One of the best decentralized applications that were created in the last lapse, specifically as Ethereum Wallet. We are talking about MetaMaskthat cryptowallet where you can store your ETH and other cryptos with ERC-20 protocol. A secure application and easy to use, but the question arises in some users, ¿is more secure than Binance?
In this article we will answer that question, we will bring you all the detailed information about the DApp. MetaMask and how secure it is. At the end we will make a short review comparing it with Binance and give the final verdict. If you want to know all the details in depth stay with us.
What is MetaMask and how does it work?
The MetaMask portfolio is able to store Ethereum thanks to its web3.js library, being the same one shared by the Ethereum network. This library allows applications to interact with the Ethereum network, most of them are DApps. MetaMask is one of the applications/extensions that brings out much of the potential that the Ethereum network has.
The application was created with the intention of being a Ethereum wallet and so that other DApps can interact with it. The main operation is based on a kind of bridge between the extension and the other decentralized application. This way they can be linked and enjoy the full potential of both parts.
In the majority of DApps that require MetaMask as a linked wallet, functions will be blocked if you don't have it linked yet. It works as an intermediary that releases the interaction those DApps may have with the Ethereum network, serving as a bridge. The "dependency" to MetaMask of some applications occurs because many of them do not have the necessary protocols or tools to process transactions in Ethereum.
This whole process is quite safeTo authorize your transactions from the DApps you will need to sign a digital contract and provide authorization. The key to MetaMask is generated asymmetrically and cryptographically to protect the user as much as possible.
If we make a brief summary of how it works, we can find that it is a Ethereum wallet. In addition to this, you can send and receive payments in tokens with the ERC-20 protocol serving as an intermediary between DApps. It will also unlock and authorize special functions in specific applications.
Is MetaMask safe?
MetaMask is a hot walletThe wallet must be connected to the network in order to function and be accessible to its users. This makes it more vulnerable than wallets stored on hard disk or desktop applications. To access our MetaMask from the computer or mobile device we will need key and password. Now, if we want to access from another device, we need the phrase seed.
Losing your word seed or can be obtained by someone else can seriously compromise the privacy and security of your account. It is best to store this word seed in a safe place off the Internet, such as a piece of paper or notebook.
The three factors on which the security of MetaMask depends are as follows:
- The keysThe key is a combination of numbers and letters that is generated in the user's first transaction. It is publicly present in the Ethereum network's transaction log and serves to identify the transactions made by that user. This key is similar to an electronic signature, and with it the user will be able to perform all the operations available on the blockchain.
- The passwordPassword: This is created by the user, it is recommended that it be a complex combination of letters, numbers and symbols that are difficult to guess. Do not use personal data, dates or ID numbers to create the password.
- The word seedThe word seed is created each time an account is created. The seed phrase works to access the account from a device other than the one on which the account was created. It is vitally important to store this phrase in a safe place where it cannot be compromised.
So yes, the security from MetaMask is up to you, because the keys are not stored on the servers of MetaMask. Any theft or violation of your privacy that you may suffer will not be the responsibility of MetaMask and it will depend on you safeguarding your wallet data.
For this reason it is important to keep your data safe and do not share them with anyone, no matter how much you trust that person. In fact, the information can be leaked to that person without knowing him/her and it would harm you. Another tip we give you from here is to never trust those messages or emails you receive from the supposed "MetaMask Technical Service" requesting your data, because MetaMask will not request your data at any time.
Is MetaMask more secure than Binance?
This is the question asked by the vast majority of people who have accessed this article, the answer is a bit abstract. A Binance account requires an email address and a password, which are areas of vulnerability for malicious people experienced in the subject. In MetaMask we have the key and password, which is also vulnerable. Neither has a secure 100% anti-hacking method.
Another point that could affect security is the hacker's ability to send your funds to another wallet without your authorization. At this point we give you a bonus point to Binance, because for each transaction you will need the code that will arrive to your phone and the email code. Elements that you can only get by yourself, but if you have lost your phone with the sessions started, unfortunately you may lose your funds.
Both are wallets that require internet access to operate and this will make them more vulnerable to attacks. What is important for both applications is safeguarding all information by our meansThe responsibility is not theirs at any time. Take care of your passwords, have a backup system, save your seed phrases and do not share that information with anyone.