MetaMask Snaps: Wallet-Embedded App Store Enables Blocktrend Wallet to Send and Receive Bitcoin
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GM,
If you've ever tried to withdraw cryptocurrencies from an exchange and store them in your own wallet, you're probably familiar with MetaMask, also known as the "Fox Wallet." While MetaMask is one of the most widely used cryptocurrency wallets globally, it has been incompatible with the world's most famous and largest cryptocurrency, Bitcoin (BTC).
In the past, after acquiring a MetaMask wallet, people had to download a separate wallet to manage Bitcoin. However, that inconvenience is now a thing of the past. Last week, MetaMask introduced a groundbreaking new feature called the "Wallet-Embedded App Store" or "MetaMask Snaps." With this feature, users can install extensions on their MetaMask wallet, allowing MetaMask to not only send and receive Bitcoin directly but also integrate messaging tools and third-party financial alert services seamlessly into the MetaMask wallet.
This article introduces what MetaMask Snaps are, what they represent, and what risks to be aware of when using them.
App Store
Last week's Apple event has just concluded, and many people are getting ready to purchase the latest iPhone model. However, those of us around the same age certainly remember a time before the widespread use of smartphones when mobile phone functionality was quite limited. Phones were primarily used for making calls and sending text messages. If you wanted to listen to music, look up words, or play games, you needed to carry additional devices like portable music players, electronic dictionaries, or Game Boys.
It wasn't until 2008 when Apple introduced the built-in App Store for smartphones that people could start downloading applications created by third-party developers. This gradually transformed mobile phones into the familiar devices we know today. According to a report by WIRED:
Before the emergence of the App Store, software distribution channels were quite primitive. However, this simple digital storefront revolutionized how people perceived software distribution and defined the user experience of smartphones. The App Store made purchasing applications a straightforward process. With just a gentle tap, there was no need to pull out a credit card or even provide personal information to complete the transaction.
App stores enable people to customize their smartphones. Even if they have the same iPhone model, the apps they install can vary greatly because everyone has different lifestyles. We are all quite familiar with app stores, but when it comes to the development of cryptocurrency wallets, it seems like they are still stuck in a time before app stores existed. Each cryptocurrency wallet's features are determined by individual developers.
Take my own situation, for example. I have three wallets installed in my browser: MetaMask, Phantom, and Keplr, each used to connect to different blockchains. I've also installed Revoke Cash and DeFiLlama to help me filter every on-chain transaction, reducing the risk of phishing. Although installing browser extensions is not as cumbersome as carrying multiple electronic devices when going out, it would be even better if all these functionalities could be integrated into a single wallet.
MetaMask made a significant announcement last week by introducing the Open Beta version of its wallet-embedded app store called "MetaMask Snaps." Its importance is akin to Apple's announcement in 2008 when they introduced the built-in App Store for the iPhone, which changed the way people perceive cryptocurrency wallets and provides a brand new platform for software developers.
Snaps
The term "Snaps" is an abbreviation of the word "Snapshots." MetaMask hasn't explicitly explained the reason for this name, but it is likely to signify that users can obtain specific functionalities in a more lightweight manner without the need to install complete applications. According to MetaMask's announcement:
MetaMask Snaps allows users to independently install new functionalities for their wallets. Each Snap is developed by third-party developers and can be directly installed by MetaMask users. The decentralized world is open, and we cannot construct this world on our own; it requires the collaborative efforts of numerous independent developers to realize the unique potential of Web3. Until now, no Web3 wallet has been able to achieve this level of innovative democratization.
Snaps can connect to blockchains beyond Ethereum, providing features such as message notifications, transaction insights, or adding new privacy and identity functionalities, among others. MetaMask Snaps is a free platform. In principle, installing Snaps does not require any payment. However, some Snaps may offer paid services, generate fees, or include subscription-based features.
The image below displays the current selection of 35 Snaps available on MetaMask Snaps, which can be broadly categorized into three groups: Cross-Chain Compatibility, Transaction Insights, and Message Notifications.
For instance, if you install the Arweave Wallet located in the top left corner of the image, you can transform MetaMask into an Arweave wallet. This enables users not only to send and receive AR tokens but also to upload documents, web pages, or images to Arweave, a decentralized storage network, for permanent storage.
ShapeShift Multichain, as mentioned, is particularly impressive. Once installed, it allows MetaMask to seamlessly support various blockchains like Bitcoin, Dogecoin, Litecoin, Cosmos, and others that were originally incompatible with MetaMask. Similar Snaps can also support Tezos, Starknet, and even recently launched blockchains like Aptos and Sui.
This has transformed MetaMask into a cryptocurrency wallet that supports the most blockchains overnight. I'm considering gradually phasing out the two wallets I originally used to connect to the Solana and Cosmos ecosystems. After all, if I can manage all blockchains with MetaMask, why bother installing and maintaining three separate wallets?
People have already grown accustomed to using Spotify for music, and the number of people buying portable music players has dwindled, impacting the music industry's business model. Similarly, with the ability to install Snaps, wallet developers will also be affected.
Over the past few years, many wallet developers have staked their success on being the first to support emerging blockchains with uncertain futures. They reasoned that as these emerging blockchains matured, their wallets would also "rise with them." However, with the launch of MetaMask Snaps, this strategy may no longer be as effective.
As long as someone steps forward to develop a Snap for an emerging blockchain, MetaMask users won't need to download a new wallet. For users, this means not only avoiding the need to adapt to a new interface but also reducing security risks.
Furthermore, the app store offers security tools like Wallet Guard, Blockfence, Threat Intel, and more. These tools can help users verify the reliability of recipients and the authenticity of transactions before approving them.
Using the example in the image, before confirming a transaction in MetaMask, users will see transaction information provided by Wallet Guard. The screen displays that the transaction will send out ETH equivalent to $111.11 and receive back USDC equivalent to $111.05, with an estimated transaction fee of $4.1.
This is akin to having a friend who understands the details of online transactions carefully review them before you hit "Confirm," explaining how your wallet balance will change, thus reducing the risk of falling victim to phishing attempts. Wallet Guard actually has a browser extension tool, but in the future, users can directly integrate the tool into their MetaMask wallet, reducing the browser's workload.
Currently, the most intriguing feature in the app store is the message notification functionality. Last year, Blocktrend introduced Push Protocol (formerly known as EPNS), describing it as the push notification tool for Web3. Back then, people had to download a separate mobile app and connect their wallet to receive push notifications. With this Snap, users can receive notifications through their wallet about gas fee fluctuations, price changes, and even subscription renewals for online services.
Messages can be not only one-way notifications but also interactive. In other words, users can finally chat through their MetaMask wallet. It's not hard to imagine that in the future, DeFi and NFT projects will have their customer service representatives who can provide customized responses based on wallet information, even without knowing the user's real identity. If someone's wallet is unfortunately compromised, victims can also negotiate directly with the hacker through such instant messaging tools, eliminating the need for the most primitive methods of engraving text onto the blockchain.
Currently, the MetaMask app store only has 35 applications, but when Apple's App Store was first launched in 2008, it only had 500 apps. As more and more users start customizing their wallets with different Snaps, it's inevitable that more developers will join in, unleashing their creativity and providing a wealth of new applications.
At this point, many may be wondering if installing these apps within the wallet could lead to asset compromise.
Risk Awareness
Based on publicly available documents, users won't get infected simply by installing Snaps, but there is a risk if incorrect authorizations are granted. According to MetaMask's description:
Snaps operate within a sandboxed environment and are built on permission control mechanisms to protect user data based on your consent. Snaps do not have access to a user's MetaMask account data. When installing a Snap, it is crucial for users to clearly understand which permissions they are granting to ensure their security.
In other words, these Snaps installed within the wallet are effectively isolated from the wallet itself. Even if a user installs a malicious Snap developed by a hacker, it wouldn't immediately compromise the wallet. However, if a user grants authorization and approves transactions after installation, it may become vulnerable.
Since the advent of cryptocurrencies, information security has become synonymous with asset security. In the past, when a computer got infected or a hard drive was locked, users could resort to worst-case scenarios like reinstalling the operating system. However, if a wallet gets compromised and assets are reduced to zero, it's something no one can tolerate. How can one ensure that MetaMask Snaps do not contain malicious code?
Apple, with its App Store, has strict control mechanisms, and iPhones are less susceptible to malware as long as they are not jailbroken. However, MetaMask doesn't aim to become the Apple of Web3. MetaMask states that the current 35 Snaps in the app store have undergone their scrutiny, but they do not plan to review every single application in the future.
I believe that without more comprehensive security screening mechanisms, people will approach each installed Snap with caution. They may only install a few functionalities they have heard of and trust, rather than doing so casually, akin to downloading mobile apps from the App Store.
MetaMask Snaps are propelling the evolution of wallets into a new era. Before the advent of app stores, the focus was on the number of features a new mobile phone offered. However, after the introduction of app stores, it's the developer community that determines whether an ecosystem thrives. Nowadays, people might say that a wallet is a tool for sending and receiving cryptocurrencies, but with the advent of app stores, defining what a wallet is becoming increasingly complex. The most likely answer is that it serves as the gateway to enter the world of Web3.
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