MetaMask

Last updated
MetaMask
Developer(s) Consensys
Initial release2016;8 years ago (2016)
Repository
Operating system iOS
Android
Platform Browser extension
Mobile app
Type Cryptocurrency wallet
License proprietary
Website metamask.io

MetaMask is a software cryptocurrency wallet used to interact with the Ethereum blockchain. It allows a user to access his Ethereum wallet through a browser extension or mobile app, which can then be used to interact with decentralized applications. [1] [2] MetaMask is developed by Consensys, a blockchain software company focusing on Ethereum-based tools and infrastructure. [3] [4]

Contents

Overview

MetaMask allows users to store and manage account keys, broadcast transactions, send and receive Ethereum-based cryptocurrencies and tokens, and securely connect to decentralized applications through a compatible web browser or the mobile app's built-in browser. [5] [6]

Websites or other decentralized applications are able to connect, authenticate, and/or integrate other smart contract functionality with a user's MetaMask wallet (and any other similar blockchain wallet browser extensions) via JavaScript code that allows the website to send action prompts, signature requests, or transaction requests to the user through MetaMask as an intermediary. [7]

The application includes an integrated service for exchanging Ethereum tokens by aggregating several decentralized exchanges (DEXs) to find the best exchange rate. This feature, branded as MetaMask Swaps, charges a service fee of 0.875% of the transaction amount. [8]

As of November 2021, MetaMask's browser extension had over 21 million monthly active users, according to Bloomberg. [9]

History

MetaMask was created by Consensys in 2016 as MIT-licensed open source software. [3] [10]

Prior to 2019, MetaMask had only been available as a desktop browser extension for Google Chrome and Firefox browsers. Given the popularity of MetaMask among cryptocurrency users, and its lack of an official mobile app for several years, instances of malicious software posing as MetaMask became problematic for Google in regulating its Chrome Web Store and Google Play platforms. [11] [12] [13] In one instance, Google Play unintentionally removed MetaMask's official beta app before reverting the decision a week later on January 1, 2020. [14]

Starting in 2019, MetaMask began releasing mobile app versions for closed beta testing, followed by their official public release for iOS and Android in September 2020. [2] [5]

In August 2020, Consensys took the MetaMask software proprietary under a custom license. [10]

During October 2020, MetaMask Swaps, a built-in DEX aggregation service was added to the desktop extension. The product became available on mobile devices in March 2021. [8]

Criticism

While MetaMask and other "Web3" focused applications claim to decentralize control over personal data and increase user privacy, critics have pointed to the default setting in MetaMask's browser extension that leaks identifiable information to data collection networks and web trackers as a fundamental privacy flaw. [3] [15] Also, though the technology is touted as "decentralized", it actually uses a centralized service, now owned by Consensys, to accomplish all of its transactions. [16]

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References

  1. ↑ Johnson, Steven (2018-01-16). "Beyond the Bitcoin Bubble (Published 2018)". The New York Times. ISSN   0362-4331. Archived from the original on 2021-12-21. Retrieved 2020-11-11.
  2. 1 2 Schroeder, Stan (2 September 2020). "Crypto wallet MetaMask finally launches on iOS and Android, and it supports Apple Pay". Mashable. Archived from the original on 2020-09-02. Retrieved 2020-11-11.
  3. 1 2 3 Piore, Adam (2018-11-19). "New Internet: Blockchain Technology Could Help Us Take Back Our Data from Facebook, Google and Amazon". Newsweek. Archived from the original on 2018-11-20. Retrieved 2020-11-11.
  4. ↑ Popper, Nathaniel (2016-03-28). "Ethereum, a Virtual Currency, Enables Transactions That Rival Bitcoin's" . The New York Times. ISSN   0362-4331. Archived from the original on 2016-07-24. Retrieved 2020-12-08.
  5. 1 2 Leising, Matthew (2 September 2020). "MetaMask's Blockchain Mobile App Opens Doors For Next-Level Web" . Bloomberg News . Archived from the original on Sep 9, 2020. Retrieved 3 December 2020.
  6. ↑ Jaffe, Justin; Dossett, Julian (29 March 2018). "How to keep your cryptocurrency safe". CNET Money. Archived from the original on 2018-04-07. Retrieved 2020-11-12.
  7. ↑ "User Guide: Dapps". MetaMask Help Center 🦊♥️. Archived from the original on Mar 3, 2024.
  8. 1 2 Schroeder, Stan (2021-03-17). "Crypto wallet MetaMask now lets you swap tokens on your phone". Mashable. Archived from the original on 2021-03-17. Retrieved 2021-06-26.
  9. ↑ "Third Point, Marshall Wace Back Crypto Firm ConsenSys". Bloomberg.com. 17 November 2021. Archived from the original on 2022-01-05. Retrieved 2022-01-05.
  10. 1 2 Dan Finlay (August 20, 2020). "Evolving our License for the Next Wave of MetaMask Users". Consensys. Retrieved 2024-08-04.
  11. ↑ Goodin, Dan (2019-02-09). "Google Play caught hosting an app that steals users' cryptocurrency". Ars Technica. Archived from the original on 2019-02-09. Retrieved 2020-11-11.
  12. ↑ Cimpanu, Catalin. "Exclusive: Google removes 49 Chrome extensions caught stealing crypto-wallet keys". ZDNet. Archived from the original on 2020-04-14. Retrieved 2020-11-11.
  13. ↑ Varshney, Neer (2018-06-12). "Google should learn from Apple's cryptocurrency guidelines". Hard Fork | The Next Web. Archived from the original on 2018-06-16. Retrieved 2020-11-11.
  14. ↑ Beedham, Matthew (2020-01-03). "Google lifts ban on Ethereum wallet app it thought was mining cryptocurrency". Hard Fork | The Next Web. Archived from the original on 2020-01-03. Retrieved 2020-11-11.
  15. ↑ Canellis, David (2019-03-22). "PSA: MetaMask reveals your Ethereum address to sites you visit, here's how to hide it". Hard Fork | The Next Web. Archived from the original on 2019-03-23. Retrieved 2020-11-30.
  16. ↑ Perez, Yessi Bello (2019-10-04). "ConsenSys acquires Infura, the centralizing tech powering Ethereum dapps". Hard Fork | The Next Web. Retrieved 2024-08-04.
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