Types of tokens on MetaMask Extension and safety measures
Do you know that MetaMask is not designed to be used on Ethereum Mainnet only? Most of you will not agree with it and will say that MetaMask is designed for Ethereum Mainnet. But you are wrong MetaMask is compatible with any of the blockchain networks that are Ethereum-based. And just so you know there are many Ethereum-based blockchain networks. Hence, there are still many things that you need to learn about MetaMask Extension.
Therefore, let’s begin your journey toward getting to know MetaMask a little better.
What do you understand by the Network Native tokens?
Many of the blockchain networks consume their incentivized consensus mechanism for paying the computing network of the validators. So they generally use their available native tokens for it. For instance, the Ethereum Mainnet utilizes the ETH for this purpose. The users have to hold some of the native tokens in their account because it plays an essential role in the transaction-making of the users. And if they do not possess any such native tokens then they will not be able to transact on the platform. All of the network tokens differ from each other in one way or another.
What are Fungible Tokens?
These tokens differ from the above-mentioned native tokens. MetaMask ExtensionUnlike those these tokens are not at all unique. These tokens are easily interchangeable using the . These tokens are traceable. And generally, these tokens are used to just interchange the currencies and nothing else. You can exchange these currencies in the same way you use paper bills of currency or any metallic coin.
Some token safety practices
While working on a decentralized web there are a few points to be noted about the token safety. So, below are those said points:
- There is a risk of loss. It means that before purchasing any of the tokens, you should always study the price fluctuations that had occurred previously in that token price. So, it will help you in trend analysis of the crypto market. Hence, you will be able to decide which crypto asset you should invest in from your MetaMask Extension account.
- Beware of the mint tokens on the platform. Many phishing scams usually undergoes on the platforms. In this scam, the hackers disguise their malicious tokens as any popular crypto token. So, it is needless to say that you should pay attention to the tokens you are selecting to purchase. And one of the easiest ways to identify your token’s identity is by verifying the token address.
Many safety practices were not covered in this blog, such as airdropping technique. Under this method, some tokens magically appear in your account without even purchasing them. And if you utilize those tokens with your MetaMask Extension account or any other account it will transfer all the private information relating to your account to the hacker. So, if you ever got stuck in this kind of situation then you can either contact the support services or not use those tokens at all.