Security is the main issue with anything online, including social media and cryptocurrency wallets. Security is the number one concern of those in the cryptocurrency industry due to the increase in cybercrimes like hacking, data theft, and phishing.
One of the most well-known names for cryptocurrency enthusiasts who are interested in Ethereum and ERC-20 tokens is MetaMask, which was founded in 2016 by Aaron Davis and Dan Finlay. However, MetaMask frequently gets contentious inquiries about its security, such as Is MetaMask safe? What are MetaMask’s security features? Is MetaMask secure for my crypto?
Describe MetaMask
To manage, send, and receive Ethereum (ETH) or Ethereum tokens like ERC-20, one must use the special cryptocurrency wallet and web plugin known as MetaMask. It serves as a link between browsers (like Chrome and Firefox) and the Ethereum blockchain because it is a browser extension.
The Functions of MetaMask
JavaScript is used to operate the MetaMask wallet. Additionally, it adds more functionality to the website by injecting a web3 object into the page you’re currently on without changing the page in any way. Users can now access the Ethereum platform thanks to this.
Advantages of MetaMask
Despite being frequently questioned about its security, MetaMask provides its users with transparency and extra features.
Software that is available under an open-source license can be continuously updated and enhanced by the community. Everyone has free access to the online version of the MetaMask code.
Simple user interface: The wallet has a clear layout of all the MetaMask features. Even newcomers are drawn to the wallet’s simplicity for conducting cryptocurrency transactions.
Hierarchical deterministic settings: The MetaMask wallet offers users a way to back up their account with hierarchical deterministic settings, which helps users keep their account secure.
Users can buy Ether and ERC-20 from Coinbase and ShapeShift using in-app currency purchases because MetaMask is directly connected to those two exchanges.
Local key storage: MetaMask does not store keys on its server, in contrast to the majority of servers. Instead, it stores the users’ keys in their browser, giving them total control over them.
Community: With millions of users and supporters worldwide, MetaMask is a vital component of the Ethereum community.
Customer service: MetaMask does not only rely on its community for advice; there is also a video tutorial, a comprehensive FAQ, and a blog section available on the website’s home page.
Use of MetaMask Risks
Let’s examine some of the wallet’s shortcomings as well.
Access to private information on browser: Because MetaMask is a browser wallet, the browser will collect information about when and how you use the app but will not give the wallet access to your personal data. This might deter some people from using the MetaMask wallet.
Hot wallet: As we all know, a hot wallet is susceptible to online threats like hacking, phishing, and theft. MetaMask is one such hot wallet.
limited coin selections Only Ethereum and ERC-20 tokens are supported by the MetaMask wallet.
Can I trust MetaMask?
Now comes the crucial question: How secure is MetaMask?
There haven’t actually been any significant hacking incidents on MetaMask, which is supported by the hierarchical deterministic settings and a sizable user and developer community that consistently reviews and updates their source code.
The fact that it is a hot wallet—a cryptocurrency wallet that is connected to the internet—is the biggest cause for concern. By itself, this leaves it open to theft, hacking, and phishing attempts.
