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Ethereum Wallets

~3 minute readWritten on 3rd Dec 2022

What are Ethereum Wallets and How to Get Started with MetaMask

Ethereum wallets are digital wallets that store Ether (ETH) and other tokens on the Ethereum blockchain. They allow users to send and receive ETH and interact with decentralized applications (dApps) on the Ethereum network.

Extnerally owned are the most common type of wallets on the Ethereum blockchain, and they are used to store and manage Ether (ETH) and other Ethereum-based tokens. They allow users to send and receive ETH and interact with decentralized applications (dApps) on the Ethereum network.

To use an EOA, a user must have a private key that is associated with the account. This private key is used to sign transactions that are sent from the EOA, allowing the user to control the account and access its funds. It is important for users to keep their private keys safe and secure, as they are the only way to access and control an EOA.

In general, EOAs are an important part of the Ethereum ecosystem, as they allow individual users to interact with the Ethereum network and manage their ETH and other tokens. They are a key component of the Ethereum blockchain and are essential for many of the applications and services that are built on the platform.

One popular Ethereum EOA wallet is MetaMask, which is a browser extension that allows users to manage their Ethereum accounts and interact with dApps in their browser.

Other types of wallets

In addition to regular Ethereum wallets, there are also MPC (multi-party computation) wallets and smart contract wallets. These types of wallets offer unique features and capabilities that can be useful for certain users and situations.

MPC wallets, also known as threshold wallets, use a technique called multi-party computation to allow multiple parties to share control over a single wallet. This means that multiple users can jointly sign transactions from the wallet, with each user contributing their own part of the private key. This can provide added security and convenience, as it allows users to share control over their funds without relying on a single private key.

Smart contract wallets, on the other hand, are Ethereum wallets that are implemented as smart contracts on the blockchain. This means that the wallet's logic and functionality are encoded in a smart contract, which allows users to interact with the wallet using transactions on the blockchain. Smart contract wallets can offer unique features and capabilities, such as customizable transaction approval processes and automatic execution of transactions based on certain conditions.

In general, MPC wallets and smart contract wallets can be useful for users who want additional security and flexibility in managing their Ethereum funds. These types of wallets can provide unique features and capabilities that are not available in regular Ethereum wallets, making them a useful option for certain users and situations.

How to Get Started with MetaMask

  1. Install the MetaMask browser extension from the official website.
  2. Create a new Ethereum account by following the on-screen instructions.
  3. Secure your account by setting a strong password and backing up your seed phrase.
  4. Add some Ether to your account by purchasing it on a cryptocurrency exchange or receiving it from another user.
  5. Start using MetaMask to interact with dApps and manage your ETH and other tokens.

In addition to storing ETH and interacting with dApps, MetaMask also allows users to access different Ethereum networks, such as the main Ethereum network, test networks, and private networks. This can be useful for developers who want to test their dApps on different networks without risking their main ETH funds.

Another useful feature of MetaMask is its support for ERC-20 and ERC-721 tokens. These are types of Ethereum tokens that are commonly used in dApps and decentralized finance (DeFi) applications. By using MetaMask, users can easily manage and interact with these tokens, making it a convenient and powerful tool for Ethereum users.