What is MetaMask?
Let's find out MetaMask meaning, definition in crypto, what is MetaMask, and all other detailed facts.
MetaMask is a cryptocurrency wallet that operates as a plugin for standard internet browsers (such as Firefox or Chrome). It was developed in 2016 by ConsenSys which is a blockchain company based in Brooklyn that focuses on tools related to Ethereum.
MetaMask allows users to transfer, manage, and receive Ethereum (ETH) and ERC-20 tokens without downloading the whole blockchain in the process. In addition, it gives access to decentralized applications and smart contracts without the need to use full Ethereum nodes. However, since MetaMask is web-based, it’s a hot wallet which means that it is vulnerable to phishing attacks.
However, MetaMask’s software uses backup settings that are similar to HD wallets and relies on the developers who update its open-source code regularly to keep it secure. HD wallets are next-generation digital wallets that create a hierarchical tree-like structure of private or public addresses automatically. Besides, one of the key security features of MetaMask is a 12-word phrase that is required when users forget their passwords.
Unfortunately, the popularity of the MetaMask in the crypto world and the lack of an official mobile app in the past prompted criminals to create phishing software that imitated the MetaMask app. Therefore, users of MetaMask wallets should be especially careful.
A dApp developer could consider this as a great way to provide an experience that is free of gas fees, for example. In order to enhance user acquisition, he could also support the gas expenses for certain or all customers.<\/p>\n<p>In a different scenario, they could also decide to let users only obtain their native token to pay for gas. Either way, they would employ metatransaction to make sure that they are the ones controlling the standard chain transaction and paying the gas fees required.<\/p>\n<p>The user would essentially sign what is needed and pay to correspond to the developer's specifications, either in their own token or with no gas expenses.<\/p>","definition":"responsible for fulfilling a transaction signed on behalf of the originating signer by another entity.","status":"published","meta_title":"What is Metatransaction? Definition & Meaning | Crypto Wiki","meta_description":"Metatransaction meaning: Metatransaction - responsible for fulfilling a transaction signed on behalf of the originating signer by another entity.","meta_keywords":null}" :prev-section="{"id":997,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/Metadata","level":"easy","author_id":1,"created_at":"2023-06-19T06:59:01.000000Z","updated_at":"2024-01-10T02:14:02.000000Z","slug":"what-is-metadata","title":"What is Metadata?","section":"M","keyword":"Metadata","content":"<p>Essentially, metadata is data about data. <strong>Metadata is<\/strong> <strong>abstract information<\/strong> <strong>about the underlying data.<\/strong> It's not subject to regulation. Data, on the other hand, is the actual information that is susceptible to regulatory examination.<\/p>","definition":"a type of data that contains information about another type of data (hence the \"meta\" prefix). For example, while the fact that you've sent your friend $10 in ETH would be considered data, the date and time when you performed the transaction would be metadata.","status":"published","meta_title":"What is Metadata? Definition & Meaning | Crypto Wiki","meta_description":"Metadata meaning: Metadata - data that contains information about other data, for example, information about transaction features.","meta_keywords":null}" :model="{"id":486,"wikipedia_url":"https:\/\/en.wikipedia.org\/wiki\/MetaMask","level":"easy","author_id":1,"created_at":"2023-06-19T06:59:00.000000Z","updated_at":"2024-01-10T02:16:23.000000Z","slug":"what-is-metamask","title":"What is MetaMask?","section":"M","keyword":"MetaMask","content":"<p>MetaMask is a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-wallet/">cryptocurrency wallet<\/strong><\/strong><\/a> that operates as a plugin for standard internet browsers (such as Firefox or Chrome). It was developed in 2016 by <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-consensys/">ConsenSys which is a blockchain company based in Brooklyn that focuses on <strong>tools related to Ethereum<\/strong>.<\/p>\n<p>MetaMask allows users to transfer, manage, and receive <a href=https://www.bitdegree.org/"https:////www.bitdegree.org//crypto//buy-ethereum-eth/">Ethereum (ETH)<\/strong><\/a> and <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-erc-20/">ERC-20 tokens without downloading the whole blockchain in the process. In addition, it gives access to <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-are-decentralized-applications-dapps/">decentralized applications<\/strong><\/a> and <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-smart-contract/">smart contracts<\/strong><\/a> without the need to use full Ethereum nodes. However, since MetaMask is <strong>web-based<\/strong>, it’s a <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-hot-wallet/">hot wallet<\/strong><\/a> which means that it is vulnerable to <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-phishing/">phishing attacks<\/strong><\/a>. <\/p>\n<p>However, MetaMask’s software uses backup settings that are similar to <a href=https://www.bitdegree.org/"//crypto//learn//crypto-terms//what-is-hierarchical-deterministic-wallet-hd-wallet/">HD wallets<\/strong><\/a> and relies on the developers who update its open-source code regularly to keep it secure. HD wallets are next-generation digital wallets that create a hierarchical tree-like structure <strong>of private or public addresses<\/strong> automatically. Besides, one of the key security features of MetaMask is a 12-word phrase that is required when users forget their passwords.<\/p>\n<p>Unfortunately, the popularity of the MetaMask in the crypto world and the lack of an official mobile app in the past prompted criminals to <strong>create phishing software that imitated the MetaMask app<\/strong>. Therefore, users of MetaMask wallets should be especially careful.<\/p>","definition":"a cryptocurrency wallet that operates as a plugin for standard internet browsers and allows users to transfer, manage, and receive Ethereum (ETH).","status":"published","meta_title":"What is MetaMask? Definition & Meaning | Crypto Wiki","meta_description":"MetaMask meaning: MetaMask - a cryptocurrency wallet that operates as a plugin for standard internet browsers and allows users to transfer, manage, and receive Ethereum (ETH).","meta_keywords":null,"author":{"id":1,"user_id":1,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2023-05-11T07:18:20.000000Z","title":"Editor-In-Chief","slug":"aaron-s-editor-in-chief","description":"<p>Having completed a Master’s degree on Economics, Politics & Culture for the East Asia region, Aaron has written scientific papers with a comparative analysis of the differences between US’ Western and Japan’s Collective forms of capitalism, 1945-2020.<\/p>\n<p>With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.<\/p>\n<p>Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.<\/p>\n<p>Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.<\/p>","user":{"id":1,"first_name":"Aaron","last_name":"S.","email":"aaron@bitdegree.org","email_sanitized":"aaron@bitdegree.org","email_verified_at":"2023-12-01T09:40:20.000000Z","must_verify_email":false,"is_registered_with_wallet":false,"status":"active","country":"LT","last_connected_ip":"88.119.132.125","image_id":2641,"referral_token":"05TMu2NysXOCn525","referred_by":null,"created_at":"2023-05-03T14:30:55.000000Z","updated_at":"2024-01-09T15:22:21.000000Z","full_name":"Aaron S."}}}" :chapter-list="[{"id":1,"title":"Blockchain","slug":"blockchain","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-blockchain.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/blockchain-101.jpg","rating":100,"sections":[{"chapter_id":1,"order":1,"slug":"what-is-blockchain","title":"What is the Blockchain?","status":"published","modified_content":null},{"chapter_id":1,"order":2,"slug":"decentralized-blockchain","title":"Anonymous & Decentralized Blockchains: The Cornerstone of Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":3,"slug":"blockchain-transaction","title":"What is a Blockchain Transaction in Crypto?","status":"published","modified_content":null},{"chapter_id":1,"order":4,"slug":"crypto-fees","title":"The Different Types of Crypto Fees Explained","status":"published","modified_content":null},{"chapter_id":1,"order":5,"slug":"what-is-bridging-in-crypto","title":"The Key Notion Behind the Concept of Bridging in Crypto","status":"published","modified_content":null},{"chapter_id":1,"order":6,"slug":"types-of-blockchains","title":"Different Types of Blockchains: What to Look Out For?","status":"published","modified_content":null}]},{"id":2,"title":"Cryptocurrencies","slug":"cryptocurrencies","updated":null,"chapter":"crypto\/assets\/crypto-book\/chapters\/learn-cryptocurrencies.jpg","chapter_simple":"crypto\/assets\/crypto-book\/chapters-simple\/cryptocurrencies-101.jpg","rating":100,"sections":[{"chapter_id":2,"order":1,"slug":"what-is-a-cryptocurrency","title":"What is a Cryptocurrency?","status":"published","modified_content":null},{"chapter_id":2,"order":2,"slug":"how-does-cryptocurrency-work","title":"How Does Cryptocurrency Work?","status":"published","modified_content":null},{"chapter_id":2,"order":3,"slug":"is-cryptocurrency-a-good-investment","title":"Is Cryptocurrency a Good Investment? 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