MetaMask is an Ethereum wallet extension for popular browsers like Google Chrome, and Firefox. It allows users to send and receive Ether, and interact with Ethereum based tokens like iOWN Token.
Extension is available here: Official MetaMask Website
2. Creating a Wallet
The app will ask you to either create a new wallet, or restore it from a “seed phrase” (mnemonic string).
The seed phrase is basically a sequence of words which is used to generate a wallet private key.
The “Create a Wallet” option will basically generate a new seed phrase, while “Import Wallet” will allow you to type one you have backed up previously.
3. Important Warning
The following are important warning you should keep in mind:
- It is critical to backup your secret string (mnemonic), because loosing it means loosing your money YOU CANNOT RECOVER IT
- In order to use the wallet you need to buy Ether from a Crypto Exchange and withdraw it to your MetaMask wallet.
- iOWN Token is a custom token, this means that MetaMask will NOT show your token balance until you manually add it (see below)
- It is important to understand that when Tokens are transferred, the transaction still happens on Ethereum Blockchain, this means a small fee amount (called Gas) must be paid in Ethers, so having 0 ETH balance, means you cannot “send” tokens from your wallet.
4. Password Managers
MetaMask offer the following tip:
Store this phrase in a password manager like 1Password. Write this phrase on a piece of paper and store in a secure location. If you want even more security, write it down on multiple pieces of paper and store each in 2 – 3 different locations. Memorize this phrase.
There are multiple other password manager available, and easy to use, some also allow you to access the same account from different devices.
“Tip”: Don’t use the same password for everything online, would you risk your bank account being stolen because your Facebook or Twitter password was?
5. Using the Wallet
The wallet can be easily used to send a receive Ether and Tokens.
But it needs to be fed with funds externally (from a Crypto Exchange).
Also by default it does not show the token balances.
It is important to understand that when Tokens are transferred, the transaction still happens on Ethereum Blockchain, this means a small fee amount (called Gas) must be paid in Ethers, so having 0 ETH balance, means you cannot “send” tokens from your wallet.
“Tip” You can access chrome metamask as a webpage using this URL:
6. Sending Ethers
To send Ether, click “Send” button on the home screen of your wallet, and follow the instructions;
You will be asked for:
- The recipient wallet address (which can be scanned as a QR Code)
- The amount of Ether you wish to send
- The speed of the transaction: the more “Gas” (or fees) you pay, the faster it gets executed
“Tip”: When adding a new address, MetaMask will show a small blue strip below the address to “bookmark” it and give it a name
7. Transaction History
You can click on any transaction you’ve previously executed and see its details:
- Sending address (your address in this case)
- Recipient address
- Gas fees paid (1 Ether = 109 Gwei)
- Status log (when was it submitted, mined..etc)
Generally when transferring ether to someone else, you can share with them the “Transaction ID”, or Etherscan.io link so that they can track its mining status and confirmation.
8. iOWN Token on MetaMask
By default, MetaMask only shows balance in Ether, to be able to see your iOWN Tokens, you need to use the “Add Token” functionality from the left sidebar:
- Click on “Add Token”
- Choose “Custom Token”
- Enter Token Contract Address: 0x555d051538c7a13712f1f590fa6b4c176ca4529f
- Choose Next (MetaMask will show a preview of your balance)
9. Sending iOWN Tokens
The transfer of iOWN Tokens is executed pretty much in the same way as though you would send Ether:
- From the left side menu choose “iOWN”
- Click on the “Send” button
- Choose the wallet you want to send tokens to
- Enter the amount in iOWN (notice that Gas fees are in Ether)
- Confirm the transfer
Tip: To be able to send iOWNs you need to have a small balance of Ether in your wallet to pay the Ethereum Blockchain fee