When you come across discussions in blockchain, they will certainly hover around decentralization, transparency and immutability. However, describing blockchain can be difficult for someone who hasn't had any interaction with it. To understand the value of blockchain technology, one must gain hands-on experience with the technology. Presently, only a limited number of individuals have access to cryptocurrencies, render services from dApps, or own NFTs, which means they haven't truly encountered blockchain. You will need a digital wallet to send cryptocurrency, own NFTs, or use blockchain applications. This article will guide you in using blockchain wallet - Metamask.
What is a wallet?
A cryptocurrency wallet is like a digital version of a traditional physical wallet. It stores the passkeys for your cryptocurrency transactions and provides the interface to access your digital assets, just as a physical wallet holds cash and cards. These passkeys (combination of private and public key) are a critical component of this wallet. It grants a user ownership of the funds, NFTs and gateway to blockchain apps.
What are private and public keys cryptography?
Creating Your New Metamask Wallet
MetaMask is one of the popular wallets used to interact with the various blockchains. Metamask stores all your password in the device and there’s an option to store credentials in Google Drive which can later be retrieved. If you do not backup (less secure), you can lose all your digital assets associated with your wallet!!
- First of all download the Metamask extension for your browser or application for your mobile device. Now follow the following instructions -
- Accept MetaMask's Terms of use and click “Create a new wallet”. Then agree or reject MetaMask’s feedback and improvement program.
- Create a password associated with your device.
- Metamask generates a 12-word secret recovery phrase, which serves as the "master key" for your wallet and funds. This recovery phrase is essentially a backup mechanism for your wallet in case it becomes inaccessible due to theft or damage. What would you do if your digital wallet has one million? You will secure and keep the recovery phrase in the safety vault.
- Metamask will ask you to remember your secret recovery phrase to complete the process. Remember - Never share your Secret Recovery Phrase with anyone or risk your funds being stolen.
- Upon completing the tutorial, you'll access your wallet with your public key, private key (keep it secure), available funds, connected blockchain (Ethereum mainnet by default), and the option to trade assets. You can create multiple wallets in your Metamask account, similar to having multiple bank accounts at the same bank.
Now, you can use your wallet to buy, sell and store digital assets - cryptocurrency and NFTs. You can find tutorials on the internet on this.
But, how will a wallet be used for dApps? When beginning with dApps, wallet signature requests are one of the initial steps. They play a vital role in the decentralized "log-in" process. In many cases, all you need to access a dApp is your wallet; there are no accounts, usernames, passwords, or personal data stored by the dApp. It grants you access to a website’s blockchain features. Here’s one sample example: this is just verification similar to login and won't cost any crypto. -
- Open https://verify.esatya.io/
- Click - Connect Wallet
- Choose your MetaMask wallet to sign the message i.e. verify your wallet to login
- Click Sign message
The future of dApps still needs to improve user onboarding experience. In pure dApps services, if you lose your private key, there is no way to recover access to your funds. Hope you have a small taste of blockchain with this article. Now, onwards!!