain.
Aside from storing digital coins, MetaMask also enables users to interact with smart contracts and decentralized applications without requiring a full Ethereum node.
ConsenSys, a blockchain software company located in Brooklyn, developed this cryptocurrency wallet in 2016. They specialize in creating tools and infrastructure related to Ethereum.
Hot wallets, or web-based wallets, are often considered insecure due to the risk of phishing attacks. These scams are utilized by hackers to steal sensitive information like passwords and usernames.
MetaMask utilizes HD backup settings and relies on a team of developers who regularly update its open-source code.
A HD wallet, also known as a hierarchical deterministic wallet, is a modern digital wallet that automatically generates a hierarchical tree-like structure of private and/or public addresses. This eliminates the need for the user to generate the key externally.
One of the notable features of MetaMask is the utilization of a 12-word phrase that must be securely stored or memorized by the user. This phrase is necessary in case the user forgets their password.
Despite its popularity in the cryptocurrency community, MetaMask did not have an official mobile website for several years. This resulted in the creation of phishing software by malicious individuals who impersonated MetaMask’s mobile app.