Our world has been fascinated by the invention of Ethereum wallets. It is basically like an internet banking app but without a bank. Your wallet lets you read your balance, send or receive transactions and above all lets you connect to various decentralized applications.
In today’s blog post we will not be looking into what MetaMask wallet is but rather we will be deciphering the good and bad about it.
So let us begin!
The good stuff about MetaMask
Here are some of the key benefits you get with the MetaMask wallet:
- Open-Source: Basically it means that all of the MetaMask code is online and free to access. You can literally build your own version at home! I am just kidding, don’t do that. Open-source software can be reviewed and updated by the community, meaning that it can still be improved continuously.
- HD settings: Hierarchical deterministic settings help users back their accounts. This is done by giving the user a list of words known as seed phrases. Seed phrases can be used in order to retrieve lost account information.
- Customer support: MetaMask wants to get as many people as possible with the Ethereum network. To do so it has a video introduction on its homepage and a detailed support page to answer any kind of queries.
- Simple interface: Once your MetaMask wallet is set up it is very simple and straightforward to use. All of its features are laid out in a clear and easy way so that sending and receiving currency is easy, even for beginners.
- Local key storage: Some wallet providers store their keys on their own servers which is quite common for wallet providers like Coinbase but MetaMask keys are stored on the user’s own browser giving them more control over their public and private keys.
That was a lot of good stuff! How about taking a look at some of its bad stuff?
The bad stuff about MetaMask
Not everything in the world is perfect even for crypto wallets and it would not be a comprehensive MetaMask wallet analysis if we didn’t mention some of its shortcomings. So here they are.
- Browser access: MetaMask does not contain any of your information, but the browser on which it is installed will. The browser you are working on will not have access to your private codes, but it may collect information about when and how you use the app. Many crypto users will feel uncomfortable with this and may stop potential users from trying the MetaMask wallet.
- Online: Online wallets have both advantages and disadvantages and one of the main disadvantages they can offer is security. Any kind of sensitive information stored online is more at risk from potential hackers than information which is stored offline.
So with that, we have come to the end of our discussion about all the good and bad about the MetaMask wallet. MetaMask possesses vast features which are good as well as bad in some scenarios but those who wish to interact with the Ethereum blockchain can consider switching to MetaMask.