MetaMask is a software wallet that does not engage in a custodial activity. There are no custodian intermediaries, and you have complete control over your login information, private key, and the system’s twelve-word recovery phrases. However, because it is software, your MetaMask wallet cannot be touched and cannot be held in your hand. You may put your faith solely in your MetaMask wallet being accessible whenever you open your phone or your PC.
One of the most widely used wallets for cryptocurrencies is called MetaMask. Despite the highs and lows experienced by the market, the number of users continues to rise each year. About 21 million people use MetaMask monthly, which is 80 times greater than in 2019 and much more than any other wallet that does not store user funds.
Developers of the MetaMask platform include Adrian Devis and Dan Finlay. Their plan was innovative and deceptively simple: they wanted to develop an extension for web browsers that would make it possible to manage cryptocurrencies and use the browser to gain quick and secure access to decentralised applications (DApps). The concept was first implemented in 2016 by ConsenSys Software Inc., a software development company that specialises in creating apps that use Ethereum’s blockchain.
Features of Wallet with MetaMask
Users of MetaMask have the ability to connect to a wide variety of decentralised applications with just the push of a button on the screen.It has various features:
- Buy Tokens
Metamask is an Ethereum-exclusive wallet, and all transactions must be conducted using ERC 20, ERC 721, or ETH tokens. MetaMask is compatible with tokens issued by ERC-compliant blockchains, such as Cardano, Polygon, and Solana. You can use your debit card or Apple pay to purchase these tokens. You can also get them by having the creditor scans a QR code containing your MetaMask wallet’s identifier.
2. Store Tokens
You can also store your tokens using MetaMask if you want to. You will be able to use DeFi launchpads such as Vent, interact with play-to-earn games such as Axie Infinity, and become a part of fascinating experiences in your prefered NFT marketplace and the metaverse with the assistance of MetaMask. It is possible to use it as a wallet to store in-app tokens, make payments within the game, and maintain the security of your winnings.
3. Swap Tokens
Using MetaMask, you can exchange one token for another, just like you would with fiat currencies. MetaMask allows you to trade more than 500,000 ERC tokens. When you swap tokens, the price of a token may be slightly different from one platform to the next, which may result in either a loss or a gain for you. MetaMask protects against such a scenario by determining the price closest to being ideal by aggregating the prices of all significant exchanges.
4. Transfer Tokens
You can also use MetaMask to transfer tokens, just like you would with the programme you use to manage your fiat currency finances. Select the token to be delivered, enter the amount to be sent, and then type in the recipient’s address, which might be another of your cryptocurrency wallets.
Wallet Development with Metamask process:
A cryptocurrency wallet for Ethereum, MetaMask is also a tool that facilitates interaction with decentralised applications (DApps). MetaMask serves the dual purpose of bridging the gap between the extension and the decentralised application.
Step 1: Opening
Concept development is essential before beginning the design and programming process. If you want to create a clone of MetaMask, you need to come up with concepts that will interest consumers and convince them to switch to your extension. Dedicated market research and competitive analysis as well as a focus on the intended audience would be beneficial.
Step 2: Architecture design.
The information architecture of the next product will be developed based on the data gathered in the first step. It is a diagram depicting the system’s functions, components, and interactions.
Step 3: Designing the UX/UI
If your MetaMask clone has a pleasing and easy-to-navigate user interface, it will be well-received. User experience and user interface (UX/UI) designers are in charge of generating the designs. They examine the project objectives, business analytics, tasks, and user needs. They use this data to create low- and high-fidelity wireframes and prototypes for their planned cryptocurrency wallet.
Step 4: Composing the Program
As soon as the design prototypes are finished, the coding team can begin work on your MetaMask clone. Various tools (technical stack) are used by backend and frontend developers to speed up, reduce costs, and simplify the development process. The tools are chosen after careful consideration of the task at hand, the goals, the available information, and the developer’s prior expertise.
Step 5:Product testing
If you want to build a wallet, you need to evaluate the product’s functionality, usability, work load, smart contract functioning, and so on. It is the responsibility of the QA team. In this case, the QA team should begin testing immediately upon the product’s release. It will prevent problems from accumulating. In addition, independent experts like Certik or Techrate are needed to test your wallet’s smart contracts.
Step 6: deployment.
A cloud deployment (AWS, Azure) or local server deployment of your MetaMask cryptocurrency wallet clone is required when it has been tested and ready for use. If you have a mobile wallet, you should make it available on Google Play, the App Store, the Microsoft Store, or the Amazon App Store for download.
Step 7: Customer service
Ultimately, you must have a support service in place for your bitcoin wallet, which will help users resolve issues and gather input for future product enhancements.
Functions of Wallet with Metamask
The connection is established between the application and the MetaMask when the application recognises the MetaMask, at which point the user is able to begin utilising all of the functionality of a particular application. If you want your clone of the MetaMask wallet to become popular, you should provide certain benefits that set it apart from its rivals and make using it more enjoyable for the user:
- Creating a link between accounts: If your users can acquire cryptocurrencies and then swap them for fiat currency without leaving the wallet, this will be beneficial. Suppose you design a wallet similar to MetaMask and include the feature of integrating bank accounts, credit/debit cards, PayPal, or other online payment systems. In that case, you will be able to accomplish this goal.
- eCommerce integrations: When we talk about integrating the wallet with other services like exchanges, NFT marketplaces, decentralised applications, shops, and other options that users could find helpful, we mean precisely that.
- Interface: Interface is available in multiple languages. If you focus on a market in which everyone speaks the same language, you run the risk of overlooking this component of the market. Your scope is international; consequently, you ought to incorporate as many languages as possible to broaden your audience.
When designing a cryptocurrency wallet similar to MetaMask, one should consider not just regular users but also administrators as potential users. It would appear that the typical user will utilise the wallet for the purposes of storing, trading, and exchanging tokens. Administrators are the employees responsible for ensuring that the wallets are managed and operated appropriately. They frequently find solutions to the problems faced by frequent users.