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In the last article for your training in cryptocurrencies we talked about the most common scams within the crypto asset ecosystem and we gave you advice to protect ourselves from possible attacks. Security is a fundamental factor when we interact with protocols, but the most important thing is knowing how to use the tools for self-custody of our assets. We have talked numerous times about DeFi protocols, the most common scams and tips to protect ourselves but not about how these decentralized wallets work. In today's cryptocurrency training, we are going to talk about Metamask, one of the most used software wallets in the ecosystem.
What is Metamask?
Let's start the cryptocurrency training on Metamask by first defining what it is. Metamask is a software wallet available as a mobile app or as an extension designed for web browsers whose main function is to allow its users to easily interact with DApps (Decentralized Apps) of the cryptocurrency ecosystem. It is built on the Ethereum blockchain, but at the same time allows you to create and interact with other blockchains (Polygon, Avalanche, Arbitrum, Optimism...). The main function of Metamask is to act as a bridge between DApps and web browsers to facilitate their communication and the use and enjoyment of users.
How does MetaMask work?⚙️
We have already defined what Metamask is, let's continue the cryptocurrency training by seeing how it works. Metamask works thanks to the use of the library used in the official development of Ethereum, web3.js. This library was created with the aim of offering the creation of Apps that were capable of interacting with the Ethereum blockchain. It was initially conceived to be an Ethereum wallet that would act as a tool to allow interactions with DApps.
How do I install and configure Metamask?
We have already defined what it is and how it works. Let's see below the steps to follow to install and configure Metamask. Pay attention, it is very important to internalize these steps for your training in cryptocurrencies. In order to install and create a wallet in Metamask, the first thing to do will be to download the app from the IOS App Storeat the Android Play Store or from the Metamask page. We are going to follow the steps from the Metamask page, although in both versions of IOS and Android they are the same. Attention, let's start:1. We access the official metamask.io page.
The first thing we have to do is access the official Metamask page to download the browser extension. In case you are carrying out the steps from a smartphone, just open the application that you just installed.
2. Download the browser extension.
We press the Download button and decide in which browser we are going to install the browser extension where we can access our crypto asset wallet. It may be necessary to grant permissions before using it, so we must make sure that we agree with the level of access we give to the app.
3. We start the configuration.
When we already have the extension installed, we click the start button to start configuring our Metamask wallet.
4. We create a new wallet.
Next, we click on the button on the right where we are going to create our wallet. If later you want to recover your wallet, you must press the button on the left where it says “import wallet” and enter your seed phrase to restore it.
5. We accept the pop-up message.✔️
Once the create a portfolio button is pressed, a pop-up message will appear. Here we will allow data to be collected to improve the Metamask service, but no personal data, do not be alarmed. We then agree to allow us to collect usage data to improve the usability and user experience of Metamask and the Ethereum ecosystem.
6. Set password.
Ok, pay attention to this step, because it is not how we are usually used to web2 (username and password). We are going to configure the access password to our Metamask extension. Eye! I repeat that this password is for access to the extension (or mobile app), it is not an access password like the one you have in the email. This password is established in the extension or mobile app, but if we configure your wallet on another computer or mobile, you must establish a new one. Each device will have the password that we have configured. The master password of the wallet is our seed phrase (which we will see in the next step of this cryptocurrency training).
7. We configure our seed phrase.
In the next step, we are going to protect our wallet with the recovery phrase. We must pay close attention to this step that we are going to carry out next since this step is like the master key to our funds. I am going to give special emphasis to this step since it is the most important. If we lose our recovery phrase, if we lose access to our wallet we will NOT recover our assets. As Metamask's name indicates, it is a non-custodial service, which means that no one else can access our funds, not even Metamask's own staff. Therefore, we must pay attention to storing our recovery phrase on one or different sheets of paper kept in places where we know with certainty that nothing will happen and that they will be safe.
8. We introduce the words of the seed phrase in order.
Once we have successfully saved our seed phrase (in the order provided), we confirm that we have successfully saved the recovery phrase by entering the words in the order previously provided to us. If you have overlooked the instructions, you can press the back button to write in the order provided by the words.
But how can I use other blockchains?⛓️
As we mentioned in the last paragraph of this cryptocurrency training, at first you will only have one wallet configured within the Ethereum main network, the ERC-20. But you can configure any network from Metamask, and luckily, it's the same public address for all blockchains! An easy step to configure networks automatically without having to do it manually is to open the configuration page chain list. Let's see the steps we must follow to configure a new network in our Metamask wallet.1. Access the Chainlist page.
The first thing we have to do to configure a new network is access the Chainlist page. This page has a record of all the blockchains available to add to our wallets (whether Metamask or others, such as Coinbase Wallet, Trust Wallet, etc.).
2. We look for the network we want to add.
The next step we must take is to find the network we want to add. Perhaps it appears on the first page, but if we cannot find it, we can use the network search engine. When we have found the network we want to add, click on its name to access the network information.
3. Click the “Connect Wallet” button to give permissions to Chainlist.
Now that we are on the information page of the network we have selected, we must add it to our wallet. In my case, for the example I am going to choose Aurora, a blockchain compatible with the EVM and scalability in the NEAR network. When we click on the network we have selected, a message will be displayed from the Metamask extension asking for permission for Chainlist to configure the network automatically using a signature.
4. We add the network to our Metamask wallet.
When we have signed the permissions granted to Chainlist, we already have our wallet connected to Chainlist (your address appears in the upper left with the Metamask fox logo). Next, we click on the “Add to Metamask” button to add the selected network (in my case Aurora) and a pop-up window will appear to confirm the parameters of the network that will be added. We press the accept button and we now have the network configured.
5. (Alternative) Configure network manually.✍
The steps that we have taught you would be the quick way to configure a network (and in turn you can look at the products they offer) but if you want to do it manually, just follow these instructions from Metamask. We press the profile icon and select configuration < networks < add network. From that moment on, we must enter the parameters of the blockchain that we want to configure (we can find them on the official page of each blockchain).
How are tokens added to the network?
Perhaps a friend/acquaintance has transferred assets to you, you have provided them with your wallet that you just configured and the token does not appear. Don't worry, you haven't lost your funds or been robbed (follow the steps in the previous cryptocurrency training to secure your funds). What happens is that you must enter the token contract for it to appear visible. Let's see it:1. We look for the address of the token contract.
To add the contract address of a token, we access Coinmarketcap and we look for the asset that we want to introduce and select the button Contracts On the left side, the network that we are going to add the token to. We copy the address of the contract corresponding to the selected network. In our case we are going to configure the token of our partner Bitget, the BGB.
2. We import the token from Metamask (or another wallet).
We return to Metamask and press the button Import Tokens and we enter the contract address that we had previously copied from the token. We accept parameters and we will have our token visible in our wallet.
3. We copy our Metamask address and send it to our sender.
When we have already configured the token, all we have to do is copy the address of our Metamask wallet (by clicking on the top “Account” button and we send it to our sender to send us tokens (or NFTs).
What if I am now the one who has to make the transaction?
As easy as when you go to the mobile application to make a Bizum for a friend, but in this case your money is safe from the censorship of the banks. What you should do is go to the “Send” tab:
Can tokens be exchanged on Metamask?
Of course, Metamask has an integrated swap service that allows the exchange of crypto assets within the same wallets. It should be remembered that the assets that we are going to swap must be available in the corresponding blockchain:
