With a massive user base in the world of cryptocurrency, could MetaMask become the Google of Web3?

Could MetaMask be the Web3 Google with a huge cryptocurrency user base?

Author: Russian DeFi

Translation: DeepTechFlow

MetaMask is a popular decentralized wallet, but its features go beyond just storing cryptocurrencies.

It also provides many features for NFTs and Web3 applications on the Ethereum blockchain. Since the MetaMask development team began designing the wallet’s various features and capabilities in 2016, its main goal has been to make it easier, more reliable, and secure for users to access the Ethereum blockchain.

• Inventory of the current situation of top NFT fragmentation protocols: the overall market has turned cold, with both trading volume and user activity plummeting.
• Is the BRC-20 that cuts through the night sky a nova or a meteor?
• Deep observation of the NFT market in 2023

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

This article summarizes the current state and development of MetaMask’s products and discusses the possibilities for future development.

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

Blockchain wallets can be used as digital or online wallets, allowing users to store and manage their Bitcoin, Ether, and other cryptocurrencies. Blockchain wallets allow for the transfer of cryptocurrencies, protect crypto assets from theft, and allow users to convert them back to 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 worldwide. It is the gateway to the DeFi ecosystem, NFTs, ERC-20 tokens, and almost all Ethereum functionality.

• The MetaMask browser extension is an essential tool for crypto gamers, developers, and newcomers to enter the blockchain space, enabling the public to access Web3.
• It has a large community with over 1 million downloads, and there are many resources contributing to the project.
• Unlike traditional wallets, MetaMask does not require additional plugins, allowing 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 allows you to place bets on gambling sites, trade on DEXs, and participate in projects like PoolTogether and Compound.
• The MetaMask app is available for desktop and mobile devices.
• The download process is virtually the same on all supported browsers.
• What sets MetaMask apart from other hardware wallets is its encryption capabilities. Users’ private keys and mnemonic phrases are stored in secure locations, and users only need to manage their own independent mnemonic phrase.

MetaMask launches deposit feature

MetaMask has introduced a new feature that allows users to purchase cryptocurrencies directly from their wallet using fiat currency. Currently, fiat payment methods include debit cards, credit cards, bank transfers, PayPal, and instant ACH, with more options coming soon.

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

According to MetaMask, the service is now live and supported in 189 countries. However, the amount that users can purchase through the service is subject to legal restrictions in their jurisdiction. The feature can also be used within the browser application.

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

MetaMask, more than just a wallet

Most people associate MetaMask with a cryptocurrency wallet, but it has more features than that. It can be thought of as a crypto account manager, using cryptography to protect your account keys. When creating a new account on MetaMask, a new pair of private and public keys are generated.

These keys are necessary to ensure that the account owner is authorized to transact and users can manage them in multiple ways. For example, hardware wallets protect wallet security by isolating the wallet from the Web3 environment.

MetaMask Portfolio

Previously, the feature to buy cryptocurrencies could only be used in the MetaMask mobile app. Now, desktop 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 the MetaMask wallet. For this, you had to rely on other platforms.

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

Multiple Networks

If the future is multi-chain, the Portfolio Dapp supports this vision by offering a variety of selectable networks, including:

• Ethereum;
• Optimism (Optimism network);
• Binance Smart Chain;
• Polygon;
• Fantom;
• Arbitrum;
• Avalanche.

Once your accounts are linked, you’ll be able to see all your assets on these chains in one place, with support for more networks in the future.

Richer NFT Experience

Switch to the Dapp’s “NFT” page to see your digital art collection and other NFTs on the Ethereum mainnet and Polygon.

Portfolio View

Simply select Portfolio from the extension’s main screen to access your portfolio, which includes:

• Connect multiple accounts: You can link all your MetaMask accounts to the Dapp.
• Aggregate your assets: By linking multiple accounts, you can easily track your key token balances and aggregate your entire portfolio.
• View your NFTs: View your collection across all linked accounts on the Mainnet and Polygon.
• View your multi-chain assets: The Dapp lets you view holdings on 7 networks.
• Search and watch tokens: View any favorite tokens on supported chains and add them to your watchlist for tracking.

MetaMask in 20 Years

MetaMask co-founder Dan Finlay explains how MetaMask could become the Google of Web3.

MetaMask could evolve into a Dapp that accurately provides users with what they’re looking for by meeting their needs with a variety of recommendations and services.

According to Finlay, Google tries to solve problems in a broader global way, and he explains, “If you search for a mechanic, it might ask for your location and combine your past search history, but it doesn’t integrate fully private, personalized, and social-network type information. At MetaMask, we’re committed to building a user agent that’s user-centric and cryptography-first.”

This means that in the future, using MetaMask as your wallet may help you find excellent mechanics or whatever else you’re looking for.

Key Features of MetaMask Wallet

MetaMask supports Ethereum transactions, enabling users to send and receive funds within minutes using advanced features. Here are the main features of the MetaMask wallet:

Exchange Tokens Anywhere, Anytime

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

Compared to other digital wallets, privacy protection is the top priority for the MetaMask wallet. The platform allows users to store, swap and access tokens without worrying about exchanges and DApps getting more private information than users agree to.

Adjustable Gas Fee

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

Supported Networks

Although users are limited to using Ethereum, they can communicate with other networks, such as:

• Ethereum Mainnet;
• Kovan Testnet;
• Goerli Testnet;
• Ropsten Testnet;
• Rinkeby Testnet.

EIP-1559

The implementation of EIP-1559 changes Ethereum’s market mechanism, replacing the first-price auction with a fixed-price sale. More importantly, users who submit transactions no longer need to calculate the required gas, as 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% within a year, increasing from 545,080 monthly active users in July 2020 to 10,354,279 in August 2021.

MetaMask was founded in September 2016 and has played a critical role in adopting decentralized applications on Ethereum.

The release 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 introduced token exchange functionality, further accelerating user growth.

“MetaMask defines a new type of cryptocurrency wallet that not only interacts with currencies, but also with decentralized applications. We are constantly making these new applications more secure and easier to access to expand our audience,” said MetaMask co-founder Dan Finlay. “We are exploring new ways for users to establish trust online,” he added.

Conclusion

MetaMask is a decentralized wallet with many features and Web3 applications, serving as a hub for NFT and Web3 enthusiasts to build decentralized applications on the Ethereum blockchain. When the MetaMask development team began designing the wallet’s features and functionality in 2016, the main goal was to make access to the Ethereum blockchain easier, reliable, and secure. Today, it has been a huge success.

Although the wallet has many features, it cannot be used as a primary wallet because it does not support Bitcoin, the most widely held digital asset in the cryptocurrency industry. The wallet is suitable for intermediate and advanced cryptocurrency investors, as it emphasizes technical functionality. However, considering MetaMask co-founder Dan Finlay’s plans, the wallet’s future looks very bright.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!