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How to Use MetaMask

Created by - shera academy

How to Use MetaMask

How to Use MetaMaskWhy should I bother to read this?If you are interested in the Ethereum ecosystem, you need an app like MetaMask. More than just a simple wallet, it also allows you to interact with Ethereum-integrated websites.MetaMask allows you to connect to DApps from your browser (or via a mobile app). You can trade without an intermediary and play with a fully transparent code (so you know you're not being scammed).Check out the guide below to get started!introduceEthereum brought the promise of a distributed internet — the long-awaited Web 3.0. A level playing field characterized by a lack of centralized points of failure, true ownership of data, and decentralized applications (or DApps).This infrastructure is steadily accompanied by an industry-wide focus on decentralized finance (DeFi) and interoperability protocols designed to bridge various blockchains. It is now possible to exchange tokens and cryptocurrencies, take out crypto-backed loans, and even use Bitcoin on Ethereum without trust.For many Ethereum enthusiasts, MetaMask is the first choice. Unlike your regular smartphone or desktop software, it's available as a browser extension that allows users to interact directly with supporting websites. In this article, we'll explain how MetaMask works and walk you through how to get started.What is MetaMask?MetaMask is an open-source Ethereum wallet that supports all types of Ethereum-based tokens (such as ERC-20 compliant tokens or non-fungible tokens). Additionally, you can get them from others, or buy/trade them via the built-in Coinbase and ShapeShift integrations.What makes MetaMask so interesting is that it connects to websites. Other wallets will require you to copy and paste the payment address or scan the QR code on a separate device. Using the MetaMask extension, the website will simply ping your wallet and prompt you to accept or reject the transaction.MetaMask can function as a regular crypto wallet, but its real strength lies in its seamless connection to smart contracts and decentralized applications. Now let's see how to set it up.Install metamaskMetaMask wallet can be installed on Google Chrome, Firefox or Brave browsers. It also works on iOS and Android, but we won't go into that. We'll be using Firefox for this tutorial, but your steps will be more or less the same no matter what platform you're using.Visit the official download page of metamask.io. Choose your browser and it will take you to the Chrome Web Store or Firefox Add-ons. Click a button to add the extension to your platform. You may need to grant it some permissions to run. Make sure you're happy with your browser's access level - if so, we're happy.Initialize walletYou should now see a welcome message.When you're done harassing the fox on the welcome page, click Let's Go. Here, you will be prompted to import your mnemonic or create a new mnemonic. Click Create Wallet. The next page will ask if you want to submit anonymous data to help developers improve the app. Choose your preferred option.Now we need to create a password. If you're one of the legends who actually read your software user agreement, you can view it by clicking on the terms of service. Otherwise, provide a strong password, check the box and click Create.Backup your seed words!The following points are enough to justify its own subtitle. MetaMask is a non-custodial service, which means no one else can access your funds - not even the MetaMask developers. Your token lives in a kind of encrypted vault in your browser, protected by your password. This means that if your computer is lost, stolen or damaged, no one can help you get your wallet back. Your private key will be lost forever in the void of cyberspace.Therefore, it is important to write down alternate phrases. This is the only way to recover your account in the event of misfortune. As suggested, we recommend that you write down these words and put them in two or three different places. You don't have to bury them in a fire safe deep in the woods, however, it won't hurt.When you go to the next page, the program assumes that you might have been lazy in the previous step because it asks you to confirm the sentence. If you didn't do this the first time, click back and write it down!Confirm the sentence and proceed to the next step. Click All Done and you will see the wallet interface.The boring part is over, let's get rich with (testnet) ether.Fund the walletIn this tutorial, we use the Ropsten testnet. This is a network that works almost like the real Ethereum network, but its units have no value. These come in handy when you're developing contracts and want to make sure they don't have bugs that cost attackers $50 million worth. Every step we take on this network today will be reproduced in reality (except for the part where they give us free ether unfortunately).To tune into the Ropsten testnet, click on Main Ethereum Network in the top right corner and select Ropsten Test Network.We’re going to use a faucet to get some fake money to play with. Navigate to this page on your Metamask-enabled browser to get some.You can click the little fox icon at any time to pop up your MetaMask account information (like we did in the GIF above). Hover over Account 1 and click to copy your Ethereum address to the clipboard. Paste it into the form and click Send me test Ether.Ethereum transactions are usually confirmed quickly, but it can take a while for 1 ETH to reach your wallet. Check if you have it by clicking on the fox in the toolbar.Once there, we can start interacting with the DApp.Unlock the Decentralized WebSince we're on a testnet, we don't have that many apps to play with. For a full list of mainnet DApps, see the status of DApps or Dappradar. You can play games, buy unique assets or place bets on prediction markets.We will use the DApp we demonstrated earlier. Uniswap is a decentralized exchange, or DEX for short, which means we can trade without relying on intermediaries. The underlying mechanics are pretty good - see what Uniswap is and how it works? If you are interested in how it works.Go ahead and access it here. In the upper right corner, you should see a prompt to connect to your wallet. You'll see this in some form on all MetaMask-compatible sites, as it doesn't automatically connect for security reasons. Click on it and you will be asked to select the wallet you are using. If you haven't followed, this wallet is MetaMask.When a site tries to connect for the first time, a MetaMask dialog will appear asking you to confirm the action. You can choose an account (we only have one right now, so keep it as is)Before checking the permissions you want to grant. In this case, as in many other cases, the site requests information about the wallet address that controls your account.About MetaMask and PrivacyIt's important to be careful what you allow. If a website knows your address, they can see all ether and token transactions to and from that address. Additionally, they can associate it with your IP address.Some people like to separate their addresses to avoid overlapping, while others don't care about these risks (blockchains are public, after all). Ultimately, the level of privacy you want to achieve is up to you. Usually, sites you don't trust are not allowed.Exchange Ethereum for DAIThe time of our first exchange. We will do this for DAI, an ERC-20 token used as a stablecoin. However, like our ether, this DAI has no real value. Click Select Token, add the Uniswap default list, and click DAI. Alternatively, you can also choose WETH (Wrapped Ether).All that's left to do is enter the amount of ETH we want to trade. This allows us to estimate how much DAI we will receive. We are ready! Press Exchange.Where are my tokens?So your ether is gone, but your account doesn't show your tokens. Don't panic - you have to add them manually.For more popular coins, you can choose to add coins in your wallet and search by name or ticker. For the less popular ones (or those on the testnet), we need to add the contract address - an identifier that tells MetaMask where to look for our funds.Click on the extension to open your wallet.Click the three dots in the top bar.Select View on Etherscan.Under Overview, click the Token drop-down menu and select DAI.Under Profile Summary, you should see a contract address. Hover over it and copy the address.Go back to MetaMask and click Add Token.Click the Custom Tokens tab.Paste what you just copied into the Token Contract Address form.The rest should fill in automatically. Click Next, and then click Add Token.Return to the main overview to see your total balance.Congratulations! You just interacted with your first DApp by exchanging Ether for DAI. Everything you've learned can now be applied to the real world. Consider moving from Ropsten back to mainnet when you are ready to use mainnet applications.What else should I know?MetaMask also has some nice features that we didn't cover today. You can also connect a hardware wallet (both Trezor and Ledger are supported), create a contact list, and of course receive and send funds just like in a normal wallet. Check out the settings to customize the extension to your needs.Otherwise, the usual security principles apply: MetaMask is a hot wallet, which means it runs on an internet-connected device. This puts you at greater risk than cold wallets that are kept offline to reduce attack vectors.Finally, when using MetaMask, you should know which websites you allow access to.The MetaMask appThe MetaMask Android/iPhone app provides a neat solution for interfacing with Web3 apps on the go. Boasting much of the same functionality as the extension, it integrates a DApp browser so you can access various decentralized applications at the touch of a button.The workflow of the application is very similar to that of the browser extension. You can make direct transfers of ether or tokens from your wallet, or even interact with Uniswap as we saw above. final Closing thoughtsMetaMask is a powerful tool for browsing the decentralized web. If you follow the steps in this guide, you will see the wallet's potential. Apparently others have too: it currently has over a million users.As the Ethereum stack grows, applications like MetaMask will undoubtedly be part of the bridge between existing technology and nascent cryptocurrency infrastructure.Questions about MetaMask, Ethereum or anything else? Heading to the community will answer their Ask Academy.

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Published - Fri, 08 Apr 2022

What Is a Hardware Wallet (and Why You Should Use One)

Created by - shera academy

What Is a Hardware Wallet (and Why You Should Use One)

introduceWhen it comes to cryptocurrencies, good custody is paramount. The crypto world is dangerous - malicious actors are everywhere and they have many tactics to steal user funds. Developing a strategy to protect your coins should be your top priority.There are a variety of storage options at your disposal, each with their own trade-offs in security and usability. Newcomers are likely to stick with the exchange. These platforms offer many of their first exposure to cryptocurrencies and allow users to store their funds in online wallets. But technically, users have no control over their coins. If the exchange is hacked or taken offline, they may not be able to get their money back.Users may not need to delist their cryptocurrencies from exchanges. They may lack the skills to do so and even consider solutions involving guardianship to be safer. Finally, self-custody can lead to monetary loss if the user makes a mistake.What is a private key?Your private key is your passport into the cryptocurrency ecosystem. In many ways, it's like a real key - with this information, you can free up money to spend. If someone else gets it, they can steal your cryptocurrency. If you lose your key, you won't be able to access your coins - there's no forget password button in a decentralized environment. There is also no bank you can call to reverse a fraudulent transaction.The bottom line is that the private key must be kept private and secure. They are very valuable to cryptocurrency users. Not surprisingly, hackers and scammers are constantly trying to steal them - using phishing techniques or malware to steal their coins from users.Storing your keys is easy - they're just a string of numbers and letters. They can be written on paper and kept in a safe. To transfer funds using the button, however, they need to be on a device that creates proof that you can spend your coins.What is a hardware wallet?A hardware wallet is a device specifically designed to securely store private keys. They are considered more secure than desktop or smartphone wallets, mainly because they are never connected to the internet. These properties greatly reduce the attack vectors available to malicious parties, as they cannot remotely tamper with the device.A good hardware wallet ensures that private keys never leave the device. They are usually stored in a special location in the device that cannot be removed.Since hardware wallets are always offline, they must be used next to another machine. Due to their construction, they can connect to an infected PC or smartphone without losing the private key. From there, they interact with software that allows users to view balances or complete transactions.After a user creates a transaction, it is sent to a hardware wallet (1 in the image below). Note that the transaction is still not completed: it must be signed with the private key in the device. The user confirms that the amount and address are correct when prompted by the hardware device. At this point, it is signed and sent back to the software (2), which sends it to the cryptocurrency network (3).Why use a hardware wallet?Wallets that store private keys on internet-connected computers or smartphones make users' funds vulnerable to various attacks. Malware can detect encryption-related activity on these devices and drain users' funds.A hardware wallet is like an impenetrable vault with a small slot. When a user wants to create a transaction that the network will accept, they push it into a slot. Imagine, on the other side of the slot, a genie performing cryptographic magic to sign the transaction. The elf never leaves the vault - without a door, he can't get through the slit. All it can do is receive transactions and push them out again.Even if someone manages to get your hardware wallet, you can get extra protection with a PIN. The device usually resets if the wrong combination is entered a certain number of times.Funds that are not actively being used - i.e. those that are not being spent, wagered, loaned or traded - should be kept calm. Hardware wallets provide a convenient way for users to do this, even those with limited technical knowledge.Hardware wallets must be protected from loss, theft or vandalism. When initializing, users are usually asked to record their mnemonic phrase - a list of words that can be used to recover funds on a new device. This gives everyone the opportunity to spend their coins, so it should be treated as any value. Users are advised to write them on paper (or etch them on metal) and keep them in a private and safe place.Hardware Wallet RestrictionsLike other forms of storage, hardware wallets have their own trade-offs. Although they are one of the safest mediums for storing coins, there are still some limitations. They strike a balance between security and ease of use. Smartphone/software wallets are convenient, while hardware wallets are cumbersome to use (as two devices must be used to actually send money).Nonetheless, hardware wallets are not completely foolproof. Physical threats to users can force them to unlock wallets for attackers, but there are other vectors. If they gain physical access to the device, a skilled malicious party may be able to exploit the device.However, to date, no successful hackers have retrieved private keys from hardware devices in real-world scenarios. When vulnerabilities are reported, manufacturers usually fix them quickly. That's not to say they're impossible – researchers have demonstrated attacks against even the most popular wallets.Supply chain attacks can also compromise the security of hardware wallet devices. This happens when an attacker obtains a wallet before delivering it to the user. From there, they can manipulate it to weaken security and steal funds after users deposit coins.Another limitation is that hardware wallets require your own custody. Many see this as an advantage because there is no third-party responsible for managing your funds. However, it also means that if something goes wrong, there is no recourse.final thoughtsThe limitations of hardware wallets do not outweigh their advantages. When it comes to storage solutions, it is difficult to compare the security of hardware wallets to other methods. There is no substitute for cold storage, which removes the high risk of self-custody of funds.When looking for a hardware wallet, users should research the options available to them. There are many devices on the market, each with its own set of features, supported cryptocurrencies, and learning curve.

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Published - Fri, 08 Apr 2022

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How does a blockchain work?
How does a blockchain work?
 The blockchain is a database that allows you to add information but not edit it, therefore making it the go-to place for accurate information. In the digital world, we live in, it is very easy to manipulate information. In fact, it's getting harder and harder to know what's real and who to trust. This is where blockchain comes into play.A blockchain is essentially a database that allows information to be recorded in it, shared, and made available to everyone, but makes the information uneditable. This means that once the information is on the blockchain, it cannot be changed, misinterpreted, or deleted. In this way, the blockchain acts as a source of truth.To understand how blockchain works, let's assume you're moving and start by packing your kitchen utensils.How blockchain works in different industries:health care. Medical records are added to the blockchain so doctors can view accurate health records in real time.music industry. Songwriters put their creations on the blockchain, so true ownership of the work is recorded and other artists cannot copy their work.aerospace industry. NASA uses blockchain to keep its space shuttle information accurate and protect its information from hackers.As you can see, blockchain technology is spreading beyond cryptocurrencies and helping us create a safer, more transparent and more secure world. It is used where the risk is high and the information should not be manipulated. This is what makes blockchain powerful.

Thu, 28 Apr 2022

How do I buy cryptocurrencies?
How do I buy cryptocurrencies?
 “Cryptocurrency exchanges” are platforms that allow you to buy, sell and trade cryptocurrencies. The most common way to buy cryptocurrencies is through online platforms that allow you to buy, sell, and trade cryptocurrencies, known as "cryptocurrency exchanges" or simply "exchanges." The exchange usually behaves like your online broker.Canadian exchanges like ours at Netcoins allow you to deposit Canadian dollars directly into your Netcoins account via Interac electronic transfer, online bill pay, or wire transfer.That's it! It's that simple, fast, and painless. While this is great, it's still important to be aware of the other options available to you when buying cryptocurrencies.Bitcoin ATM.A Bitcoin ATM is similar to a regular ATM, but it does not require a PIN. Instead, it uses a QR code from your cryptocurrency wallet app. This code requires the ATM to send bitcoins directly to your wallet. Of course, the first step is to deposit cash into a Bitcoin ATM.Buy Bitcoin in person.Some people prefer human interaction. Because of this, some Bitcoin companies offer brick-and-mortar stores where you will meet someone from their team who will walk you through the buying process from start to finish.Buy Bitcoin in person.Some people prefer human interaction. Because of this, some Bitcoin companies offer brick-and-mortar stores where you will meet someone from their team who will walk you through the buying process from start to finish.Buy bitcoin privately.People who value privacy can meet friends they trust to buy bitcoin from them. LocalBitcoins.com also offers a marketplace where you can set your own bitcoin buying and selling prices and meet in person to complete your purchase.Whatever you like, make sure you do your research and know what you're investing in. If you are meeting with strangers in person, it is recommended that you meet at a police station or bank with guards and cameras (for security reasons).

Thu, 28 Apr 2022

What are cryptocurrencies?
What are cryptocurrencies?
 Cryptocurrencies are digital money not owned or controlled by banks or governments.Shells, livestock, wine, cigarettes, and gold have all played the role of money (and "means of exchange") throughout the history of money. Today, this role is replaced by banknotes and coins issued, controlled, and managed by governments and banks. This new type of currency is called fiat currency.So what is cryptocurrency?Invented in 2008, cryptocurrencies are a relatively new addition to the monetary system. It is a digital currency and therefore does not exist in physical form (no coins or banknotes!). Instead, it exists only online. Unlike fiat currency, it is a currency that is not controlled by a central bank or government.Fiat currency, on the other hand, was invented in 1971, marking the first time in history that money was controlled by a central bank or government (or “central authority”). Before that, money was created and managed by the market and the people themselves. With cryptocurrencies, we come back to who decides what should be currency and how it should be governed.The problem with currency control is that the central authority can make all decisions about money and print as much money as possible to benefit them, regardless of how it affects the rest of society.Cryptocurrencies, on the other hand, are like democracy. They are run by a group of people who believe in the same philosophy: fair money and fair access to money. Then, a group of developers is working to create an online decentralized system that will allow cryptocurrencies to be sent back and forth (called a "peer-to-peer network"). This allows people to send cryptocurrency to each other without going through banks or governments that charge fees or interest rates or delay people's access to funds.Fiat currencies and cryptocurrencies share some similarities:(1) They are used to buy and sell goods and services. For example, you can pay for an Air Canada flight with Bitcoin.(2) One cryptocurrency can be exchanged for another cryptocurrency. You can exchange bitcoin for ether just like you can exchange Canadian dollars for euros.(3) Cryptocurrencies can be used as a form of investment. You can cash out and profit when the price goes up.Cryptocurrencies are considered the currency of the people and the next step in the evolution of money. As our world becomes more and more digital, the role of cryptocurrencies will only grow.

Thu, 28 Apr 2022

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