Two of the most exciting sectors within the wider space are DEFI and DEX Everyone wants a piece of the emerging crypto pie. While blockchain technology is hard to understand, there are some basic things that can help you take the first step. One of those is a web3 wallet. Having a Web 3 wallet is highly essential to access decentralized ecosystem like ENEDEX Exchange.
A Web 3 wallet is a way to use the web3.0 economy is the latest iteration of the web where users have greater control over their data and privacy and can extract utility and value, rather than allow that to be harvested by tech giants like Facebook.
Given the importance of control and anonymity, a web3.0 wallet is non-custodial. It means you can store digital assets securely without needing to trust a third party, which means you don’t need to complete daunting KYC/AML processes, preserving your privacy and anonymity.
On the other hand, it requires you to take ultimate responsibility for the safekeeping of those assets via something called a recovery Seed, which will be explained in the practical steps below.
There are already plenty of non-custodial crypto wallets on the market but web3.0 offers a completely different user experience more aligned with desktop applications than mobile, because the interactions are too complex for a small screen.
Web3.0 wallets are an ideal gateway to a whole host of crypto applications running on blockchains — like Decentralized Finance (DeFi), Gaming, Non-Fungible Tokens (NFTs) — that are best accessed and interacted with via a desktop browser, as processes often run in the background, with your browser sharing activity notifications. One of the most popular web3.0 wallets is MetaMask.
MetaMask is a non-custodial browser and mobile crypto wallet primarily serving the Ethereum ecosystem, though it can also be used to access other blockchains by configuring them within the wallet.
Being non-custodial, it allows users to protect their identity but interact seamlessly with Ethereum based applications. It allows users to send and store cryptocurrencies that follow the Ethereum common format, known as ERC-20, and make transactions by default to any Ethereum address. But it doesn’t stop until there, Metamask is also available to use custom blockchain such as avalanche, bsc, etc which is very suitable for multichain DEX like ENEDEX.
Security is managed through a recovery Seed — common to all non-custodial wallets — while individual private keys are stored locally within your Browser’s data store.
The wallet provides users with:
- an entry point into the decentralised finance ecosystem to spend tokens on decentralised applications (dApps)
- a way to stake tokens in DeFi protocols
- a way to swap tokens on decentralised exchanges (DEXs)
- a place to store NFTs
- an access point to web3.0 applications
Getting started with MetaMask
MetaMask can be used as an app or as a browser extension or plugin. Anyone can download it on a mobile phone or install it on a computer like any add-on. We’re going to look at each separately, breaking down the set-up process & functions.
Go to the Chrome or Firefox web store and search for “MetaMask”. Download the extension and activate it within Chrome, make sure to choose the official version.
You can also use MetaMask with any Chromium-based browser, in other words any open-source browser that is based on Chrome code, which includes the Brave Browser.
Click on ‘Get Started’. For most users this will mean following the ‘Create a wallet’ prompt. However, if you already have an ERC20 wallet you can import an existing wallet it at this point.
You’ll be asked to create a password, make sure it is strong, and ideally not used anywhere else. The password enables you to access the wallet on a day-to-day basis.
Next you’ll be asked to create a recovery Seed, which is a crucial step of your browser wallet set-up. If you lose access to your computer or Google/Firefox account, this is the only way to recover all the funds. You need to record your seed phrase and store it offline. If you write it on paper laminate it or store in a water-proof wallet. Do not store it online.
Your account & wallet address
With your MetaMask wallet set up, you now have an Account with an Ethereum address to receive/send Ethereum based tokens. You can click on the three dots to give your account a specific name under ‘Account Details’ which also allows you to copy/paste your address or Scan from a mobile as a QR code.
Use those address details to receive Ethereum based tokens. Once they are received you’ll get a browser notification and they will appear in the Assets list below, with the associated transactions under the ‘Activity’ tab.
Any tokens not automatically supported can be manually created, so long as they are ERC20 based, by scrolling down and using the ‘Import Tokens’ option.
Also most importantly this address does not only serve Ethereum tokens but also EVM based blockchains like Avalannche, BSC, and many others.
Adding different blockchain networks
MetaMask by default uses the Ethereum network to send and receive transactions, but you can also choose to use other blockchain networks to move funds.
At the top of your browser wallet, you’ll see a dropdown menu currently set to ‘Ethereum Mainnet’. Select this to add a different next such Binance Smart Chain. You’ll simply need to provide three pieces of information — The Network Name, a new RPC URL and the Chain ID (see the image below).
These blockchains data (which will be different from one blockchain to another) can be easily found on each blockchain’s support, community or a quick google search
Those are pretty much it, you are now fully equipped in Web3. With Metamask you are ready to swap on the upcoming ENEDEX Multichain DEX!
Did we miss anything about Web3 or metamask?
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