Metamask

what is 'metamask'?

MetaMask is a web-plugin for the google chrome browser to manage and store your Ether and ERC-20 tokens. It is essential to understand that only you are responsible for the safety of your funds. MetaMask enables you to directly interact with the Ethereum blockchain but it does not store or secure any of your data. You remain in full charge of keeping your recovery phrase and private key safe. In the following section we want to explain step-by-step how to create a MetaMask wallet and how to keep your recovery phrase and private key safe. We also supply further instructions and tips how to use the MetaMask interface.

How to setup a 'metamask wallet'

In order to set-up your MetaMask ad-on correctly you should have a look at the following guide:

  1. Open the Google Chrome browser. Type «MetaMask» into the google search bar and double-click on the result «MetaMask – Chrome Web Store» as shown below.
  2. Now you are able to install the MetaMask add-on. As soon as MetaMask is fully installed it will show up on the top right side of your Google Chrome browser such as the encircled area shown on the picture below. 
  3. Now click on the MetaMask add-on button on the top right.
  4. As a next step you have to accept the «privacy notice» and scroll down the «terms of use” to start the MetaMask web-plugin.  
  5. MetaMask will now prompt you to choose a new password with a least 8 characters. Despite the fact that there is no need of complications like capital letters or numbers, we highly recommend you to choose a «strong password» including those. Only seconds after typing in your password and confirming it a second time you are able to continue the procedure with a click on the «create» button. 
  6. A new site with your personal seed phrase pops-up. Your seed is your insurance to recover your wallet and funds in case of a loss or a major damage of your computer. MetaMask offers you two different options to save your seed phrase:
  • You write it down on a piece of paper and store it somewhere in a safe place. We highly recommend you to save the seed physically. A download will automatically generate information on your hard disk.
  • You download the seed phrase as a file and store it on your computer or Memory Stick
  1. After carefully writing down your seed phrase, you can complete the set up process with a click on the «I’ve copied it somewhere safe» button. 

Notice: If you are looking for a guide explaining how to set up your Metamask wallet with a hardware device, we have to disappoint you because there is no way to access your MetaMask wallet with a hardware device.

How to connect 'METAMASK' with MYETHERwallet

MetaMask is a wallet add-on still in its Beta-phase. This means it has not been fully developed and not all functions were implemented to this point. One missing key function is the sending of ERC-20 tokens. So if you want to send ERC-20 tokens out of your MetaMask wallet you will have to go through a  special procedure. This guide will explain you step-by-step how to do it.

  1. Open the Google Chrome browser
  2. Visit: https://www.myetherwallet.com(double-check the domain)
  3. Save https://www.myetherwallet.comas a favorite website in your browser to exclude phishing attacks in the future. 
  4. Read through the MEW Introduction. It gives you further information and understanding about MEW and safety precautions.
  5. Now click on the «Send Ether & Tokens» button and choose «MetaMask / Mist» as your method of accessing MyEtherWallet such as shown below.
  6. Now click on your MetaMask add-on symbol on the top right of your Google chrome browser and log-in to your MetaMask wallet by typing in your password. 
  7. As soon as you are logged into your MetaMask wallet, you can switch back to the MyEtherWallet website again and click on the button «Connect to MetaMask».
  8. Now your Meta Mask balance should automatically show up in your MEW account balance on the right side.
  9. If you want to make the balance of your ERC-20 tokens visible, scroll down and click on the button «Show All Tokens». Afterwards an alphabetically ordered list with existing ERC-20 tokens will appear below the button. You only need to find your token symbol (e.g. ICX for ICON) and click on it to show the balance. If you can not find your token symbol it means that the token has not been added to the MEW interface. But do not worry and have a look at our following guide «How to add custom tokens» under the term MyEtherWallet.

Notice: Transactions will not occur immediately after generation. It takes some time for miners to verify transactions in the Ethereum-network. The networks speed depends on the current congestion and usage. If you want to put through your transaction very fast you have to set a higher Gas Limit. Your transaction will cost your more, but miners will verify it faster.

How to add custom tokens to 'metamask'

If you want to display ERC-20 tokens in the MetaMask web-plugin you need to add them manually. The following guide will show you how to do it:

  1. Open your Google Chrome browser.
  2. Click on the MetaMask add-on symbol and choose «Unlock your wallet».
  3. Choose the «Token» section in the MetaMask menu. 
  4. No click on the «Add Token» button.
  5. Afterwards a new site will pop-up. MetaMask now wants your tokens‘ information. To find out your tokens‘ «contract adress» or the «precise decimals» you have to open a new tab and visit the website: https://etherscan.io
  6. As a next step you need to put in the name of the token you want to add into the search bar on the top right side of etherscan.io . In our example we are looking for the Vechain token, as shown below.
  7. As you are typing in the name of your token it is likely to happen that there are several search results with the name of your token. In our case there are two tokens with the name «Vechain». To distinguish them you have to look out for the little checkmark-signs on the side of the search results. If a token has got a checkmark it means that it has already been verified by etherscan.io.
  8. After identifying your token just click on it. Now an new site will pop-up containing basic information. Just look for the required information:
  • Token contract adress
  • Decimals of precision
  • Token symbol
  1. Now you just need to copy & paste the required information into the MetaMask web-plugin, such as shown in the following picture. You may have have noticed that there is no token symbol available on https://etherscan.io. If you do not know your token symbol by heart just google it or ask via the official telegram chat. Note that the token symbol does not have to be equivalent to the official token symbol. MetaMask is still able to display the correct balance. MetaMask usually fills in the right token symbol automatically as soon as you have copied & pasted the contract address into the MetaMask interface.
  2. After transferring all required information complete the process by clicking on the «Add» button. Your token is now added to the MetaMask interface and your balance should be displayed right next to it. 
Share on facebook
Share on twitter
Share on reddit
Share on telegram
Share on whatsapp