

CRYPTO GLOSSARY 〉

By Michelle Legge • Head of Crypto

Tax Education
Updated Nov 9, 2023

 This article has been fact checked and reviewed as

per our editorial policy.

MetaMask

MetaMask definition: A popular non-

custodial cryptocurrency wallet browser
extension that allows interaction with
decentralized applications (dApps).

MetaMask has emerged as an essential tool

that empowers users to interact seamlessly
with decentralized applications and the broader
blockchain ecosystem, but what exactly is
MetaMask, and how does it facilitate these
interactions?

MetaMask is a browser extension and mobile

application that functions as a cryptocurrency
wallet and gateway to the decentralized web.
Built as an extension for popular browsers like
Chrome and Firefox, MetaMask enables users
to manage their cryptocurrency holdings,
access decentralized applications (dApps), and
execute transactions on blockchain networks.

Just as you use your physical wallet to store

and manage traditional currency, MetaMask
serves as your digital wallet for
cryptocurrencies and the decentralized
services they unlock.

MetaMask was developed by ConsenSys, a

blockchain technology company co-founded by
Joseph Lubin, a co-founder of Ethereum. The
extension was first released in 2016 and quickly
gained popularity due to its user-friendly
interface and the convenience it brought to
interacting with decentralized networks.

MetaMask enables users to store, send, and

receive various cryptocurrencies. Users can
create multiple wallets and manage their
private keys securely. The wallet ensures
secure and transparent transactions by allowing
users to verify transaction details before
approving them. It supports various blockchain
networks, allowing users to seamlessly switch
between different networks, including
Ethereum, BNB Chain, Polygon, Avalanche, and
more.

By integrating with popular web browsers,

MetaMask acts as a bridge between users and
decentralized applications. Users can interact
with dApps without the need to download
separate software or share sensitive
information.

MetaMask's impact goes beyond being a simple

wallet. It has significantly contributed to the
user-friendly adoption of blockchain
technology. By simplifying the interaction with
decentralized applications and blockchain
networks, MetaMask has lowered the barriers
for users to access the full potential of the
decentralized web.

Furthermore, MetaMask serves as a crucial on-

ramp for newcomers entering the
cryptocurrency space. Its intuitive interface and
seamless integration with web browsers make it
easier for individuals to explore the
decentralized ecosystem, participate in token
sales, and engage with various dApps.

MetaMask stands as a gateway to the

decentralized web, providing users with the
tools to manage their cryptocurrency holdings
and interact with a variety of blockchain-based
applications. Through its user-friendly design
and integration with popular browsers,
MetaMask has played a pivotal role in bringing
the benefits of blockchain technology to a
broader audience, contributing to the ongoing
evolution of decentralized finance, gaming, and
other innovative use cases.

 Disclaimer
The information on this website is for general information
only. It should not be taken as constituting professional
advice from Koinly. Koinly is not a financial adviser. You
should consider seeking independent legal, financial,
taxation or other advice to check how the website
information relates to your unique circumstances. Koinly is
not liable for any loss caused, whether due to negligence
or otherwise arising from the use of, or reliance on, the
information provided directly or indirectly, by use of this
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The information on this website is for general

information only. It should not be taken as consulting
professional advice from Koinly. Koinly is not a
financial adviser. You should consider seeking
independent legal, financial, taxation or other advice
to check how the website information relates to you
unique circumstances. Koinly is not liable for any loss
caused, whether due to negligence or otherwise
arising from the use of, or reliance on, the information
provided directly or indirectly, by use of this website.