SAFIENT INTEGRATES METAMASK
Not Your Keys, Not Your Crypto has remained a prevailing phrase in the mouths of everyone promoting self-custody. Because of the wide acceptance of this phrase and the philosophy in general, statistics show that the use of self-custodial wallets has grown exponentially. For example, New Huobi research has revealed that the number of crypto wallet users worldwide increased by 6.3% to 85 million as of November 2022.
According to the report, using non-custodial wallets would be pivotal in ushering more users from the Web2 ecosystem into Web3. These wallets have this potential because they have a simplified onboarding process more improved than the usual complexity attached to the crypto industry. As we all know, wallet security is a must-have infrastructure in the blockchain ecosystem. A recent report by Huobi also stated that wallets are among the most critical infrastructures for new users to join the crypto space.
Leading the race to provide a suitable infrastructure for the easy onboarding of users and providing a secure path is the MetaMask Wallet. In this article, we will discuss what MetaMask is, how it works, its popularity, and why its integration with Safient is essential.
WHAT IS METAMASK?
MetaMask is the world’s Web3 leading self-custodial wallet that allows users to interact with the Ethereum or EVM (Ethereum Virtual Machine) based blockchains. It provides users with a secure and convenient way to manage their crypto assets, as well as a user-friendly interface for interacting with decentralized apps.
MetaMask is available on most browsers as an extension thus giving access to users to create and manage Ethereum wallets, which can be used to send and store Ether (ETH) and other ERC-20 tokens.
MetaMask is a hot wallet which means that the wallet is hosted on the user’s device yet it stores the private keys in a secure and self-custodial way and also provides a secure way to interact with dApps.
HOW DOES IT WORK?
When a user installs MetaMask, it creates a new Ethereum wallet and generates a private key that is stored locally on the user’s device. This private key is encrypted and protected by a password that the user creates during the installation process.
MetaMask is one of the easiest ways to get onboarded and interact with Web3 apps on both desktop and mobile devices with a few simple clicks.
When a user interacts with a decentralized app that requires access to the Ethereum wallet, MetaMask prompts the user to confirm the transaction. The user can either reject or accept depending on their choice of action.
There is also a convenience provided by the MetaMask wallet which gives users access to interact with the Ethereum Blockchain allowing them to switch between different networks such as Ethereum mainnet, testnets, and custom tokens thus making it easier for users to test and interact with different dApps without losing funds on the mainnet.
SAFIENT INTEGRATES WITH METAMASK
In describing the most challenging problem in the crypto space in an interview session on YouTube, CZ Binance said “ Today most people cannot store their private key securely”. We agree with him on this one though the introduction of the MetaMask wallet has had a tremendous effect in promoting self-custody, users still struggle with safely securing their private keys without having to worry about misplacing or losing them. The reality remains that with self-custody now at the helm of affairs, users would have to take extreme measures to make sure that they do not lose their private keys either to bad actors or not stored properly since they are now in sole control of their assets at this time.
Admittedly, for successful onboarding of more users from Web2 to Web3, these users need to feel safe and secure to the extent of having total control over their digital assets and still not getting worried about losing it all as a result of the misplacement of private keys. Without a doubt, the MetaMask wallet has paved way for self-custody to thrive, but for full effectiveness, these extreme measures need to be taken care of for the sole purpose of mass adoption, safety, and convenience.
Although the recovery functionality for the wallet is not provided by the MetaMask wallet itself, MetaMask has designed a haven where developers can build additional features as plugins that can be integrated and run on MetaMask wallet itself. This product is called MetaMask Snaps.
The MetaMask Snaps give Safient an opportunity to integrate its unique wallet recovery solution through the SDK with MetaMask. This they have done by developing a MetaMask Snap product called MetaSafe (MetaSafe — Snap to recover or inherit your MetaMask wallet).
MetaSafe is a recovery mechanism developed by Safient Protocol to help provide MetaMask users an opportunity to secure their private keys conveniently without having to worry about losing them or allowing them to fall into the hands of bad actors. Safient upholds self-custody and thus recognizes the need for a viable product that makes users feel comfortable thus giving users full control of their assets and also feeling safe in case of unprecedented events.
MetaSafe does not store your private keys in custody rather it securely preserves them on the network of nodes that can be recovered on inherited only at certain events. MetaSafe provides recovery for each private key or each account of MetaMask, so users are at liberty to connect their MetaMask Wallet, providing users with a seamless and secure way to protect their private keys or secure an account in their MetaMask Wallet.
To connect their MetaMask wallet to MetaSafe, wallet owner simply needs to log in to their MetaSafe application even using social login..
The owner then needs to install MetaSafe snap and connects their wallet, they will be prompted to authorize the connection by signing a message using their MetaMask wallet as well as setting conditions for recovery such as Signaling, Arbitration, and DDay.
If a beneficiary is set for the recovery account, they can create the recovery and get access to the wallet once the wallet recovery is completed.
MetaSafe is coming at a time when there is a high need for user convenience and security in a bid to promote the mass adoption of self-custody, and with this in mind, the importance of MetaSafe cannot be overemphasized.
Learn more about MetaSafe and Safient Protocol using the links below.
MetaSafe: https://metasafe.safient.io/
Safient: https://safient.io
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