What is MetaMask?
MetaMask is also known as the hot wallet that exists as a browser extension or as the dApp (Decentralized Application). It is built on Ethereum Blockchain technology and it enables users to connect with the Ethereum blockchain ecosystem. It acts as a cryptocurrency wallet and is convenient to manage their crypto assets using MetaMask aka hot wallet.
Joseph Lubin, the co-founder of Ethereum established a Brooklyn-based software company named ConsenSys back in 2015. He was determined to develop decentralized applications and software services on the Ethereum blockchain. Hence, he developed MetaMask, a software capable of employing EVM (Ethereum Virtual Machines) and Ethereum blockchain to interact with the dApps.
In the last couple of years, MetaMask has gained much appreciation and attracted approximately 30M users around the globe. People have started using dApps and ConsenSys’ efforts in transforming and advancing blockchain technology cannot be overlooked.
MetaMask expanded its services to Android and iOS devices in the form of mobile applications in 2020. As a part of the expansion, MetaMask has recently unveiled a new advanced feature to the existing wallet named ‘MetaMask Snaps’. This feature is going to enhance the efficiencies of the wallet.
What Are MetaMask Snaps?
MetaMask Snaps are the newly created features by the individual developers which add more to the functionality of existing wallets. These features unlock new possibilities for users which did not exist before in their wallets.
A Snap is a newly developed application by a third-party developer that enhances the functionality of the MetaMask. Snaps have the ability to connect to the blockchain protocols beyond the Ethereum to enhance the identity and privacy features, display features and blockchain transactions.
MetaMask snaps allow the user to add more functionality and features to their existing MetaMask wallets. Individual snaps are basically created by third-party developers and users can directly install them or add them as an extension to their wallet. These would enhance the efficiency of the wallet just like a browser’s extension boosts the efficiency of the web browser. These features are available for the MetaMask v1.0 version which was released on September 11.
Categories of MetaMask
MetaMask Snaps fall into three main groups:
Interoperability means an exclusive feature that enables the users to access and use their MetaMask wallet on Non-EVM (Ethereum Virtual Machines) blockchains like Cosmos and Solana. It facilitates working on other blockchains as well without creating separate wallets and handling extra seed phrases and private keys.
- Transaction Insights
Transaction Insights addresses the most concerned agenda of the clarity in transactions. General users had to face ambiguous and hidden ways of transactions which is now eliminated by the MetaMask Snaps’ new features. It gives clarity and step-by-step insight into the transactions. This feature would help to cope with scam attempts, hacking and phishing attacks.
This MetaMask Snaps’ new feature keeps the users updated by showing crypto-related notifications on the interface. This feature can help the users to be updated through dApps’ notifications or wallet-based messages regarding upcoming airdrops or ongoing exploits.
Utilization of MetaMask Snaps
Utilization of MetaMask Snaps requires the following steps:
- Install MetaMask: Make sure you have installed the MetaMask in your web browser. If not, download and set it up with your wallet.
- Access DApps: Visit a DApps or a browser that supports MetaMask Snaps.
- Connect Snaps: If the DApp uses Snaps, you’ll see an option to “Connect” or “Enable” Snaps.
- Selection of a Snap: Choose the desired Snap you want to enable or add to the DApp.
- Authorization: You will be requested to authorize Snap’s access data within your MetaMask wallet. Review and grant the relevant permissions.
- Use the DApp: With the Snap connected, you can now use the DApp as intended. The Snap provides additional functionality or features to enhance your experience.
- Disconnect or Disable: After you finish using the DApp, you can disconnect or disable the Snap as needed for security or privacy reasons.
Remember to exercise caution and only connect Snaps from trusted sources and DApps to ensure the safety of your wallet and assets.
MetaMask users can now explore and test existing Snaps, with accessible documentation for developers to create their own. The vision of open-ended, interconnected software aligns with MetaMask’s goals, hinting at a future of permissionless Snap releases to flourish the ecosystem of extensions and independent developers.
Tidex.com – A Detailed Review of Tidex Cryptocurrency Exchange
Coinbase Revolutionizes Money Transfers with Social Media Integration
Robinhood Claims 75% Surge in Crypto Trading During November 2023
You have not selected any currencies to display