Category: Blockchain

What is Metamask

Anders AlknesLeave a comment

MetaMask is a software wallet that allows users to securely store and manage their Ethereum and ERC-20 tokens, as well as interact with decentralized applications (DApps) on the Ethereum blockchain. It is available as a browser extension for Google Chrome, Mozilla Firefox, and other popular web browsers.

In this article, we will take a closer look at what MetaMask is, how to create a MetaMask wallet, and how to use it.

What is MetaMask?

MetaMask is a browser extension that acts as a digital wallet for Ethereum and ERC-20 tokens. It allows users to store and manage their cryptocurrencies, as well as interact with DApps on the Ethereum platform.

One of the main benefits of MetaMask is that it is easy to use and does not require users to install any additional software or run a full Ethereum node. This makes it a convenient and secure way to access and interact with the Ethereum ecosystem.

How to create a MetaMask wallet

Creating a MetaMask wallet is a straightforward process that can be completed in just a few steps. Here’s how to do it:

  1. Install the MetaMask extension in your web browser.
  2. Click on the MetaMask icon in the browser toolbar to open the extension.
  3. Click on the “Create a Wallet” button to begin the process of creating a new wallet.
  4. Follow the on-screen instructions to create a new password and agree to the terms of service.
  5. Click on the “Create” button to complete the process.

Once you have created a MetaMask wallet, you will be given a private key and a recovery phrase. It is important to keep these secure and to make a backup of your recovery phrase, as it will be used to restore your wallet if you lose access to it.

How to use MetaMask

Using MetaMask is easy and intuitive. Once you have created a wallet, you can use it to store and manage your Ethereum and ERC-20 tokens, as well as interact with DApps on the Ethereum platform.

To add tokens to your MetaMask wallet, click on the “Add Token” button and follow the on-screen instructions. You can also use MetaMask to send and receive tokens by clicking on the “Send” or “Receive” buttons.

To interact with DApps on the Ethereum platform, simply visit the DApp’s website and click on the “Connect to MetaMask” button. This will allow you to access and interact with the DApp using your MetaMask wallet.

In conclusion, MetaMask is a useful and convenient tool for anyone interested in using Ethereum and DApps. It provides a secure and easy-to-use way to store and manage your cryptocurrencies, as well as interact with the Ethereum ecosystem. Whether you are a seasoned cryptocurrency user or new to the world of blockchain technology, MetaMask is a valuable tool that is worth exploring.

What is ERC-20?

Anders AlknesLeave a comment

ERC-20 is a technical standard used for smart contracts on the Ethereum blockchain. It defines a set of rules that must be followed by Ethereum tokens in order to be compatible with the Ethereum platform.

ERC-20 tokens are digital assets that are built on top of the Ethereum blockchain and can be transferred and stored like any other cryptocurrency. However, unlike cryptocurrencies like Bitcoin and Ethereum, which have their own independent blockchain, ERC-20 tokens are built on top of the Ethereum blockchain and rely on Ethereum’s infrastructure to function.

The ERC-20 standard was introduced in 2015 and has become the most widely-used standard for creating tokens on the Ethereum platform. It defines a set of six functions that must be implemented by any ERC-20 token, including functions for transferring tokens, checking the balance of an account, and approving other accounts to transfer tokens on behalf of the owner.

ERC-20 tokens have gained popularity because they are easy to create and can be easily integrated into a variety of different applications and platforms. They have been used for a wide range of purposes, including fundraising, voting systems, and loyalty programs.

While the ERC-20 standard has been widely adopted and has become the de facto standard for creating tokens on the Ethereum platform, it has also faced some criticism. Some have argued that the standard is too rigid and inflexible and that it may not be suitable for all types of tokens and use cases. Despite this, the ERC-20 standard remains the most widely-used standard for creating tokens on Ethereum and is likely to continue to play a significant role in the cryptocurrency industry.

Important terms to know about blockchain and crypto

Anders AlknesLeave a comment

BTC – Bitcoin: the first and most well-known cryptocurrency, created in 2009.

BCH – Bitcoin Cash: a hard fork of Bitcoin that was created in 2017.

BLOCK – a unit of data on the blockchain that contains a set of transactions.

BLOCKCHAIN – a decentralized, digital ledger that records transactions on multiple computers.

DAPP – Decentralized Application: a software application that runs on a blockchain or decentralized network.

DAG – Directed Acyclic Graph: a data structure used by some blockchain technologies, such as IOTA, to confirm transactions.

ERC-20 – Ethereum Request for Comment-20: a technical standard used for smart contracts on the Ethereum blockchain.

ETH – Ethereum: a decentralized platform that runs smart contracts, and the second largest cryptocurrency by market capitalization.

HASH – a cryptographic function that converts an input of any size into a fixed-size output, used to secure transactions on the blockchain.

LEDGER – a record of transactions, such as a financial ledger or a blockchain.

MINER – a person or entity that confirms transactions and adds them to the blockchain, earning rewards in the process.

NODE – a computer that is connected to the blockchain network and participates in the validation and propagation of transactions.

P2P – Peer-to-Peer: a network of computers that communicate and share resources directly, without the need for a central authority.

PROOF-OF-WORK – a consensus mechanism used by some blockchain technologies, where miners compete to solve complex mathematical problems in order to confirm transactions and add them to the blockchain.

PROOF-OF-STAKE – a consensus mechanism used by some blockchain technologies, where the likelihood of a miner being able to add a block to the blockchain is proportional to the amount of cryptocurrency they hold.

SMART CONTRACT – a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code.

TOKEN – a digital asset that represents a specific value or utility on a blockchain platform.

TRANSACTION – a transfer of value or data on the blockchain.

WALLET – a digital or physical storage device for holding cryptocurrency.

What is blockchain?

Anders AlknesLeave a comment

The goal with this blog post it to explain what blockchain is without using a very technical description and lots of abbreviations and difficult terms.

There are quite a lot of different definitions of what blockchain is:
Wikepedia explains it with this definition:

A blockchain is a growing list of records, called blocks, that are linked together using cryptography.[1][2][3][4] Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a Merkle tree). The timestamp proves that the transaction data existed when the block was published in order to get into its hash. As blocks each contain information about the block previous to it, they form a chain, with each additional block reinforcing the ones before it. Therefore, blockchains are resistant to modification of their data because once recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks.

https://en.wikipedia.org/wiki/Blockchain

From this definition we learn that it is a list of records known as blocks that are linked together, each block contain information about the block previous to it and therefore they form a chain and this is where we get the name Blockchain. They also go on and describe how this chain between all the blocks means that the blocks can not be altered afterwards, making it very secure since it can not be modified without it being recorded.

Bankrate.com describes it as following:

A blockchain is a digital, public ledger that records online transactions. Blockchain is the core technology for cryptocurrencies like bitcoin. A blockchain ensures the integrity of a cryptocurrency by encrypting, validating, and permanently recording transactions. A blockchain is similar to a bank’s ledger, but open and accessible to everyone who utilizes the cryptocurrency is supports.

https://www.bankrate.com/glossary/b/blockchain/

Here another common term for describing Blockchain is introduced and that is ledger. A ledger is a term most commonly used within accounting and means a collection of accounts. Here it´s also explained that Blockchain is the technology used to create cryptocurrency.

IBM describes it as following:

Blockchain defined: Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding). Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.

https://www.ibm.com/topics/what-is-blockchain

Okay, so let´s try to make sense of these different definitions and understandings of blockchain. First of all the proper way to spell blockchain is with lowercased letters (unless it´s used in a title).

Blockchain is a shared ledger used to permanently store transactions for different assets (for example currency, an object or pretty much anything you like). Since the data is stored on a shared ledger that is split into lots of different nodes makes it impossible (or at least extremely hard) to make any illicit changes.

I hope this clarifies and explains it a bit more, I´m now going to look into how the blockchain technology is utilized.