DeFi Kingdoms for Commoners #5: MetaMask Wallet
Hello, reader! DeFi Kingdoms for Commoners series is written for audience who have little to no experience in the world of cryptocurrency. My main goal in writing this is to provide in-depth information about DeFi Kingdoms in simpler terms. This is the third installment of this series, feel free to click this link to access the previous articles. Happy learning!
What is DeFi Kingdoms?
DeFi Kingdoms is a game, a DEX, a liquidity pool opportunity, a market of rare utility driven NFTs, and it all plays out seamlessly in the incredibly nostalgic form of fantasy pixel art. It is launched on Harmony Network.
In this article, we are answering one question: Where do I store my funds?
The short answer is: MetaMask wallet.
What is MetaMask?
MetaMask is a widely-used browser extension which functions as a cryptocurrency wallet that connects to the multiple blockchains. MetaMask allows users to interact with multiple ecosystems such as Ethereum, Binance Smart Chain, Harmony Network, etc. As such, it’s the one of the best cryptocurrency wallet solutions if you’re looking to access Decentralized Exchanges (DEX), Liquidity Pools, and NFT hubs.
The wallet is compatible with the most widely adopted browsers such as Google Chrome, Mozilla Firefox, Brave and Microsoft Edge.
You might ask, how do you set it up?
STEP 1: Download the extension.
Proceed to their download page and select the browser option. Click the install button and complete any steps that your browser may ask of you to add the extension. Remember to download from the official websites ONLY. Failing to do so may result to loss of funds.
Alternatively, you can download MetaMask in your iOS and Android devices.
STEP 2: Create a new wallet.
After installing the extension, click on it and you will be reaching this page. Select the ‘Create a Wallet’ option and agree with the Terms of Service which explains what MetaMask will and will not do with any information. MetaMask will not ask for any of your personal documents. Welcome to crypto.
You will then be asked to set a password (min. 8 characters). You will be able to change this in the future. After putting in a secure password, the MetaMask will orient you about Secret Recovery Phrase. This is one of the biggest rules that must be followed in the whole vastness of cryptocurrency: NEVER SHARE YOUR RECOVERY PHRASE WITH ANYONE. Protect yourselves from getting hacked by not saving this phrase in a cloud drive, or on a digital account. If you can, write it down in a paper and secure it.
What happens when someone gets ahold of my secret recovery phrase? Simply put, they can get ahold of your assets. Anywhere. Anytime. It’s like getting your physical wallet stolen, but they can move all of your money pretty easily.
What if I got hacked and lost my funds, where should I report it?
The downside of crypto being very decentralized is there is no “MetaMask police”. Once your funds are stolen, it will is almost impossible to retrieve it back.
I hope you understand now how vital it is to keep your secret recovery phrase secure.
Once the setup is complete, your wallet is ready for use!
I am a crypto noob but I am interested. How do I start?
You have now set up your MetaMask wallet. At the next installment, we will learn about Remote Procedure Calls and how to set it up in your MetaMask wallet.