What is MetaMask Wallet and what is it for?

The cryptocurrency wallets Are, without a doubt, one of the key tools of Decentralized Finance (DeFi). And if there's any cryptocurrency wallet that stands out from the competition, it's MetaMask. Its popularity is mainly due to its ease of use and understanding.

In this article we are going to tell you what it is MetaMask and its main functions.

Let's do it!
What is a cryptocurrency wallet?

It's clear that you came here to learn more about the wallet of MetaMask, but for those who are not so familiar with this world, it will be better to first define what a cryptocurrency wallet is.

As its name suggests, a”wallet” is a wallet represented by software (hot wallet) or hardware (cold wallet). This type of wallet helps us to store our Cryptographic assets, as well as being able to interact with different blockchain networks, with the cryptographic world, buy and sell different digital assets, and even enter the world of Decentralized Finance or DeFi.

Just as we don't go out and do the shopping without our wallet, we can't interact with the crypto world without having our wallet created and available.

There are two types of wallets, the Hot wallets and cold wallets, below we show you the most popular examples for each of the types of wallets.

Now that we have defined what a cryptocurrency wallet is, let's see what it is MetaMask.

What is MetaMask?

In order for users to be able to interact with DApps Of blockchains like that of Ethereum, it is necessary to have bridges that connect the user to their objective, this is exactly what it is MetaMask, the bridge.

MetaMask It is an extension or plugin for web browsers that allows users to easily interact with DApps Of the blockchain of Ethereum, although it is also possible to add other networks besides Ethereum, we'll tell you about it later. This is possible, because MetaMask acts as a bridge between DApps and web browsers, making them easier to use and enjoy.

In addition to a bridge, MetaMask was originally created as a wallet, so you can also store your crypto funds there, and then interact with different DApps.

Thanks to this, users are able to easily use these distributed applications and all in an integrated way from their favorite browser. With support for Firefox, Chrome, Opera and Brave, MetaMask has brought the world of DApps closer to the general public.

MetaMask It is a very interesting tool of course, now that you understand what MetaMask is, we are going to show you what its main functions are.

What is MetaMask for?

This browser wallet makes use of the web3.js library, which is part of the official development solutions of Ethereum. This library was developed with the purpose of being able to create web applications capable of interacting with the Ethereum blockchain. Through this library, web pages and extensions have the ability to take advantage of Ethereum technologies and their features.

MetaMask It is designed to be a wallet for Ethereum and also as a tool to be able to interact with different DApps. A communication channel is generated between the browser extension and the DApp. Any DApp can detect MetaMask and the user logs in without the need for access credentials.

Some interesting examples so you can interact through MetaMask They are:

Note that currently MetaMask, in addition to connecting to the blockchain of Ethereum and different testnets of this blockchain, it can also be connected to other blockchains. For example, it offers the possibility of connecting us to the Binance Smart Chain. This allows you to have decentralized access to different blockchains in the same service.

We have already mentioned above what its main function is, but we are going to go a little deeper into the others.

Purchase of cryptocurrency

From MetaMask Can you buy Ethers or other tokens of the type ERC-20. There are two payment gateways: Wyre and Transak.

Wyre supports credit/debit cards along with Apple Pay. These options charge a 3% transaction fee in addition to placing a $500 limit on weekly transactions.

U.S. citizens have an ACH transfer option with a minimum fee of 0.75% and a higher threshold of $25,000 worth of weekly transactions. While the card and Apple Pay are made instantly, ACH transfers can take up to a week to complete.

Transak is similar to Wyre. Depending on your currency and availability, you can use both.

Send cryptocurrency

Other of the star features of MetaMask It is to send tokens to other wallets, for this you will need the public key of the wallet to which you want to send them Tokens. To send the Tokens you will be charged a commission for each transaction.

“Swappear”

Within MetaMask you can also “swap” between Ether or ERC20 tokens, some of these types of tokens are:

• Theater (USDT)
• Chainlink (LINK)
• Wrapped Bitcoin (WBTC)

How to install Metamask in my browser

You can install it on your phone or in your browser (Chrome, Firefox and Brave). In the following video, we explain how to do it. Install it in 2 minutes and open your doors wide open to a new, more open world of finance, accessible to anyone with an Internet connection.

Step 1: Download MetaMask

1. Open your browser: Use Google Chrome for greater ease.
2. Go to the official MetaMask page: Write Metamask.io in the address bar and press Enter.
3. Download the extension: On the MetaMask main page, click the “Download” button and select “Install MetaMask for Chrome”.
4. Add the extension to Chrome: Click “Add to Chrome” and then “Add extension” in the pop-up window. Wait for the download and installation to complete.

Step 2: Set up MetaMask

1. Open MetaMask: After installation, click on the extension icon (it looks like a puzzle piece) in the upper right corner of your browser and set MetaMask to have it handy.
2. Start MetaMask: Click on the MetaMask icon and accept the terms and conditions.

Step 3: Create a New Wallet

1. Create a new wallet: Select “Create a wallet” and accept the MetaMask terms.
2. Set a password: Create a strong password that you can remember. This password is crucial for accessing your wallet, so be sure to write it down in a safe place. Check the box that indicates that you understand that MetaMask cannot recover your password and click “Create”.

Step 4: Backup the Recovery Phrase

1. Save the recovery phrase: MetaMask will show you a 12-word recovery phrase. Write it down on paper and keep it in a safe place (don't store it digitally). This phrase is essential for recovering your wallet if you forget your password or change your device.
2. Confirm the recovery phrase: MetaMask will ask you to confirm the recovery phrase by entering it in the correct order.

Step 5: Configure the Polygon Network (if necessary)

1. Add the Polygon network: Once inside MetaMask, go to the upper right corner where it says “Ethereum Mainnet”. Click and select “Add Network”.
2. Select Polygon Mainnet: Search for “Polygon Mainnet” and add it. This will allow you to use the Polygon network in MetaMask.

Step 6: Finish Setup

1. Verification: Follow Reental's specific instructions to verify your wallet and be able to invest.

Ready! You now have your MetaMask account configured and ready to use. If you need more details, you can consult the YouTube video provided for a visual tutorial.

Now you know what it is MetaMask and what it's for, which we hope has helped you learn more about this tool, and if you didn't know it, we hope you were curious to enter this fascinating world.

As we have mentioned above, MetaMask Can be used for investment in tokenized properties of Reental, so we invite you to try this functionality, and if you have any problems, do not hesitate to contact us.

In order not to miss any of the opportunities we present, we recommend that you join our group of Discord Or Telegram To get to know others Reentels and the whole team. Of course we invite you to take a look at our articles on the blog to continue informing you.

Welcome to the new way of doing finance, welcome to Reental.