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How to use MetaMask on the Bancor Network

Using a Web3 Supported Wallet

Bancor Network is a truly on-chain, decentralized liquidity network which allows users to convert between any two tokens on the Bancor Network using their own blockchain wallet. We use a standard protocol called Web3 to enable this service.

In order to be able to use your blockchain wallet (some refer to this as a MyEtherWallet account), you will need to use the MetaMask browser add-on. 

This post will help you navigate through the process of installing the MetaMask browser add-on. For a step-by-step guide to converting tokens on the Bancor Network, using your ERC20 supported wallet, go here.

Step 1: Download the Appropriate Browser

MetaMask currently only supports Chrome and Firefox and does not operate on mobile or tablets. You will need to have one of these browsers before we proceed. 

Download Chrome | Download Firefox

We will be using Chrome in the following examples, yet the process is identical on Firefox.

Step 2: Install MetaMask

Click on the link below in order to download the MetaMask addon directly from their website.

MetaMask website
 

Click on the “Get Chrome Extension” link (as shown in the image above). This will open a new tab with the MetaMask add-on on the Chrome Web Store.

 

Click on the “Add to Chrome” button on the top right corner. This will trigger another popup screen. Click “Add Extension”

 

Immediately after clicking the button, a new tab will open and you will see a fox icon on your browser (on the right side). The new tab will show you a short video on how to use MetaMask.

 

You now have MetaMask on your browser.

Step 3: Create/Import Wallet

The last step before you are able to use the MetaMask service to sign conversion transactions initiated on the Bancor Network is to create/import your wallet. 

If you already have a wallet and wish to import it to MetaMask and use it with their service, please follow the steps outlined in our blog post covering this process “Connecting MyEtherWallet to MetaMask”. 

For those of you who do not have a wallet, here is the process of creating a new wallet on MetaMask:

  1. Go to the newly added MetaMask icon and click on it. you will see the following screen:
 

2. Click the “Accept” button to see the next screen in the process:

 

3. Please review the Terms of Use and make sure you are happy with them. Bancor is not affiliated with MetaMask in any way and the wallet you create with their service is bound to their terms, not Bancor’s. 

Once you read through the Terms, the “Accept” button will turn orange and allow you to click on it and move to the next step:

 

4. Create your wallet’s password. As this will hold your tokens, we encourage using a strong password that will be difficult to breach. 

 

5. Click the “Create” button to move to the next step, the recovery phrase.

If you want to learn more about the recovery phrase, you can read about it on our blog here or this great article on mnemonics

 

You can save your seed words manually or download them as a file. We advise you to save your seed words in a secure location as they are the only way to unlock your account in case of a lost password. Keep them safe and secure!

6. Click the “I’ve copied it somewhere safe” when you are done to complete the process and access your new blockchain wallet:

 

Thats it! You will now be able to convert between any token on the Bancor Network on-chain and directly from your own wallet!

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Disclaimer: When reading this article, please keep in mind the following: (1) Important to notice that wherever referring to any sensitive information of yours, including private keys, key-pairs or other account information, that information is yours. We can only make limited suggestions to how such information may be treated and protected, but the responsibility is yours. You should always make sure your information is protected and kept private, in the best available way; (2) that the information contained herein is a simplified extract of detailed information and sources generally available on the internet. This basic information was collected and displayed in attempt to provide you with better understanding of certain processes and aspects which relate to content and applications on Bancor’s site. Although we do our best to keep this information up-to-date, we cannot always guaranty that. This is since the information originates from third parties or relates to third party services, applications and technologies (such as Metamask, Scatter, EOSToolkit, or EOS), which are unrelated or unaffiliated with Bancor. These third parties’ applications, services and technologies are available on the internet, and may be subjected to applicable terms and conditions. Accordingly, though the said information and third applications, services and technologies (“Third Parties Content”) are believed to be reliable, Bancor provides no warranties regarding them (including their accuracy or completeness). IN NO EVENT WILL BANCOR BE LIABLE FOR ANY SPECIAL, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES, INCLUDING, WITHOUT LIMITATION, LOST REVENUES, LOST PROFITS OR LOSS OF PROSPECTIVE ECONOMIC ADVANTAGE RESULTING FROM THE USE OF THE THIRD PARTIES CONTENT EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, OR FOR ANY CLAIM BY ANOTHER PARTY.

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