Cryptocurrency has been in the news for years, and I believe it was the main conversation during last year’s Thanksgiving dinner, Halloween, and even Christmas! We all want a piece of the digital currency. Bitcoin has been ruling the virtual currency world more than any of the alternative coins (Altcoins), and frankly, it has grown so big, and most people feel it’s too late to join the train.
That’s a wrong idea; it’s like saying “the internet has been on for years now; therefore, I can’t meet up”. Anyways, that’s not the reason you are reading this so let’s get straight to the point.
What is Ethereum?
Basically, Ethereum (ETH, or ether) is an open software platform based on blockchain technology that allows developers to create and redistribute decentralized application and Meta Mask is one way to create your ether wallet. Now that we have the definition covered let’s move on to the next question.
How does Meta Mask work?
The Meta Mask extension turns Google Chrome into an Ethereum browser, enabling the website to retrieve data from the blockchain and allowing users to manage identities and sign transactions securely.
How do I create Ethereum wallet using Meta Mask?
- Launch your Google Chrome browser and go to chrome extension
- Search for Meta Mask, and add extension to Google Chrome
- When you first launch Meta Mask, you will need to create a new vault. You will be given a seed; this is used to restore all the account you have ever created or wants to create within Meta Mask.
- Ensure you keep your seeds safe, preferably do not store it on your computer or phone; get a note and write your seeds for future references. Once this is done, you are good to go!
Meta Mask Features: You can switch the account with the help of the switch account icon at the top right of your Meta Mask. You can add more account, at the bottom of the account list.
Your account vault is encrypted, and it is locally stored within your browser; it means no account information touches the ether server. Nevertheless, you can quickly restore your vault with your secret phrase with the same account even to other browsers.
Meta Mask is user-friendly; at first glance, it allows you to send ether like a regular wallet application. The benefit of Meta Mask is it will enable your browser to visit ether-enabled websites.
With Meta Mask, you can always switch what network you are working on; simply change your network by clicking the top right icon, and then select your preferred network.
What is a token contract address?
This refers to the address location of the actual token contract that manages the logic for the tokens. However, it does not refer to the address that holds your tokens1.
How to secure your wallet?
- The world is a digital sphere, and when are more likely to get hacked by hackers so, it is crucial to protect your wallet using a strong password and to store your seeds on a “hard copy.”
- Do not use the same password for all your account; you will make it easier for people to gain access to your wallets
- Use different emails; we have more than one crypto coins, and every day, new ones are being introduced to the market. Do not use one email to register all your accounts.
- Your password must consist of UPPERCASE, lowercase, symbols *%”!£#, and numbers 1234.
- Do not use personal information to store your password; favorite place, birthdays, anniversaries, pet name, etc.
- Do not share your PC with strangers; there is a reason it is called Personal Computer in the first place.
- Do not install software from unverified sources
- Using public Wi-Fi can make your computer or mobile phone vulnerable to hackers. If you must use a public Wi-Fi, do not transfer funds, digital currency, private information, etc.
- If you do not have a strong antivirus on your PC or mobile phone, get one as soon as possible. You can check out the list of strong antivirus for phones and computers.
Why invest in Ethereum?
Unlike Bitcoin, Ethereum is still undervalued, and you can pitch your tent in the Ether dream while at the early stage. According to coinmarketcap, ether ranks second in the cryptocurrency rankings. Ether has a bright future ahead; its valuations are on the rise, you can trade ether on exchanges, it can already be used to buy goods, just to name a few.