About the Crypto Wallet from MetaMask: Insight & Information
For quite a long time, most companies have been implementing their business processes using various software. Traditionally, companies began by purchasing the appropriate software, then created or used existing data centers, where they installed the necessary software. Any further actions to maintain the entire infrastructure, without which the effective functioning of the software is impossible, were carried out by the companies on their own.
However, time does not stand still, and along with the development of web technologies, a new cloud model of software deployment - SaaS (Soft as a Service) - has emerged. This model greatly simplifies the business activities of any company, since it shifts worries about infrastructure to the SaaS provider, receiving in return a relatively inexpensive, secure and fast service. And this process of interaction with the provider becomes even more profitable for companies after the need arises to deploy software on the blockchain network. The inclusion of diverse blockchain nodes in the supplied infrastructure, including RPC Fast, has greatly increased the benefits of cooperation between companies and providers of various services.
Creating a crypto wallet
The interaction of any of the web 3 applications and the user begins with the creation of the latter’s account by installing the appropriate crypto wallet. At the moment, the most popular crypto wallet is MetaMask from Ethereum. Having a crypto wallet makes it possible to communicate with any decentralized components of the blockchain without entering a username and password. In MetaMask you can store and exchange your digital assets; you also can use it to carry out transactions, and to access DeFi and DApps.
You can download the crypto wallet from the official Meta Mask website by installing it with an extension of one of the Chrome, Brave or Opera browsers, as well as downloading the corresponding mobile application to your smartphone. Once the wallet is installed, the page will indicate its address, which can be copied if necessary, and it will be available on various blockchain networks. In addition to the address, there is a single user account on the page, but there can be more accounts. For this it is enough to create the required number of them inside the wallet. As a result you can exchange assets between your wallets. MetaMask provides the ability to manually add those blockchain networks that also support this crypto wallet.
Crypto wallet capabilities
The functions listed above are not all that the MetaMask crypto wallet can please users with. First of all, tokens can be imported into the wallet if, for example, the user participated in some projects and received tokens as a reward for this. The next bonus is the purchase of cryptocurrency inside the wallet, deposit and withdrawal of coins and tokens. If the user decides to fund his wallet with Ethereum coins, he can do this through the exchange. You can also withdraw cryptocurrency from MetaMask through the exchange, but in this case you need to be very careful when choosing a network, since not every network is complementary to the exchange. Another nuance when withdrawing funds from a wallet concerns the mandatory presence of some amount in the wallet to pay the commission.
MetaMask has a new subservice called “portfolio”. When connecting a wallet, portfolio makes it possible to observe all the coins and tokens in certain networks that are in the wallet. In addition, the user can also see the transactions of someone else’s wallet, as well as add some coins to his “wish list”. The wallet can also interact with DEX exchanges and other decentralized applications. To do this, the user needs to select the desired decentralized exchange, connect a wallet to it and perform the intended action. For example, exchange his coins for some others or take part in some project, of which there are many on decentralized exchanges. Of course, he must always take into account that decentralized finance is a very young field and, without having certain experience, he can, instead of making a profit, suffer considerable losses.
There is another very important function which can be activated in MetaMask - this is the custom RPC setting or anonymity function. The background to this feature is that the developer of the MetaMask wallet warned that a cluster of Infura nodes would collect user data in the MetaMask wallet. In this case, Infura will be used in MetaMask as an RPC, which means that the developer company will collect IP identifiers, wallet addresses and other personal data about users. Let us recall that it is thanks to the set of RPC rules that MetaMask can interact with the blockchain network. In essence, some new rules are being formed that allow the network to move away from decentralization and move towards centralization. To avoid such total surveillance, users can change the RPC, for which they can use the Alchemy service and protect their network using custom RPC. The Alchemy website has a detailed guide on how to add Alchemy RPC endpoints to MetaMask.
