A single-chain wallet is usually designed and developed to serve a public-chain platform. Such a wallet is professional, targeted, and has great potential for the platform it targets. Members with different roles such as developers, miners, dApp users, and traders are part of a public chain. The activities of these members are around this public chain and they utilize the digital assets within this chain.
Single-chain wallets can be utilized as an entrance to the public chain and meet the needs of the different members. These wallets provide members with the convenience of circulating and storing public-chain digital assets.
A multi-chain wallet is a wallet that supports or can hold multiple public-chain digital assets at the same time. For instance, a wallet that will support two or more digital assets such as Bitcoin, EOS, and Ethereum at the same time is known as a multi-chain wallet. The amount of public chains is increasing every day and users are on the lookout for wallets that can hold all their assets in one place. It can also be cumbersome to install and trade from different wallets. MetaMask is one of the wallets that allows users to hold multiple digital assets.
A brief overview of MetaMask and its history
MetaMask is a crypto wallet that allows users to store and transact Ethereum or any other ERC-20 token. Users do not have to register on a website, all they need is to install it as an extension on either Chrome or Firefox. This wallet is also available for mobile users on both iOS and Android.
MetaMask allows users to connect to Ethereum-based dApps, where users can spend their digital coins on games, trade on decentralized applications, or even stake coins in gambling applications. It is also an entry point to the world of DeFi as it provides access to apps such as PoolTogether and Compound.
Why MetaMask is loved by the crypto community
- Popular. If you love something that is famous, then this is the multi-chain wallet to opt for.
- Simple. Users don’t have to manage private keys as all that is needed from them is remembering a list of words and all the transactions are signed on their behalf.
- Integrated. dApps are designed to work with MetaMask so it is easy to send ETH in and out.
- Saves space. You do not have to download the entire Ethereum blockchain, MetaMask sends requests to various nodes.
Issues for MetaMask to overcome to become a multi-chain wallet
Even though MetaMask had over 10.35 million users by August 2021, the wallet has some issues that it should overcome. The following are some of the major ones:
- Third-party issues. Setting up a MetaMask wallet is easy. However, this wallet holds Private Keys within the user’s browser. This approach is less safe when compared to paper or hardware wallets. The good news is that MetaMask can be connected with hardware wallets such as Trezor.
- Downtimes are frequent. MetaMask allows internet users to connect to Ethereum and avoid the hustle of turning their computers into a node. MetaMask connects to Ethereum through Infura (an actual Ethereum node). However, when Infura is down, users are likely to be cut off from the blockchain for some time before it reconnects to another node.
- Having 100% control over your account can be dangerous. You have to be responsible for everything as MetaMask gives you complete control over your wallet. You are likely to lose your crypto forever the moment you lose your seed words and password. A phishing attack can also make you lose funds.
The blockchain world is ever-changing and new products are being introduced daily. A number of multi-chain wallets have been created and the following are some of the MetaMask alternatives you can try today:
Phantom is a Solana blockchain multi-chain wallet that makes it easy and safe for users to receive, send, stake, and swap tokens. Phantom allows you to turn your browser into a crypto wallet and you can interact with blockchain-based applications from your favorite web browser directly.
Coin98 is a multi-chain, NFT and DeFi wallet. This wallet has greater multi-chain compatibility than MetaMask. The wallet provides users with Arbitrum as a cross-chain bridge to allow users to move tokens from L1 to L2 and vice versa straight from the mobile app. The wallet integrates with 33+ blockchains, 6 cross-chain bridges, and 9 AMMs.
XDefi is a multi-chain wallet with Web 3 capabilities. Fans are already falling in love with this wallet for its greater multi-chain compatibility. XDeFi allows users to use the same vehicle to access different destinations. The wallet so far integrates with nine blockchains.
Rabby presents itself as a better extension wallet for DeFi users. The wallet automatically switches to the corresponding chain based on the site that you visit. Rabby is only EVM compatible, but it is easier to use than MetaMask.
Hardware wallets are portable devices that look like flash drives. Some of the most popular ones are Trezor and Ledger Nano S. The beauty of hardware wallets is that they are secure and the digital coins are stored offline.
Up and coming
Frame is a privacy-focused Ethereum wallet that runs natively on Windows, macOS, and Linux. Its extension automatically verifies ENS names on Twitter. Frame’s UX is way better than that of MetaMask and its support for all major side chains cannot be ignored.
AdEx claims to be the ‘gateway to best earning opportunities’. The tool is designed to enable fast, secure, and easy access to DeFi investments. AdEx wallet makes it easy for users to invest in DeFi even if they don’t have previous experience with decentralized finance and cryptocurrencies.
Also published on: https://medium.com/momentum6/metamask-has-become-boomer-central-discover-the-wallets-of-the-future-4533ad560edf