Metamask vs Myetherwallet: Realising the motives of each.
Introduction
With the development of cryptocurrencies, several other related Industries have flourished as well. As it is not just the cryptocurrencies that are solely sufficient to transform the whole financial economy of the world. Other subdomains like the cryptocurrency exchanges, Wallet service providers, etc. are needed for their optimal functioning. As the cryptocurrencies compete with each other to become the best cryptocurrency, even their counterparts in cryptocurrency’s subdomain are competing with each other to become the best in their field.
There are many cryptocurrency service providers, but two of the most prominent names in the Ethereum network are Metamask vs Myetherwallet, which are in a head to head competition with each other to prove themselves.
Myetherwallet vs MetaMask: Aim
The most pre-eminent goal of Metamask is to enable many users to access the Ethereum network without downloading the whole client. It allows them to run the future decentralized applications on the browsers itself. In simple words, it will enable running the distributed web of tomorrow in their current browsers.
Similarly, MyEtherWallet, often abbreviated as MEW, opens up opportunities for the people to create their customized Ethereum wallets to store their Ethereum based tokens. The tools are free and open source. When it comes to the store, the Ethereum tokens, MyEtherWallet is the most reliable option one can choose.
Metamask vs Myetherwallet: Use case
Metamask is nothing but an Ethereum browser which is effectively employed for the usage of the Decentralised Apps and Smart contracts, all by just downloading a Google Chrome extension. On the other hand, MyEtherWallet is nothing but a website that opens up opportunities for the Ethereum community members or anyone to create their Ethereum wallets and store their Ethereum based tokens in it.
Metamask vs Myetherwallet: further collaborations
myetherwallet is available in the form of a website but also supports other Wallets such as Geth, Mist, MetaMask, Jaxx Wallet, Ledger Nano S hardware wallet, TREZOR wallet, etc. On the other way around, the MetaMask extension can be downloaded as a chrome extension or a Firefox add-on. Or, the users can go ahead and download the Brave Browser, which imparts the same functionality.
Myetherwallet MetaMask: Interaction work with each other
Finally, myEtherwallet can effectively be used in the web browser, which is loaded with the MetaMask extension. myetherwallet gains access to the information provided by the metamask extension, along with the mutual exchange of information. That means, when a user wants to use his myetherwallet on a MetaMask loaded Browser, then a single click login option is available, assuming that the MetaMask is unlocked.
Enabling MetaMask surely can provide amazing functionalities to the users for convenience, and hence, most of the users prefer to use the collaboration between myEtherwallet and MetaMask for better security and personal satisfaction purposes.
Security: Is MetaMask safe?
The metamask extension has proven to be one of the safest methods in the Ethereum community, as the feature until now has not been hacked, and no potential cryptocurrency losses have been reported. It uses a fantastic Security System, which is termed as a Den, where are all the local private keys are encrypted and stored safely in it.
However, the MetaMask community doesn’t take any responsibility for the phishing attempts that one might come across. Security, in the case of myEtherwallet, depends upon the people as for how they use the tool. It even supports the initiation of an offline transaction and also creates the cryptocurrency wallet. Many of the experts assume that this method is lesser convenient when compared to the traditional online way in a browser.
Mist vs MyEtherwallet: New competition?
It must be noted that better versions of everything are released with time. Therefore MetaMask is not the end, and another improved version of which termed as Mist is in the market. Although it is in its beta stage, it has attracted more popularity. As it is still in its development stages, it is not recommended to use it until someone is a highly skilled developer in the field.
In a nutshell, MetaMask offers impressive capabilities to myEtherwallet, along with running the decentralized applications on the web browsers itself. It is the effect that Metamask would not be the best, but having the first-mover advantage will surely open it up for widespread adoption.
Now we’ll have to see what Mist vs MyEtherWallet will bring for us as Metamask MyEtherWallet association is threatened.
