MetaMask: the hero's crypto pride

The history of MetaMask dates back to the first Ethereum developer conference in history. The most widely used crypto wallet device "Little Fox" MetaMask has attracted millions of users worldwide Web3.At the same time, the product has also been criticized by many users. for

This is a business in conflict and people have very different opinions about it. Supporters of his case have worked to make the actual transcript of this statement available online.Skepticism compares to Yahoo on Web3, waiting for the "Google" phenomenon to disrupt it and stepping back from the level of the story. for

Today, the article analyzes MetaMask's position in the crypto space, describes its development history, key characteristics and values, introduces unreliable elements, reflects on next steps, and lists activities that will affect Metamask. competetion. Usually includes:

Cryptocurrency wallets are no longer a niche business: The number of crypto wallet users is around 80 million today, compared to 31 million three years ago. It will take some time for web3 to improve, but products like MetaMask are starting to enter public life, and MetaMask alone has 21 million users.

MetaMask refunds are important.: By 2021, the company will have sales of more than $ 200 million. This is thanks to the "swap" function which allows users to exchange multiple cryptocurrencies in the product. for

Different consumers have different expectations.: MetaMask was created for tech geeks, so it's not surprising given the origins of cryptocurrencies. However, as larger users who have already started engaging with Web3, MetaMask pays a higher design cost on the front-end.

Creating a moat for a cryptocurrency wallet can be very difficult.: Since the data is stored on a blockchain, crypto wallets cannot link real users. Users can switch between wallets in minutes and without data loss, so doctors need to find other ways to establish their protection. for

Intensified competition in industry: Metamask is the king of the field today, but there are a lot of competitors emerging all the time. Additionally, we are in the early stages of the crypto revolution and wallets like MetaMask need to adapt to changes in the use of technology and humans.

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01. History: Bedroom

02. History: Diversity of ConsenSys

Step 1: “Burning Day” cryptocurrency

Step 2: Commitment and Survival

Step 3: Segmentation and rationalization

03. Definition: What is a cryptocurrency wallet?

as "wallet"

Banking systems (or applications in the fintech sector)

as "passport"

"Navigator"

Your wallet is a "warehouse".

04. Hardware: Works great but has its flaws

05. Friction due to the rapid development of MetaMask

06. Future: Where will the development of the bag go?

the competition is stronger

broader demands

Inter-chain development needs

Several application scenarios

Source : Chav

Miami

In January 2014, a group of humble people met on a Miami beach and came to Miami to attend the North American Bitcoin conference, but met in this villa to discuss Ether Fang, another cryptography project.

Just a few months ago, the then 19-year-old V God released Ethereum's "white paper" and describes the capabilities of the "computer world" he saw. Ethereum quickly became a crypto-loving group. .Some of these people gathered at the Beach House. Besides V God, two producers, Gavin Wood and Charles Hoskinson, and two entrepreneurs, Anthony Di Iorio and Joseph Lubin, attended the meeting. for

Among these men, Joseph Lubin was almost 30 years older than V God and looked more like a financier than an expert when it came to dressing. In fact, Lubin has experience working on Wall Street. After graduating in Electrical and Computer Engineering from Princeton University, he worked as a data scientist for seven years before joining Goldman Sachs. While studying at Princeton, Lubin's roommate was Michael Novogratz, a well-known cryptocurrency investor, founder and CEO of Galaxy Digital.

But while Rubin isn't a big man, the Treasurer is caught up in negative thoughts, his story shows Rubin to be fun and open-minded. After college, Rubin's first job was to become a professional squash player. of the world. He also later founded his own writing business.

With the help of this integration, Rubin not only enhanced his pioneering role in the Ethereum revolution, but also created his own image of the “business acumen” of key Ethereum groups.Through the development of Ethereum as a whole, this self and God V became more efficient, which formed the basis for Lubin's future career choices and was a defining moment in Ethereum's history. for

Devcon 0: Born of Steam

Eleven months later, these people met again at Devcon 0. Devcon 0 was the first Ethereum forum to be held in Berlin, and key Ethereum members such as V God and Wood spoke out. for

During the Devcon 0 meeting, the Ethereum team made an important decision. Ethereum will remain useless.This choice divided the Ethereum leadership team, with some continuing to follow God V and others, including Lubin, moved to the Greater Realm.

During Devcon 0, Lubin embarked on a new adventure called ConsenSys. The main focus of the company is to provide process design services such as capital, capital and business connectivity to companies established in Ethereum.

At the same time, in another conference hall of this Berlin conference, a pioneer of Star Asset at Consensis was born. for

Joel Dietz was one of the early supporters of Ethereum, he was already making strides in the industry at the time, in addition to announcing his thoughts on the future of cryptocurrencies in the media, he joined the Ethereum fan group. In Silicon Valley .. Dietz himself is also running several blockchain projects at the same time, one of which is famous for his Bitcoin-based crowdfunding platform. It is also dedicated to creating an encrypted browser extension. Dietz began to follow the ideas of the conference.

In the DevCon 0 forum, there was a lot of talk about the need for certain web3 interfaces and JavaScript users to connect the differences between the world of standard web applications and the world of Ethereum users. "

In one of the conference rooms, Dietz gave detailed plans to V God and Gavin Wood. for

Despite dissatisfaction with Dietz's work, God V still gave the project the name Vapor.

Although he did not receive financial support, Dietz still received the "new project" from Vapor. After returning to California, he began to use the network for work. He tried to contact California "any JavaScript developer who launched an attack on an Ethereum client". After demonstrating the project, Dietz met with a group of Apple employees, including “JavaScript hacker” Aaron Davis. for

Aaron Davis, known by the pseudonym "Kumavis", is well known in the crypto world and, like Dietz, knew the potential of blockchain early on and had already started several experiments. After many team competitions, Kumavis realized he needed some sort of 'connection' and came up with the idea of ​​an 'Ethereum wallet'.

Dietz and Kumavis decide to co-create Vapor. Kumavis loves Vapor, but before Vapor kicks off, Kumavis won't be leaving Apple and joining it part-time. Work with and support Ether in the Fang Foundation collaborative workspace. for

Our partner YY Combinator aims to raise money for the project, but in an interview with YC the team explained that the product they wanted to create was not meant to be a "wallet" but a "browser" and a blockchain. ”This also affected the development of the entire blockchain back then, and back then,“ wallet ”didn't have the same meaning as it does today.The project was fairly new and piqued YC wanted to know, but after the interview YC didn't decide to invest in Vapor, and YC's partner Blackwell also shared his thoughts on the project via email.

Joel Dietz Posted by YC.

Blackwell said in an email that his main concern with Vapor is that it is uncertain whether the product will reach heavy consumers. In his view, for smart contracts to be obtainable from the public, they must build trust on a large scale. Fiduciary money, legal contracts, etc. that were once received by the public all have early adopters (government, monopoly) and build up a good reputation and trust.

Looking back, YC's decision on Vapor was a surprise, but Blackwell's work represented the feelings of most people at the time.

Post-YC: Split between Vapor and Birth MetaMask

Despite the lack of support from YC, the Vapor group sought to continue improving the project, but differences began to emerge within the group.

Kumavis continued to develop Vapor after being rejected by YC, but soon found out that he was the only one of us to help him. Becze focused on other Ethereum related projects, and Dietz was involved in other projects as well. , says Kumavis. that he does everything. for

Dietz himself gave Kumavis a high score, acknowledging that he had "completed about 90% of the ongoing coding and navigation work", and that Dietz himself had started "early improvement funding". "including payment for office and group meals." He admitted, however, that Kumavis had made it clear that Dietz "had not paid the bill" and requested a receipt.

Regarding the Ethereum Foundation grant issue, Dietz and Kumavis also have their own reasons and decisions, and the issue is very difficult for outsiders to know the truth. Eventually, the conflict between Dietz and Kumabis erupted and the group broke up.

Kumavis removed Dietz from Vapor's GitHub and Slack groups, and Vapor changed its name to "MetaMask". Dietz believes he was kicked out and treated unfairly because of segregation. According to Kumavis' theory, Vapor couldn't improve during Dietz's reign and, frustrated by the lack of effort from his partners, ended his involvement with Dietz and asked for help. for a new job.

Kumavis has applied for a new grant from the Ethereum Foundation. After the application was approved, Kumavis was awarded $ 30,000 to build his new business, MetaMask. After spending the money, he still works alone for a while. For more salary and development, he finally entrusted the project to ConsenSys de Lubin.

After joining ConsenSys, Kumavis persuaded former Apple colleague Dan Finlay to join MetaMask.The addition of Finlay had an immediate impact on the project, and more importantly, Finlay brought to the project the fox logo which is now being compared to the MetaMask.“Because we started from scratch, we had a fox before work,” Kumavis said, saying this behavior would be entirely new and not depend on Vapor numbers.

Today, Vapor no longer exists, MetaMask has become a member of ConsenSys, and Kumavis, Dan Finlay and Joe Lubin are the main minds of the whole operation.

Story:Diversity ConsenSys

To understand MetaMask, you need to understand its parent company, ConsenSys. During its seven-year development period, ConsenSys has undergone many changes for its rapid transition. for

Lex Sokolin, CFO of ConsenSys, described the different stages of the business transformation and described three different transformations. We will learn how these changes affect the development of MetaMask.

Step 1: “Burning Day” cryptocurrency

ConsenSys is the first attempt to become a developer for crypto startups. We have brought together professional experts to provide financial support and give independence to our work. We are building the entire crypto ecosystem through our own incubation. for

It's a good idea, but loose incubation has led to a lack of clear organization in ConsenSys. Mike Demarais, co-founder of Rainbow Wallet, gives a real account of ConsenSys this time:"It's like the Burning Man Festival."Demarais oversees the development of ConsenSys and also hires people who have worked in support of ConsenSys. for

This association is very necessary, but it also affects the development of MetaMask. for

On the one hand, Kumavis and Finlay can continue the project. Sokolin said that "Metamask has become endless and improves the quality", for

On the other hand, the laxity of ConsenSys means that the project has multiple corporate visions and goals, and although Kumavis and Finlay are very capable, they see MetaMask as a more open source project than market products. Phantom Wallet CEO Brandon Millman also worked with the MetaMask team to explain this preference and the reasons behind it.

"Perfectly, this product (MetaMask) was designed and developed by one developer for different users, which makes sense when most of the early Ethereum users were developers."

In 2014, it was necessary to get to the project at the developer, but the lack of interest from users and those who could not foresee becoming a problem for the development of the Metamask.

Step 2: Reduce and Survive

After a successful 2017, cryptocurrencies hit their lowest level in two years. Bitcoin went from $ 19,000 to almost $ 3,000, and Ethereum went from almost $ 1,400 to $ 84.

Inevitably, the development of ConsenSys has also come at a cost. With the decline in the value of the company's assets, the group's confidence in future crypto efforts is also waning. At the same time, market discussions about the potential of blockchain are starting to affect cryptocurrencies. Then ConsenSys started working as pseudo-skeptics.

In the meantime, ConsenSys has focused on providing knowledge services to help some of the leading organizations get through the blockchain revolution. Over the past few years, ConsenSys consulting services have served a wide range of clients including banks, media companies and governments. Sokolin said the company has worked with 10 central banks to provide information on digital benefits.

However, the financial situation of ConsenSys is not good. At the end of 2018, the company laid off 13% of its employees to improve its financial situation. MetaMask survived this time and became an integral part of the process.

At a time when ConsenSys didn't pay attention to cryptocurrencies, the 10 startups that were incubated at the start of the business slowly grew into an area no one cared about.MetaMask has over a million downloads. for

Step 3: Segmentation and rationalization

From 2020, ConsenSys started to upgrade.

Financially, in September 2020, the company split the main body into two independent organizations, “ConsenSys Mesh” and “ConsenSys Software”, according to different marketing plans. for

Consensys software: A software company that combines the main assets of the business to develop a more focused business product. These models include Infura (providing APIs for Ethereum and IPFS) and Truffle (Ethereum smart contract tools), Codefi (blockchain maker for commercialization) included. and finance), Diligence (which provides security analysis for Ethereum smart contracts), MetaMask (Ethereum Wallet) and Quorum (an open blockchain platform for the service industry);

Consensys mesh: Separate past investments and management companies from software marketing to developers, scientists, developers, entrepreneurs and entrepreneurs passionate about improving Ethereum and other management systems, separate from their product addition to the company of ConsenSys software. community network;

To support the transition, ConsenSys laid off 14% of its staff. In April 2021, ConsenSys Software announced a funding round of $ 65 million and announced an additional investment of $ 200 million in November. While ConsenSys Software's reputation in the venture capital market is clearly associated with the growth of the cryptocurrency market, the support of Third Point and Marshall Wace also indicates market confidence in the new ConsenSys model. for

For MetaMask, the ConsenSys update brings a kind of new improvement. for

On the other hand, ConsenSys seems to promote the integration of six projects that advance the vision defined at the start, and since there are few products to focus on, the reality “integration” can be achieved. for

Equally important is that MetaMask benefited more than just improvements in the process. To begin with, and even with commercial products, the second MetaMask project in the Star, only Inpura has the benefit of sharing the budget.

MetaMask was quickly integrated into one of the world's most popular blockchain apps by 2021, and ConsenSys is proving to be a worthy 'housekeeper'. for

Justice:What makes a crypto wallet?

Before we discuss the development prospects for MetaMask, let's see what users are getting from the potential of crypto wallets. for

Checking in the web3 field is a very difficult question. Because an example does not capture the whole image. With that in mind, we can compare crypto wallets from five perspectives to better understand their role, position and importance in the ecosystem. for

as "wallet"

mus rau bank account

with passport

from the browser

It's a magical "warehouse"

as "wallet"

It's an easy way to draw conclusions. Crypto wallets are famous because they work the same as modern wallets. They are designed to protect your money and make it available for consumption. Just like taking your wallet out of a cafe, when you plan to buy NFTs on OpenSea, you need to access MetaMask. for

Bank account (los yog fintech application)

It is not easy to think of crypto wallets as mere “wallets”. There are two main reasons.

Crypto wallets do not store treasures.

Crypto wallets aren't just limited to physical wallets. for

Consider the following situation. for

First of all, wallets can still save money, but wallets are not encrypted. Assets such as Bitcoin or Ethereum are not stored in MetaMask. In return, these assets are available on the blockchain and the crypto wallet only controls the "private key", which is not unlike many bank accounts in this regard. When you launch your banking app, enter your password and check your balance, you are looking at your assets, not the money itself.

Second, you can do more in the bank than in a physical wallet.

The physical wallet allows users to use only two commands: add and subtract. However, crypto wallets are more interactive and more like a bank account.Besides increasing or decreasing your money, you can use your cryptocurrency wallet to earn interest by providing evidence, sending loans, paying friends, or doing other activities. Although they are not used in wallets, wallets are a medium that facilitates the formation of these relationships. for

Just like you can use your Chase number to get a loan, you can also use your MetaMask number to get a crypto loan. for

as "passport"

web3 is the equal world online. Different themes, different cultures and different cultures equate to this macro period.You can participate in some areas of the crypto industry without a wallet like MetaMask, but having a crypto wallet is very important if you want to participate in most of the activity in this area.

For example, if you want to use an exchange like Sushi, you need a wallet that you can deal with. You also need these wallets to enjoy the big and unnecessary benefits Olympus has to offer, even if you buy NFTs on OpenSea and play the Axie Infinity crypto game. Companies like MetaMask provide such an interface.

While you can search anonymously (or in real name) for a joint venture, you can still identify yourself by providing yourself with personally identifiable information, such as the NFT or Ethereum address.

The wallet is a personal passport that opens up a whole new world.

"Navigator"

Due to the high efficiency of cryptocurrencies, wallets are usually the starting point for cryptocurrency.. For example, if you want to trade Luna and Ethereum, you can do so through MetaMask. Likewise, if you want to send money to a friend, we recommend that you start with a wallet instead of Coinbase (exchange). for

This gives the wallet an edge just like a web browser. For starters, crypto wallets govern our past experiences and interactions with the blockchain between us and the actions we intend to take.

Your wallet is a "warehouse".

Lex Sokolin, CFO of ConsenSys, explained to the digital wallet the concept of the magic museum.This is because it can be not only financially, but also financially, socially and emotionally and socially.

For example, in my portfolio you will see:

some crypto-currencies. In general, Ethereum's position is close to fiat money. Use it to purchase other perks and NFTs, or pay for transactions that occur using the Ethereum network.

ethereum domain name. I bought mariog.eth from Ethereum Domain Services, a crypto domain name registration provider, and used it as my own on the channel.

Some see NFTs. Obviously I have Philosophical Fox and a few other NFTs.

Token created by Generalist. Earlier this year, we announced the GENERALIST token as part of our crowdfunding, multimedia and NFT experiment.

Some DAO tokens. Join some DAO for better research. In other words, there are symbols that indicate membership and governance.

This is a combination of the strength of a crypto wallet versus a real world wallet. To better understand how these connections fit together, let's take a look at the MetaMask offering. for

Some products:Works great, but has its drawbacks

Although MetaMask is known for its customer service, it has two stakeholders: developers and developers. for

users

Over 21 million users currently use MetaMask, mostly unique users, and for these users, MetaMask uses 4 main components:

control:Users can view the tokens they hold and control their own keys. for

Move:MetaMask provides an interface that allows users to send tokens to others or transfer tokens to their own account. for

Purchase:Users can use MetaMask wallets to purchase tokens or NFTs. for

cash:Along with Swap, MetaMask allows users to trade tokens away from other exchanges, and this has proven to be a major source of income for MetaMak. for

Symptoms:MetaMask allows you to identify various business or operational chains, such as joining DAO or providing NFT.

MetaMask presents this feature in two variations: browser extension and mobile app, which will finally arrive in fall 2020.

The image below shows what a MetaMask looks like in a browser. Once logged in you can access the mini portal which displays your wallet balance, the main interface offers quick access to three main functions: Buy, Send and Exchange. for

masque

A full implementation provides more information and finds more valuable assets in the user wallet. for

masque

Nias "buy buy) "One of the users will be prompted to open the interface, in this mode the user will be logged into the access of several cryptographic financial service providers integrated by MetaMask in addition to the deposit directly.

masque

"Here we are"This allows users to redeem tokens on their different accounts or on the accounts of other people.

masque

Users can click on their profile picture on the right side of MetaMask.View another account. This way you can create a new account, import another account or link to your hardware wallet.

masque

"Changer"It allows users to directly exchange one currency for another at a better price. Users can exchange SUSHI for their own ETH.

metamask swap

MetaMask can also be opened if a company in the chain needs to be identified. For example, if you try to buy NFT through OpenSea, MetaMask will be displayed asking you to “sign” it and confirm the order. for

OpenC et Metamask

Despite its powerful features, MetaMask seems difficult to use. MetaMask strives to make trading simple, but confusion over cryptocurrency usage, start time, and oil data can still be a headache, even for crypto traders with some experience. And if the function is not complete, for example NFT which you bought, you will not be able to find it anywhere in the product.

The items above are just a few of the MetaMask products.While the frontend is not ideal, MetaMask's backend is a preferred product for developers as the company has invested a lot in its design to create the most secure product.

the developer

The distrust of MetaMask customers may not be significant.Because it is an original product from the developer.Lex Sokolin mentioned it. Improving key equipment and improving safety are top priorities for the team. "The second important part of the team is the developers. "

As he explains, MetaMask exists to provide user access to cryptocurrency developers. And this idea can create a fair flywheel. As more and more developers use MetaMask, the price of the products goes up and more and more consumers love it, attracting new developers. for

To get a nice look from the developer's point of view, MetaMask has opened up a space so that developers can easily contact the products. This is the real difference between MetaMask and other products in this area. Francesco Agosti, CTO of Phantom, commented on the effectiveness of the MetaMask strategy:

“They've always been good at building open source APIs, with standard interfaces rather than proprietary ones. They use real security and open up multiple security tools. Thank you.

Measure

Earlier this year, MetaMask announced the following key measures to support home users, including fundraisers, developers, and merchants: Towards the end, the MetaMask backend beefed up its own security, storage and marketing. for

In terms of security, MetaMask also works with Codefi, another company of ConsenSys. Codefi's “reliable and automated compliance” supports the MetaMask Institutionnal (MMI). On the hosting side, MetaMask works with hosts such as BitGo, Cactus and Qredo.

MetaMask Institutionnal mentioned the ease of negotiation and the reduction in the exchange rate during the promotion. for

masque

In short, this appears to be the first attempt to provide service to large companies, and it is based on the strength of MetaMask. ConsenSys is deeply thoughtful and has established the reputation and collaboration of large organizations and should be able to leverage these relationships for the benefit of MMI.

Friction due to the rapid development of MetaMask

The weaknesses of the MetaMask product are also related to the background.

There is no system in place to support this as a team, and over the years MetaMask has seen a rapid growth cycle. forLast year, the number of monthly MetaMask users increased 21-fold, from 1 million to over 21 million.This good news has also caused a lot of frustration for MetaMask systems and operations and maintenance teams. Commenting on the downsides of MetaMask, Sokolin said: "It is a heavy burden on the team."

The rapid growth of MetaMask is affected not only by the number of users, but also by its revenue. In October 2020, the group announced the “swap” feature. As mentioned earlier, swaps allow users to trade funds in MetaMask, for which MetaMask charges 0.875% of the value. for

Some people think the price is too high, but MetaMask has also been successful in the industry itself. According to a report by research firm Delphi Digital, MetaMask's stock market will reach $ 200 million by 2021. By comparison, popular DeFi-like products like Sushi cost just $ 70 million at one time. for

Here's a Delphi review of MetaMask's revenue:

“The Metamask value for CAC (CAC) is unbelievably zero. Since MetaMask does not support tokens, it has very low earnings and returns of almost 100%. The whole is the problem of Metamask itself, how to use the token? "

This information is not out of date. MetaMask has tried many token launches throughout its history. Recently, Joe Lubin announced the request for $ MASK on Twitter.

Is tokenization useful for MetaMask?

It seems that the company can no longer be satisfied with advertising.

First of all, MetaMask hasn't disclosed to the public a clear idea of ​​how tokens work. What has been said briefly in previous discussions is that tokens allow users to vote for new features. According to Demarais, this is the "most insignificant thought" for these jobs.

Another risk is that tokens are only added for a short period of time for the project. In our OpenSea discussion, we explained how Rarible's $ RARI token can temporarily control the NFT store, but it doesn't last long. Even without tokens, OpenSea remains a powerful and focused product, able to meet customer needs and perform better than ever. As Demarais pointed out:"Owner tokens can support a promotion, but that doesn't necessarily mean winning."

After 18 months of rapid growth, it seems more businesses need a startup than a user-friendly business. Here is the Phantom CEO Millman characterization of the possible $ MASK tokens:

“What MetaMask needs to do now is focus on improving its core products. Presenting larger 'communities' in some management tokens will only lead to slower growth and' Many times, for getting good products, I think everyone will agree it's worth it. "

Overall, he praised Metamask for overcoming rapid growth in 2021 and achieving good business results. for

Future:Where will the development of wallets go?

No market has grown faster than cryptocurrency. The market grows rapidly in a day and the process is accompanied by the constant emergence of new companies, technology and finance. Now we're only in the first few minutes of our first game, and there will be more abuse than ever.

This means that crypto wallets are still in their infants. They're not even half-fit. The situation in which crypto wallets are designed is always changing, and the technology on which they are based can also be changed by new technology.

This change involves both risk and time. In the Web3 domain, four factors can be predicted which will directly affect the exchange of the wallet, each of them will affect the future of MetaMask.

the competition is stronger

biggest app

Inter-chain development needs

application multiple

the competition is stronger

When MetaMask was announced in 2016, one of its strengths was its low market share. Over the following years, more and more people joined this competition. The main function of the metamask in many dimensions may not be the same.

Coinbase is the first cryptocurrency exchange player to enter the wallet market. In addition to the existing forex market, Coinbase has also announced wallet products, and Coinbase Wallet recently announced an update that introduces NFTs to wallets. While Coinbase has an adequate user base, I don't think it's likely that Coinbase is a winner in this area when it comes to Coinbase's important role. For the Swap feature, for example, MetaMask joins various exchanges to actively seek out the best value for users, but Coinbase has few incentives, and Coinbase's activity significantly limits its reach to an opening for building wallets. . Block (formerly Square) will face similar issues.

Decentralized exchanges and other cryptocurrency ventures are still actively flowing into the wallet industry.

According to Rainbow's Demarais, Uniswap and Aave can put their own products in the wallet, but will face the same issues as Coinbase and Block in the wallet products. The main activity is not really such independent work. for

Of course, there are also projects that appear in the portfolio, Rainbow is the most important, the concept of the whole team and the implementation of the implementation is also very simple: design portfolios that the average consumer can use and provide valuable new information. Education and support. for

Phantom is also an easy to use wallet, but the difference is that we have chosen to start with the Solana ecosystem. From the rise of the Solana ecosystem to the competition of Ethereum, the Phantom team wants to create their own fundraiser for the growth of this new ecosystem. Now,Phantom is the # 1 choice for Solana users, according to new data Phantom has 1.5 million monthly users, with 100,000 new weekly downloads and configurations. for

Silver focuses on the Ethereum ecosystem and emphasizes ease of use. Users do not have to memorize private keys or mnemonics themselves, and there are no fees for transfers and transactions in their wallet (rates are converted to Money using metatransactions) . ). In addition, the DeFi app is integrated with the wallet, which allows users to easily access the DeFi app. From a technical point of view, Argent is very secure and has a good architecture. Argent has received $ 16.2 million in funding from companies such as Paradigm, Hummingbird, and Index.

There are other budget plans that require further discussion in other languages.Trust, Pillar, Dharma, Position, Instrument, Torus, WalletConnect(SDK), etc., play an important role in the ecosystem. Additionally, there are many jobs that write content without warning. for

The crypto space has grown quite quickly and it is a business that can meet many winners, so MetaMask doesn't have to worry about too much competition.However, what cannot be ignored is that the "wallet" is only the control of the private key, as all data is stored on the chain, so the Migration value of users from different wallets is minimal.

Overall, the rapid growth in crypto has forced MetaMask to encounter more disloyal competitors and users. for

broader demands

Most of the reasons MetaMask faces so many competitors is that "crypto" has entered the mainstream, which is attracting new wave users, including:End users, organizations and developers. for

Let's take a look at the size of the user first. Three years ago, the number of crypto wallet users was estimated at 31 million, but now it has grown to 80 million. for

The 80 million user base is still eclipsed by other technologies. According to World Bank statistics for 2018, around 3.8 billion people use traditional banking services and now have 4.6 billion internet users. Will the accessibility of the crypto wallet be similar? for

Although this height can be reached, the crypto wallet industry has attracted more and more visitors.In this case, MetaMask has the advantages of a first-time migrant, although the product is not perfect, but due to its long development time and heavy users, MetaMask can be seen as an easy to use wallet. to supply.Rainbow's De Marais underlined: "It has become a theme and a title. It is a challenge for our new players."

Rainbow also frequently takes the initiative to replace MetaMask, where MetaMask products are ambiguous, while Rainbow focuses on user-friendly features and inclusion. Jackson Dame, Rainbow Community Manager, said:

"The future of Web3 and the integration of the next 100 million users is even greaterFriendly and intuitive experience. I don't think many people in the ecosystem will use this term to describe a metamask. "

For MetaMask, it's never too late to face the “consumer grade” difference. Just make changes to your design. But perhaps the biggest problem is that MetaMask's freebies are for developers. It is very deep. , and not all the needs of user developers, make the transformation of MetaMask impossible. for

According to Demarais, "MetaMask is definitely not an app on my sister's phone."

However, the metamaskorganization of aspectsIt seems that the work of the company has improved a lot. The long history of the company and the accumulation of past customers are a very good guarantee. Starting a MetaMask institution is a smart move.

Metamask continued to take a close look at the pastthe developerIt also plays a role. Products like WalletConnect allow app developers to easily join multiple wallets at the same time, where MetaMask is typically the first port of call. The team doesn't seem particularly focused on 'consumer transformation' now, but for their understanding of 'more demanding development tools', Kumavis and Finlay are the best in the world. for

However, Phantom's Agosti didn't think it was good enough to beat the producers. Here are his thoughts:

“Portfolios have a vicious cycle and lots of network issues. Using developers directly allows portfolios like MetaMask to grow faster, but users don't shoot MetaMask because they want to use MetaMask, they shoot MetaMask because they want to use it. Win the hearts of users and developers to get the most out of this value cycle. "

Inter-chain development needs

A year ago, Solana's exchange rate was $ 1.80, but it recently increased to $ 200.Over the next few years we will see more than any other public campaign repeat itself in Solana's way. That said, we are moving towards more channels and more networks in the future. For example, a person can chat simultaneously by selecting Ethereum, Bitcoin, Solana, and Terra. for

This spread affected MetaMask and other wallet designers. Do these companies need to follow the reality of several networks and measure their products? Or do you want to redouble your efforts and skills to create a rich design for your network? No one knows how to make it happen.

Additional support for the newer channels will take a lot of work, which will not only make the process more difficult, but also cause more inconvenience to users while using them. Depending on the type of business, exchanging different networks requires some experience, and this training can take time. for

However, as users continue to trade on different chains, the lack of these features could have a major impact on productivity. Francesco Agosti, co-founder and CTO of Phantom, writes on this issue in depth.

"I think a multi-wallet is better if there are several channels with the same market share (number of users, number of exchanges) and channels. This provides similar applications. The situation is achieved by this channel ... So the answer is not clear. Many wallets will have a hard time competing with this brand's wallets. target special niche channels. "

Currently, MetaMask primarily supports Ethereum and its ecosystem, and we have nothing else to do now, but we would consider supporting other chains if projects like Solara and Terra continue to thrive. for

Several application scenarios

The idea of ​​a universal wallet is slowly fading away.

As more markets and interactions occur in the blockchain world, it can bring vertical products that support niche markets, and portfolios are already entrenched in a niche industry.

Gnosis Safe, for example, is a DAO asset manager, which is good for DAO public financial models with its multi-signature capabilities. A similar example can be seen in this game.Wombat is a blockchain game wallet product that has attracted nearly one million users.At the same time, more and more sub-sectors will need their own bags.

Agosti once again excelled.

“The massive cryptocurrency that could emerge over the next five years will push the portfolio to the next level. The people who are benefiting the most from this new wave or creating their own seem to be the ultimate winners.

You shouldn't expect MetaMask to grab all of these opportunities, but you should at least stop them from rushing towards the beach like the waves in front of you. So far, MetaMask isn't the fastest to affect many exchanges. for

MetaMask is a legendary hero in the field of cryptography. Over the past six years or so, our team has worked hard to develop products that are not only perfect, but reasonably good, and a long-standing, reliable service for manufacturers.With this, MetaMask has helped tens of millions of users and thousands of developers to open up the world of web3. Demarais believes that "we wouldn't be here without MetaMask".

This important service is commendable, and does not mean that the vortex of public opinion will pass through MetaMask. As more and more users enter the crypto space, it will rely more on the design of the MetaMask front-end, and more and more complaints will continue until this difference is made. . for

MetaMask itself eventually went through many experiences, resisting the constant changes of its parent company and the abuse and hopelessness of the crypto industry.This is valid even if he is not popular, he is a metamask.