Simple Guide To MetaMask
MetaMask is a digital wallet for Ethereum and digital tokens compliant with Ethereum’s ERC20 standard for digital currencies hosted on the Ethereum network available at https://metamask.io/. Accessible from your Chrome or Brave internet browser, MetaMask enables users to run dApps from the Ethereum blockchain without downloading a full Ethereum node in addition to serving as a digital wallet. While browser-based wallets may not generally be as secure as hardware wallets, MetaMask allows users to retain their access information rather than storing it on their own servers, which prevents loss of funds in the event of a security breach at MetaMask.
The first rule when dealing with digital currencies is that you are solely responsible for the security of your funds. Use your own digital wallets to store tokens you intend to store for the long term. Unless otherwise specified, transactions made with digital currencies are irreversible and not anonymous. Practice sending small amounts of currency between digital wallets before making large transactions and always double-check to be sure you’re sending tokens to the intended address.
For this tutorial we will use the version provided for the Brave internet browser and the process does not differ significantly from the version provided for Chrome. Go to https://metamask.io/ and click “Install MetaMask” on the pop up that appears at the top of the screen. Once the extension has loaded the MetaMask fox icon will appear next to your other browser extensions in the top right corner of your browser.
Click the icon for the MetaMask browser extension in the top right corner of your screen and the Privacy Notice will appear. Read the Privacy Notice and click “Accept” to continue.
The next screen will allow you to create a password. Always store your passwords in a safe location and be sure to use strong passwords containing letters, numbers, and symbols. After typing and confirming your new password, click “Create.”
The next page will contain a seed phrase of twelve words that can be used to restore your account. The words must be entered in the same order they are displayed. Once you have saved the seed words as a file or manually copied them for physical storage click “I’VE COPIED IT SOMEWHERE SAFE” to continue.
The dashboard displays your account name, public key, and balance. You can also buy, send, and view the transactions associated with the digital currencies stored in your MetaMask wallet.
To purchase Ethereum you can store in your MetaMask wallet and exchange for Oleum Tokens, click the “Buy” button. On the Buy screen, select “Coinbase” and click “Continue to Coinbase” to purchase Ethereum using a U.S. bank account, credit, or debit card.
To send tokens from your MetaMask wallet to another digital wallet, click the “Send” button on the MetaMask dashboard. Enter the public key of the wallet you want to send funds to and the amount you want to send and click “NEXT.”
To store ERC20 tokens other than Ethereum in your MetaMask wallet click the “Tokens” tab and then press the button that says “Add Token.”
Enter the Token Contract Address, Token Symbol, and Decimals of Precision. Then press “Add” to continue.