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How does Metamask wallet work

MetaMask is the most well-known crypto wallet on the market. MetaMask has been created by Aaron Davis from Consensys in 2016. The crypto wallet, which also functions as an application programming interface (API), is suitable for and can be connected to any Ethereum-based decentralized applications on the market.

MetaMask is turning 5 this year, but it grew in popularity within the last year because of the popularity of DeFi products like Uniswap, Sushiswap, Aave and NFT Marketplaces like Opensea, Rarible and many other decentralized applications.

MetaMask has got two main functionalities, it serves as a crypto wallet and as dApp authenticator. Let's look at them seperatly:

MetaMask as Wallet

As a cryptocurrency wallet, MetaMask provides users with several essential functions. Users of the application or extension receive a key vault, token wallet, secure login, and access to a token exchange as they download MetaMask. MetaMask users can purchase, store, swap, and manage all their tokens/coins. Moreover, MetaMask can host a vast selection of different ETH-based currencies and tokens built using, for example, the ERC-20 and ERC-721 standards.

MetaMask as Authenticator

MetaMask plays an essential role in the new Web3 industry. So, what is MetaMask in a dApp context? Well, MetaMask acts as a gateway to the Ethereum network, so users of the app/extension can access a vast selection of Ethereum based dApps. This means that the users can utilize applications such as Uniswap and Compound.

Furthermore, not only does MetaMask provide users with access to Web3 applications, it keeps them secure while browsing. MetaMask is proud that its services enable the users to be in complete control of their own data. The application/extension generates both passwords and keys, which means that only the user has access to the account and all the data generated.

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