This is a fantastic issue because a lot of people don’t know about the various custom networks that have less gas costs or how to setup them on MetaMask. I will guide you haw to add custom networks metamask extension wallet..
Many people mistakenly believe they know that MetaMask is the one who sets the costs and then tries to take them off. It’s actually market demands for the blockchain which determines the price. MetaMask is not in control of this. We are our customers.
In the event that you find yourself in a network, you could move to another one with less fees, and Ethereum starts to grow and reduce costs.
TL;DR:
- Customized networks are Ethereum compatible networks that are Ethereum compatible.
- The amount of gas is determined by the network’s demand, and not by MetaMask or any other wallet service.
- Different networks have different fees for gas according to their structure and the demand.
- The Sidechain and the Layer-2 Solutions are examples of customized networks you can incorporate into MetaMask. They might be less expensive for gas, but however they can be decentralized or security.
- Layer-2 solutions and Sidechains mainly differ in how their blocks are verified.
- Examples of custom networks include Binance Smart Chain, Polygon (MATIC) Huobi ECO Chain, Avalanche, and xDai.
What are custom networks?
Custom Networks are non-Ethereum network with EVM suitable (Ethereum Virtual Machine). They are built on Ethereum but they’re not Ethereum. Consider them as a family member or a sibling of Ethereum. They have several of the features , however they differ in a few key aspects.
The similarities lie in the fact the fact that they use smart contracts in the same method. The difference lies in achieving the consensus (agreement between the various nodes) and how much information is stored within their blockchain’s blocks.
Because they are Ethereum network which means that your addresses will be identical across all networks. This means that only one hidden recovery term (aka seeds) is able to access your assets across all of your account and network.
Remember: Never share your seed phrase, or secret phrase to recover.
Why do these blockchains differ?
Different blockchains can be utilized to meet different requirements. As the field develops there will be many that specialize in various applications. In general, blockchains are able to specialize in three ways including scaling (high throughput) and decentralization. The third is security. This is referred to as the security dilemma and it says that blockchains have two of three characteristics and not all three. This is known as the security trilemma.
A blockchain-based video game that has an abundance of transactions that are small is different from an lending or borrowing system. The video game needs the highest throughput, and also be willing to sacrifice some of security. The borrowing and lending protocols will value decentralization and security over a higher rate of throughput. The real-world consequences of this trade-off is that blockchains with less capacity result in higher gas consumption, but can be more secured.
Each network usually uses a unique token to fund network activities. Ethereum utilizes ETH (Ether). Binance is using BNB. MATIC is the standard symbol for Polygon.
MetaMask and Gas Fees
The reason that gas costs are high is not due to MetaMask managing the costs. MetaMask is simply an access point to the internet that is worth your time. It’s similar to the way your browser on the internet is an access point to the web of information.
The wallet is not able to control the fuel costs on a blockchain since its demand is the one that determines. There’s a finite amount of space in the block of a blockchain, which is bid to those who need their transactions to be confirmed. At present, miners select those fees that earn the highest amount to earn the most the profit they earn and continue to be incentivised to operate the system.
What are Side Chains vs Layer-2?
Sidechains and Layer-2 chains are solutions for scaling to enable more transactions at a lower cost by removing them from central networks. Consider these as side roads on which vehicles can travel on to decrease the traffic along Main Street.
In general terms, the distinction between layer 2 and sidechains is the way in which the network is protected. Sidechains protect their networks through their own validaters or miners. This means they are more autonomy and flexibility. But, depending upon the amount of validators for blocks there is there is less security.
A note on the side A side note: Validators are similar to miners in their job in ensuring the integrity of transactions in the network. But, the way in which independent nodes come to a consensus regarding their status (the method of consensus) will be Proof of Stake as opposed to Proof of Work.
Popular Custom Networks:
The most well-known custom networks at the time of writing the article (circa June 2021) are:
Metamask all chain list
- Binance Smart Chain
- Polygon (MATIC)
- HECO (Huobi Eco Chain)
It is important to note that Polygon was previously known as Matic. Following the rebranding their token, it is known as MATIC.
Others that are beginning to show signs of traction are:
- Avalance
- xDai
Crypto is enjoyable! Explore various networks and learn new things. Ethereum is the best and safest network that is fast becoming the leading settlement network of the world.
But, because of the high fuel costs the majority of people are shut out. Instead of avoiding getting in with the action, check out different chains, including most of the Sidechain and Layer-2 solutions that are that are available now.
Haw To add Custom network on my metamask wallet
In 5 Simple step you can add your custom networks metamask
Step 1
In your computer browser go Chainlist website
Step 2
Click to “connect wallet” option give me your metamask wallet password and confirm your wallet
Step 3
In site top option search your custom network name example “Matic”
And then click to “Add to Metamask” option
Step 4
Now your computer windows show matamak popup click to “Approve” option
When it’s done then click to “Switch network” Option
Now you are successfully add your custom network on your metamask extension wallet.
In general, how do I set up custom networks metamask?
May be your customized network is not covered in this article . It’s fine. The ecosystem expands and more chains are created more chains will be brought out.
Usually, you will be able to visit the website of a protocol. They’ll provide information on how to set up MetaMask as an individual network.
Beware of getting this information via the project’s official website. There is a possibility of being connected to an imposter network and become at risk of being scammed or even losing your money.
What is the difference between Mainnet and Testnets?
Mainnet is the place where tokens can be used for real. Testnets are places where developers can test their Smart Contracts. Testnet tokens are not able to possess any value.
Testnet tokens are offered at no cost via faucets. They are, however, only distributed in small amounts to ensure that people don’t accumulate the tokens.
Do not fall for the trap of believing that the tokens you have purchased from testnet will be converted into mainnet tokens , and you will have to pay fees.
How to Add a Custom Network on MetaMask?
You can easily find the section to Add Custom Networks MetaMask like this.
When you have arrived at this point, set the fields according to the data that correspond to that Ethereum Blockchain network compatible you prefer.
Please take note the fact that Bitcoin, Dogecoin or Cardano are compatible with Etheruem therefore they are not included in MetaMask and will require an individual wallet.
Also, be aware it is important to note that Binance Smart Chain (BSC) is distinct than Binance Chain. Binance Smart Chain is an Ethereum connected smart contract technology, and it is able to be added. It is possible to tell that the platform has been named BSC in place of Binance Chain because BSC addresses begin with the letter 0x (followed by the number) in contrast, Binance Chain begins with the letter bnb (followed by an address).