How to Create Crypto Wallet like MetaMask?
MetaMask is one of the most popular cryptocurrency wallets. Despite the ups and downs of the market, there are more and more users each year. MetaMask has about 21 million active users each month, 80 times more than in 2019 and significantly more than any noncustodial wallet. This article will explain why this wallet is so popular and its functions. Also, we will describe the development of a cryptocurrency wallet like MetaMask.
MetaMask is an open-source, straightforward, and easy-to-use cryptocurrency wallet. It functions as a web browser extension available for Chrome, Firefox, Brave, or a mobile application for iOS or Android. Initially, this wallet supported only Ether and ERC-20 tokens, and now it is compatible with ERC-721 and ERC-1155 token standards. Furthermore, MetaMask benefits include interaction with websites; hence, it can function as a connection node for various DApps on Ethereum.
Adrian Devis and Dan Finlay are the MetaMask developers. Their idea was revolutionary and straightforward; they intended to create a web browser extension that would allow managing cryptocurrency and using the browser for fast and secure access with DApps. ConsenSys Software Inc. — a development company, focusing on applications that use Ethereum’s blockchain, implemented the idea in 2016.
The solution used Ethereum’s interface and a web API called web3.js. This Ethereum library is the fundament of MetaMask since it allows the browser to interact with the local or remote blockchain nodes via HTTP, IPC, and WebSocket; also, it gained the ability to record and read data from smart contracts, transfer tokens, etc. In another way, web3.js allowed the blockchain developers to create proxy and communication bridges between MetaMask, DApps, and the user.
Adrian Devis and Dan Finlay admit that their idea was great. Yet, the technical implementation was super complicated, especially in providing security for the users (web wallets are considered the most vulnerable to hacker attacks). Nonetheless, ConsenSys succeeded, and on the 14th of July in 2016, they offered the first version of MetaMask web browser cryptocurrency wallet for Chrome. Later, they presented a version for Firefox, Brave, and other popular browsers. In 2019 they also launched the mobile version of the MetaMask cryptocurrency wallet.
As we mentioned above, 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.
Interaction architecture of a web application and a blockchain via web3.js library. Source.
Hence, we can state that Metamusk also controls the interaction of the user and DApp, and processes the operations required for specific actions, besides the function of a wallet. Reliable and secure cryptography and safe internet connection are the environments for these operations.
Furthermore, MetaMask can generate asymmetric keys, store them on a local device, and manage access to the keys. To sum up, MetaMask is a super-safe extension.
Easy to use. The first and most apparent benefit of the MetaMask wallet is the ease of use. The wallet offers an intuitive and straightforward user interface that makes the management of cryptocurrencies and interaction with DApps easier than ever before.
Furthermore, it allows the creation of several wallets. When users create a new wallet, they generate new public and private keys that MetaMask users have fast access.
Integration with other blockchains. The additional benefit of MetaMask is that you can join it to other blockchains, e.g., Avax, Polygon, Fantom, Binance Smart Chain (BSC).
Hardware wallets support. MetaMask service is compatible with hardware cryptocurrency wallets like Ledger, Nano, or Trezor. All you need is to tap the ‘connect a hardware wallet’ button. This is a significant benefit that helps to interact with applications that do not support Trezor and Ledger hardware wallets.
Swaps support. In 2021 MetaMask offered its users a relatively cheap and fast opportunity to exchange their tokens within the wallet with Swaps. This function supports several automatic marker makers (MM) that help find the best token exchange rate.
NFT support. MetaMask wallet also allows storing NFTs. When a user buys an NFT on a platform, the token is automatically displayed in the tab of collectible items in the wallet.
To develop a cryptocurrency wallet like MetaMask, one should consider two roles of users: regular users and administrators. The average user apparently will use the wallet to store, trade, and exchange tokens. The administrators are the employees responsible for the proper functioning and management of the wallets. Often, they solve the issues of the regular users.
Here is a list of functions for regular users:
These can be the following:
The users will appreciate your MetaMask clone if it has a beautiful and intuitive user interface design. UX/UI designers are responsible for creating the designs. They study the project goals, business analytics, tasks, and user requirements. Based on that information, they develop the low-fidelity and high-fidelity wireframes and the prototypes of the upcoming cryptocurrency wallet.
Low-fidelity wireframes are basic sketches of the design that represent the tabs and their content. Here are a few examples:
Step 4: writing the code
Technical stack for backend development of a MetaMask clone: