We all have used cryptocurrency platforms as it is in trend nowadays. And have also incurred profits and losses. Trading or investing in cryptocurrencies is the most straightforward and challenging task at the same time. If you are trying it for the very first time, then the users must gain some prior knowledge about the basics of trading. It might seem a little difficult at the start but once you have learned the concepts of it the process will seem easier to you.
If you are a regular user of MetaMask Chrome Extension, then this blog is for you. Here we will tell you about some unique things that you might not know even if you are a regular trader here.
What is EIP-1559?
Have you ever heard of this term on MetaMask Extension for Chrome? There is a very slim chance that you have heard about it. Because many of the users don’t know about it. After the introduction of this feature, the users don’t have to calculate the gas fees on their own while making a transaction. It is because now the minimum gas fee that is required to be paid is already included in the transaction. This means that the users of MetaMask Chrome Extension can add the tip if they want to prioritize their transactions on the Ethereum blockchain network. Though it is not mandatory to add the tip as it is completely the choice of users, depending upon the urgency of a transaction.
MetaMask Signatures
The term signature in MetaMask Chrome Extension means that it is a tool that is used by traders or investors on MetaMask to verify that the transactions are made by the originator. When a user uses their private key to send a message to another user, they sign their message with the help of their private key. It is called a digital signature. Once the message has been sent the receiver will verify the sender through the private key. Hence that’s how they verify the identity of the originator. Now if you are confused between the message and the transaction, then we will tell you how they are different from each other. Your transactions get published on the Ethereum blockchain network while the messages sent are not being published.
What do you understand by MetaMask Flask?
It is a term that is not quite popular on the MetaMask Extension for Chrome. It is so because the concept of the MetaMask Flask is new and people are not aware of it.
Though the MetaMask Flask is not for traders or investors still you should know about it. This is a type of software distribution that was designed specifically for the developers. You can say that just like scientists have experimental labs with them to try out new experiments, the developers of MetaMask Chrome Extension have MetaMask Flask. Here they can try out any new feature that they want to introduce to the public. But before making a direct launch they run a trial version on MetaMask Flask.
The Bottom Line
So in this blog, we discussed some of the terms of MetaMask Chrome Extension that you should know if want to gain deeper knowledge about this platform. There are still many more terms that you might have not heard yet. So if you want to know more about them then you should visit the official site of MetaMask and then read the blogs published by them on the support page.