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Crypto Terms:  Letter M

What is 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).
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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.