MetaMask is a cryptocurrency wallet that uses the Ethereum blockchain to communicate. Despite the market's ups and downs, there are more and more users each year.MetaMask has over 21 million active monthly users, which is 80 times more than in 2019 and substantially more than any noncustodial wallet.
Users of the Metamask wallet may access their Ethereum wallet through a browser extension or mobile app, which can subsequently be used to engage with decentralized apps.
A Brief Introduction to MetaMask
MetaMask is an open-source bitcoin wallet that is simple and easy to use. It is available as a Chrome, Firefox, and Brave web browser extension, as well as an iOS and Android mobile application. Initially, just Ether and ERC-20 tokens were supported, however, it is now compatible with ERC-721 and ERC-1155 token standards. Furthermore, MetaMask features include website interaction; hence, it may function as a connecting node for a variety of Ethereum-based DApps.
MetaMask was created by Adrian Devis and Dan Finlay. Their concept was innovative and straightforward: they sought to develop a web browser plugin that would allow bitcoin management and use of the browser for quick and safe access to DApps. ConsenSys Software Inc., a development firm specializing in Ethereum-based applications, adopted the concept in 2016.
The solution made advantage of Ethereum's UI as well as a web API known as web3.js. This Ethereum library serves as the foundation of MetaMask since it enables the browser to interface with local or distant blockchain nodes through HTTP, IPC, and WebSocket; it also obtained the ability to record and read data from smart contracts, transfer tokens, and so on. Web3.js, on the other hand, enabled blockchain developers to build proxies and communication bridges between MetaMask, DApps, and users.
Adrian Devis and Dan Finlay acknowledge that their notion was brilliant. However, the technological implementation was extremely difficult, particularly in terms of user security (web wallets are considered the most vulnerable to hacker attacks). Nonetheless, ConsenSys was successful, and on July 14, 2016, they released the first version of the MetaMask web browser bitcoin wallet for Chrome. They later released versions for Firefox, Brave, and other popular browsers. They also released a smartphone version of the MetaMask cryptocurrency wallet in 2019.
How Does The Metamask Wallet Work?
The MetaMask cryptocurrency wallet employs the web3.js library to function. This library is a part of the official Ethereum product. The library was developed focusing on the requirements of web applications that could interact with the Ethereum blockchain and take advantage of all blockchain’s benefits and functions.
MetaMask is a cryptocurrency wallet for Ethereum and an instrument that helps to interact with DApps. MetaMask connects the extension to the DApp so that to fulfill both tasks. When the application identifies the MetaMask, it creates a connection, and the user can start using all the features of a specific application.
Key Features Of Metamask Wallet
Ease of use
Starting with MetaMask is easy, quick, and anonymous. You don’t even need an email address. Just set up a password and remember (and store) the secret recovery phrase, and you’re done.
Security
Nobody has access to your information because it is encrypted in your browser. In the case of a forgotten password, the 12-word secret recovery phase (also known as a seed phrase) is available for recovery. Notably, it is critical to keep the seed word safe, as MetaMask has no knowledge of it. It cannot be recovered after it has been gone.
Built-In Crypto Store
If you're wondering if you can buy Bitcoin with MetaMask, the answer is no. It exclusively accepts Ether and other Ether-related coins, such as the well-known ERC-20 tokens. ERC-20 tokens are used to create cryptocurrency (except Ether) on Ethereum.
Backup and Restore
MetaMask saves your data locally. So, if you change browsers or PCs, you may use your secret recovery phrase to restore your MetaMask wallet.
Main Functions Of A Cryptocurrency Wallet
To create a cryptocurrency wallet like MetaMask, we need to know what function it serves. Two types of users need to be considered: regular users and administrators. The wallet must be designed to be used by the ordinary user to store, trade, and swap tokens. The administrators are the workers in charge of managing the operations of the wallet and resolving regular users' problems.
List of Functions for Regular Users:
Registration
A new profile should be simple to create. All you need to do is launch an internet browser, download the MetaMask extension from the official website, and create a password. The user must then enter the seed phrase and they are ready to proceed. If you already have a cryptocurrency address, linking it to the wallet should be a simple task.
Applicable Exchange Rate
Other cryptocurrency wallets display the exchange rate for tokens in the investment profile, however, MetaMask merely shows the number of tokens on the account. If you want to create a MetaMask crypto wallet clone, it is a good idea to include these features to improve the user experience of your prospective project.
Cryptocurrency Operations
The key tasks of any wallet are sending, receiving, and trading cryptocurrencies. Make sure that these operations are simple so that any user may use the wallet with confidence. Furthermore, If you've ever traded on an exchange, you'll expect your wallet to display the history of activities as well as the current balance; however, MetaMask does not. If you wish to create a wallet, it might be advantageous for users to be able to view the current balance as well as transaction history.
Favorite Addresses
This is another functionality that MetaMask lacks, though some of its competitors provide some way to save favorite addresses. It enables users to create a list of addresses for quick token transfers. It is quite convenient for minimal recurring operating costs.
Employing Other Blockchains
The user can only trade Ether and ERC-20 tokens after installing MetaMask. Users can, however, link to other blockchains. They will also have a single address for all blockchains.
NFT Support
MetaMask wallet also started supporting non-fungible tokens.
List of Functions for Admins
Tools Panel
This page allows administrators to track the current status of the platform, current issues, the number of users, transaction volume, and so on.
User Management
This tab assists administrators in tracking the status of users and managing them: add, remove, block, communicate, verify, and so on.
Managing the Fees
It helps to add, delete, or change the transaction fees.
Payment System Management
The MetaMask wallet does not provide the option to attach a credit or debit card, PayPal, or any payment mechanism. However, if your wallet has these features, administrators will need tools to manage it.
Content Management
These are the tools for managing user interfaces (changing texts, icons, links, etc.).
Besides these, features that allow connecting accounts on Facebook, Twitter, and Instagram, producing reports and analytics, and API documentation are great options to consider.
Extended Functions Set For Metamask Clone
To help your MetaMask wallet clone become famous, you should add some advantages that highlight it from the competitors and improve the user experience.
These can be the following:
Linking an account - Your users will appreciate the ability to purchase cryptocurrencies and swap it for money within the wallet. This is achievable if you create a wallet, such as MetaMask, and include the ability to link bank accounts, credit/debit cards, PayPal, or other online payment systems.
eCommerce integrations - We are referring to the wallet's integration with exchanges, NFT markets, decentralized apps, stores, and other services that users may find beneficial.
Multilingual interface - If you concentrate on a market where everyone speaks the same language, you may overlook this factor. Your aims, however, are worldwide, and you should incorporate as many languages as possible to broaden your target audience.
Push notifications - The notifications will notify users of money received, transactions completed, quick exchange rate changes in the investment account, system upgrades, suspicious behavior, and so on.
VIP support - For a price, several cryptocurrency trading sites provide help. This might include 24-hour assistance, connection with a personal professional, and so forth.
QR scanner - This is another important tool that allows your consumers to make payments even more quickly. Furthermore, it will reduce the number of transfers made by accident.
The Process Of Creating A Wallet Like Metamask
Step 1: Opening
Before beginning with the design and computer code, the concept must be properly developed. If you want to create a MetaMask clone, you should think of concepts that would entice consumers to use your extension instead of MetaMask. Dedicated study and analysis of the market, competition, and target audience would be beneficial.
Step 2: Developing the Architecture
Information architecture for the next product will be constructed based on the data gathered in the first stage. It is a diagram that depicts the functions, system components, and their interactions.
Step 3: UX/UI Design Development
Users would like your MetaMask clone if it has a beautiful and user-friendly user interface. UX/UI designers are in charge of developing the designs. They research project objectives, business analytics, tasks, and user needs. Based on this data, they create low-fidelity and high-fidelity wireframes as well as prototypes for the next bitcoin wallet.
Low-fidelity wireframes are simple design sketches that depict the tabs and their information.
Following that, the designers create high-fidelity wireframes. This is how consumers will perceive it. Here are a few high-fidelity wireframe ideas for a bitcoin wallet.
If the customer and the target audience (focus groups) appreciate the high-fidelity wireframes, they become interface prototypes with complete animation, transfers between screens, and so on, but no wallet functionality is added. Prototypes provide for more effective input in order to optimize the design.
Step 4: Writing the Code
This is the trickiest part.
The technical stack for backend development of a MetaMask clone includes Smart contracts, databases, DevOps,Search engines, and much more. Yo’ll be using multiple programming languages like Java, PHP, and Python, alongside frameworks like Spring, Symphony, and Flask.
Tech stack for frontend development of a MetaMask clone:
Programming languages like Angular.JS, React.JS, and Vue.JS for web development, alongside Java, Kotlin for Android, and Swift for iOS.
Step 5: Product Testing
When developing a wallet, consider its usability, expected workload, smart contract capability and so on. It is the responsibility of testers to begin testing the product as soon as development is completed to prevent the buildup of issues. Furthermore, certified professionals like Certik or Techrate are necessary to test the smart contracts in your wallet.
Step 6: Deployment, Release
Once your MetaMask cryptocurrency wallet clone is complete and tested, it must be deployed in the cloud (AWS, Azure) or on your company's local servers. If you have a mobile wallet, you should make it available on Google Play, App Store, Microsoft Store, or Amazon App Store.
Step 7: Product Support
Finally, you must create a bitcoin wallet support service that will assist consumers in fixing difficulties and gathering feedback for future product enhancements.
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The Cost Of Developing A Metamask Clone
Now that you know everything that goes into creating a wallet like Metamask, you might assume that it is going to be very expensive. You’re right. It costs a relatively large sum of money to develop a Metamask clone from scratch, which is why people opt for white label Metamask clones. White label clone scripts replicate all the functionality and design language found in the OG Metamask wallet but are sold without any branding by the developers. These clone scripts can be purchased at a very affordable price and then customized and branded as you see fit.
Conclusion
Hope you found this article informative. We, Clarisco solutions are a blockchain development company, which means we have plenty of experience developing digital wallets like Metamask. All of the information provided in this article comes straight from our trusted developers. If you enjoyed this article, feel free to share it with your friends. Au revoir!
