As the cryptocurrencies are evolving and flourishing, there are several industries that are mushrooming along with it. These are complimentary services that are enabling cryptocurrencies to rock the financial world. Some of these services are wallet service providers, cryptocurrency exchanges, storage service, cryptocurrency service providers, etc. which are essential for proper functioning. Among them, the storage of cryptocurrencies is a subdomain that is of great importance and relevance. When it comes to the Ethereum network, MetaMask and MyEtherWallet (MEW) are two storage services that are popular, and deciding which one to use is confusing.
The Metamask is an Ethereum browser that is employed for using the Metamask API by downloading an extension on Google Chrome. The main purpose of Metamask is to allow users to access Ethereum without fully downloading the client. It allows its apps to run on the browser.
MyEthwerWallet is among the most popular online platforms for Ethereum Wallets but is not limited to online. It is a platform where users can generate their wallets and gain access to the blockchain of the Ethereum network. Read more to get MyEtherWallet review.
MetaMask: The MetaMask talks to the Ethereum ledger through a set of tools called the Infura. Applications to connect to the Ethereum network can be created using Infura. That essentially means that you will not be setting up nodes but depend on other computers to communicate with the Ethereum blockchain. That computer will run the node without any hassles to handle from your end. Simply put, a middleman has to be trusted to connect to the network.
MyEtherWallet: Contrary to the working of the MetaMask, the user will not need a ‘middleman’ to connect to the Ethereum network. The application creator will have full control, and this wallet acts as a full node wallet. These are used by systems like Infura to connect and to run nodes on their behalf.
MetaMask: It can be used on various browsers like Firefox, Google Chrome, etc. Many cryptocurrency storage platforms store wallet keys on their remote servers. But MetaMask stores it on the browser. That enables users to have better control of the private and public keys and is a major advantage for users.
MyEtherWallet: Here, too, the wallet keys are under the control of its users. The main difference is that the key can also be stored offline, along with storing it on the online browser.
MetaMask: As mentioned earlier, it uses Infura to connect to the Ethereum network, and hence it is a hot storage wallet. It is a wallet that is online storage only, and hence the Ethereum token is stored only on online platforms.
MyEtherWallet: This is an online and offline storage wallet, and hence Ethereum tokens can be saved on your offline computer as well as online.
MetaMask: As per the Ethereum community, the MetaMask extension is among the safest methods. Until now, the MetaMask ledger has not had any security breaches like hacking and losses in terms of cryptocurrency coins. It uses a security system called Den, which stores encrypted private keys locally. But the drawback here is that the MetaMask community does not take any responsibility for the phishing attempts.
MyEtherWallet: The security here is dependent on the usage of the people who use it. This wallet supports online and offline transactions and also in the creation of wallets. As per experts, the offline wallet creation is not as convenient as the online browser wallet creation and transaction.
MetaMask: On this, Ether can be purchased directly from various digital asset exchange companies. Since it is integrated with those platforms, the coin purchase is easy.
MyEtherWallet: Even though you can also do coin purchasing from MEW, you can do so with limited payment options. Myetherwallet classic allows you to purchase coins from Simplex using a credit card.
MetaMask: Browser extension has to be downloaded by users to work on it.
MEW: It is not a browser extension but a website that acts as a platform that connects to the Myetherwallet ledger. Here the user can create wallets and store Ether or ERC20 tokens. It also supports other hardware wallets like the Ledger Nano S, Trezor, etc.
Comparing both platforms shows that both perform the same job of storing Ethereum coins and hence should be on the same team. Also, since both can be used together and are free, it can be combined for better results.
Yes, Metamask is one of the most secure wallets.
Yes, MyEtherWallet is one of the best Ethereum wallets available.
There is little to no risk of Metamask getting hacked.
CoinSwitch.co is the world’s largest cryptocurrency exchange aggregator which supports 300+ coins and over 45,000+ pairs. It provides an easier way of trading through global exchanges like Binance, KuCoin, IDEX, Huobi, Ethfinex, HitBTC and Cryptopia without creating an account on them. If you are interested in buying cryptos, do give it a try!