Crypto: MetaMask's IP address harvesting project falls through

Between integration with PayPal, bravery and opposition with Apple, we can say that the electronic wallet MetaMask has not finished talking about him. Indeed, the platform has recently undergone a grooming which has sparked heated controversy within its community. For good reason, the new security features require access to users’ IP addresses. On the other hand, competitors such as DeFi Frontier, Coinbase or Binance want to challenge the monopoly of the established brand.

https://twitter.com/DeFiAlliance_/status/1621208462767128583

Metamask powerless in the face of growing competition in the segments?

Not your keys, not your cryptos. Such could be a brief summary of the lesson learned by crypto users since the collapse of the FTX exchange.

Since then, for many traders, centralized exchanges are outdated. They prefer to keep their assets themselves. Only, the problem of self-storage and security arises in the face of the resurgence of scams on the blockchain. It is in this perspective that Metamask has developed new features to improve security within its ecosystem.

Among the new solutions offered by the wallet are phishing detection, balance display, token price and of course incoming transactions. A priori, these solutions remain optional for users who can easily deactivate them at any time.

Thanks to the detection of Phishing for example, emptying contracts like Monkey Drainer will be paralyzed. Thus, users who have activated this feature will receive alerts each time they are on Phishing websites.

On the other hand, users will have to give up their privacy to benefit from these tools. Indeed, some features require access to the user’s IP address. This drawback has been strongly criticized on the web, pushing some users towards competitors like DeFi Frontier. Indeed, the wallet has announced a browser extension of its Wallet that works on 35 channels. Moreover, it already had Phishing fraud detection long before Metamask.

Incidentally, the throne of Metamask is also in danger on the side of hardware wallets. 1 Inch, the decentralized exchange aggregator, has indicated the imminent arrival of its wallet as compact as a bank card. It thus comes to compete with Ledger and Trezor until now market leaders.

Conclusion

Web 3 participants will just be the big winners in this growing competition within the crypto industry. Better innovations and better infrastructures to offer users optimal and constant security during transactions. For the rest, the electronic wallet Metamask should find a solution to preserve the IP addresses of its users and therefore their privacy.

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