Airdrops have certainly changed the course of many blockchain-based projects and the companies behind them. There are many examples, but one long-awaited team that has yet to release a token is MetaMask.
MetaMask is by far the largest self-custodial cryptocurrency wallet with over 30 million users and has played an integral role in shaping the face of decentralized finance as we know it today. For a long time, there have been rumors that the project is considering its own token, and many users seem to think that it will be airdropped to the community in a Uniswap fashion. But the story may not end there.
In this episode, CryptoPotato joins MetaMask's Senior Product Manager/Owner – Alex Jupiter as he discusses at length the topics of securing your cryptocurrencies, digital identities, what the team has been working on, and of course the coveted MetaMask code currency. Security has been at the forefront of cryptocurrency discussions since Bitcoin's existence. The idea of having complete control over your finances may seem tempting at first glance, but is more challenging in reality.
In fact, the nature of blockchain-based technology is such that, at least for now, if you fall victim to a scam or if you lose your seed phrase, it is close, if not fully recovering your password, then recovering your cryptocurrency. impossible . Our industry has become a playground for hackers. CryptoPotato recently reported that North Korean hackers stole up to $1.7 billion worth of cryptocurrency in 2022 alone. Overall, just over $3.8 billion was stolen that year, with the vast majority in the DeFi space.
The ability to properly store cryptocurrencies is critical. Speaking of which, Jupiter has some great tips, especially if you're new to space, how to keep your keys safe. First, keep your keys offline at all times. Don't take a screenshot of your secret recovery phrase, which can then be backed up to your iCloud, don't write it on your notes, inside your computer, this can be stolen, and - if you don't have access to your computer, you also cannot access your secret seed phrase. Always stay offline and ideally keep your secret seed phrase in a hardware wallet as well.
For extra security, be sure to check out our 9 tips for securing your Bitcoin and crypto wallets. But that's not all of the challenges.
Much more needs to be done in terms of educating people about when to sign deals. We see a lot of people receiving links to fake sites without fully realizing what they are doing. They sign a transaction and then all their assets go to that malicious smart contract. We all have a lot of work to do in that area. At MetaMask, we have a team focused on improving the trading experience for our users.
Jupiter also said that through MetaMask Snaps, they were able to work with several different organizations and teams that were all focused on the transactional user experience. Talk about MetaMask Snaps - this is really a way for developers to extend the functionality of MetaMask in any way they want. One thing that many in the industry, including Ethereum co-founder Vitalik Buterin, have been talking about for a long time is the concept of social recovery.
Some background information - with a self-custodial wallet like MetaMask, the way to access your cryptocurrency is through what you call a seed phrase. If you lose it - there is currently no way to recover your asset. This is the main reason experts are grappling with this question, and one potential opportunity in this regard is the concept of social restoration. Of course, this is a basic breakdown of what the concept implies, and it's entirely possible to get very complicated.
During the podcast, we also touched on one of the hottest topics about MetaMask — their planned token.
Last year, Joseph Lubin, CEO of Consensys, the company that runs MetaMask, confirmed that they would launch a token, but their head of operations confirmed that it would not be designed as a “cash grab.” Jupiter also touched on the issue, revealing more details about the highly anticipated token and what it might look like on our podcast.
