MetaMask, the friendly cryptocurrencies wallet browser extension, is becoming a crucial bridge between blockchain payment systems and the traditional financial world. By connecting digital-currencies and other blockchain applications with real-world products and services, it increases liquidity and security, along with faster and cheaper transactions.
Ten years since Bitcoin’s creation and almost five years since Ethereum’s launch, it is safe to say we have entered the hybrid phase when cryptocurrencies and decentralized applications co-exist with fiat money and the traditional world. Cryptocurrencies and DApps possess a great value proposition for the everyday user, yet the user is either unaware of it or lacks the technical capabilities to utilize it. If blockchain based platforms wish for new consumers to enter the crypto space, two things need to happen.
Firstly, distributed ledger applications need to interact with centralized services. For example, to allow cryptocurrency payments on daily services providers like Starbucks or Walmart.
Secondly, the user experience must improve. Consumers need to know less what happens behind the scenes and to use DApps and cryptocurrencies in their everyday life more comfortable.
By allowing digital-currency owners to purchase real-world goods and services in a cheaper and faster way, and by providing no-coiners access to use decentralized applications in a friendly manner, Zeex creates a bridge that will lead to greater adoption and higher market efficiencies.
MetaMask — A Gateway to the Blockchain World
MetaMask is a digital-currency wallet which can be used on Chrome, Firefox, Opera and Brave browsers. It allows you to safely store and manage Ethereum and ERC-20 tokens on a browser extension, making it accessible to every potential user — even no-coiners. Its main uniqueness though derives from its connectivity to blockchain applications. MetaMask users can interact with Ethereum-powered DApps directly through their browser, without experiencing technical difficulties.
Zeex is a great example. Thanks to MetaMask, users can now take their crypto shopping at the biggest brands, simply and securely. If, for instance, users wish to purchase a product they desire on Amazon; first, they’ll need to connect to their MetaMask wallet and ensure they have enough digital-funds. Then, after purchase an Amazon prepaid card, they simply make their way to the shopping cart. The same applies to many types of businesses that work with Zeex, such as Starbucks, Google play store, and Apple.
Watch how it’s done:
Blockchains were designed to be peer to peer networks. Therefore, instead of running on a centralized server, it is run on every peers’ compute power. As a result, the network gains the benefit of zero downtime.
Also, the peer to peer blockchain model allows more security by having a consensus network in which participants assist with verifying transactions. Bad actors cannot cheat the system with double spend funds or the creation of new coins. They will need to gain control of at least 51% of the network, which is very expensive and unsustainable.
On top of that, when consumers use credit cards to purchase goods and services, merchants must be wary of fraudulent attempts to chargeback. In a decentralized payment system, they are protected from it due to three reasons:
- It is peer to peer, without a credit card company you need to trust.
2. It is immutable. The blockchain is a distributed accounting ledger, means payment transactions cannot be altered.
3. It is being monitored real-time by network participants who automatically maintain consensus and authenticity.
Finally, blockchain-based payment systems are censorship resistance; therefore there are no entry barriers for one who wishes to create a digital wallet. This enables the unbanked to now become a part of the global economy.
The Hybrid Phase
The path to blockchain payment systems adoption must go through the hybrid phase in which the decentralized and centralized world live side-by-side. While there are many B2B blockchain payment solutions currently available, such as Coinbase Pay and BitPay, MetaMask is the most user-friendly B2C gateway we currently have. For that reason, Zeex is fully compatible with MetaMask to transform blockchain payments to be a normal tool for everyday life.