In this post I will write about MetaMask and smart contracts: how it works. I will not write about coding and technical details – I will write what end user need to know, how to use it, what can expect and important security tips to stay secure. MetaMask is not just a crypto wallet (ETH) – it is a browser extension that can interact with web pages. That means: to create an account or sign in now you dont need to use email, save password, have worries that someone will have access to your account. MetaMask will interact with website and with just one-click you will be signed in or execute some other process. Continue reading and you will find more information.
How to start with MetaMask?
MetaMask is a web browser extension and to use it you first need to download and install it – add to your web browser as extension. It is very simple process but you need to follow some important steps. The most important is to write down MetaMask 12-word seed and keep it on the safe place – this is a backup if you ever will have problem with your device or MetaMask wallet. On this way just like any other crypto wallet works – you can recovery wallet on other device and have access to your ETH, login or any other data stored inside wallet. You can download it from official, in my case from Chrome store HERE or from MetaMask official website: metamask.io.
In this video you can see how to download MetaMask wallet (browser extension), install it, set up and start using. Also in video is example how it works in interaction with matrix program called Forsage. More information about this program you can read here.
What is a smart contract? What is a DApp?
In shortly DApp is decentralized application running on a decentralized network (on the Ethereum blockchain in this case).
Smart contract is a piece of code, doing a specific task, it is a part of DApp.
On this way when you visit some website MetaMask wallet (browser extension) interact with website: inside MetaMask wallet you will see prompt to connect with website, create an account, sign in, make a payment or something else. With just one-click option you will allow to execute some task. This interaction is going through decentralized application DApp and specific task we called smart contract.
In Forsage example when you make a payment smart contract will ensure full automation: you dont need to have worry that you or someone else will do some mistake – there is no middleman. With just one-click button you will buy matrix position and when you recruit people and have earning via smart contract without needs to touch anything, cashout will be executed by automation and you will receive ETH direct into MetaMask wallet. This is very powerful because now you dont need to wait for cashouts, contact admin, or have worry that admin will delete your account and run away with your money: smart contract will execute cashout process and no one can stop this! Smart contract is predefined and it cant be changed anymore.
This is just a one example: smart contracts can be used for many other things but it is a revolution because there is no space for mistakes and people dont need to have worries that someone will change rules after some time what is very often in online income opportunities, especially in MLM programs. Some other examples: crypto lending, farms, decentralized exchanges such as Uniswap etc…
Is MetaMask safe to use?
To be honest I dont like to use crypto wallets other than a hardware wallet. I have a hardware wallet Ledger Nano S and you can read more information here. When you use crypto wallet as a web application there is always risk that you will pick up some virus and your crypto assets might get stolen. There is no 100 % security but hardware wallet is almost 100 % safe. Because of that I recommend to use MetaMask just as temporary wallet and to transfer ETH into hardware wallet soon as possible. I dont like that MetaMask dont have an option to connect with hardware wallet – this feature have some browser extensions (crypto wallets) such as Yoroi (Cardano ADA wallet).
Update: MetaMask now have an option to connect with hardware wallet and on this way your crypto assets are safe. Every transaction you need to confirm with hardware wallet.
To stay secure first you need to be sure that you use an official wallet (browser extension), to keep 12-word seed on the safe place, to set up strong wallet password, recommend to protect your device with password too.
Because that MetaMask have interaction with every website which have special Java script code you need to be very careful and read notification inside MetaMask wallet (especially if you use traffic exchange sites).
You can simply close the Metamask window or click on the cancel button if you dont want to connect with the website.
MetaMask phishing detection is a really good feature to improve security. But you need to be careful every time while using wallet. Recommended is to close all tabs except website which is connected with your wallet.
MetaMask: How to send / receive ETH or Ethereum token?
Metamask is very easy and simple to use. When you have installed browser extension you just need to click on small fox icon and MetaMask wallet window will pop up.
To deposit ETH or token you just need to copy to clipboard ETH address from the top (marked section). If you want to send just click the send button and follow simple instruction. There is an option to save addresses where you want to send.
MetaMask in most of cases will recognize token but you can add manually clicking on the option at the bottom (Add token).
Every time you restart or turn off/on computer you need to enter MetaMask password that you set up before.
In the latest version there is an indication does your MetaMask wallet connected with specific website.
As mentioned before my advice is to send crypto assets from MetaMask to hardware wallet. I dont use it for store – just as temporary wallet.
I have a good experience with MetaMask but I dont like to use this wallet for store. I met and was introduced with this wallet when I heard for the first matrix program that works via smart contracts. To be honest I dont like MLM and matrix program but because of smart contracts I wanted to find out how it works. It is very interesting because to see have you earned commissions you dont need to visit the website – you just need to check balance inside your MetaMask wallet. Also you dont need to use email and password to log in or create an account. I like idea for full automation and fact that no one can stop programs powered with smart contracts as long blockchain exist. Even if someone shut down the website program still works on the blockchain. Of course you need to be careful because of empty promises – no matter about automation you still need to work and recruit people to have online income. Also smart contracts can be used for many other things.
I hope that this information about MetaMask and smart contracts is useful for you. If you have any questions, doubts or suggestions feel free to place a comment.