Metamask reviews policy after backlash; what can users expect now

Please fol­low and like us:
Pin Share

  • Accord­ing to Metamask’s new pol­i­cy, users’ data would now be stored for just sev­en days.
  • Meta­mask will hence­forth allow options of dif­fer­ent RPCs upon reg­is­tra­tion and sub­se­quent usage.

In what can be seen as a turn of events, Meta­mask has declared a change in its pol­i­cy. This announce­ment was made a few weeks after the cryp­tocur­ren­cy com­mu­ni­ty was out­raged by the pri­or reg­u­la­tion amend­ment. What might users antic­i­pate from the new policy?

7- day storage policy introduced

The cre­ators of the famous Meta­Mask web wal­let, Con­sen­Sys, announced in a pri­va­cy update issued on 6 Decem­ber that they would only keep user data, such as wal­let address­es and IP address­es, for a max­i­mum of sev­en days. 

Con­sen­Sys claimed in its offi­cial announce­ment that it does not keep track of cus­tomers’ Meta­Mask wal­let details when they access their accounts to view their bal­ances. Instead, only trans­ac­tions made using Infura’s Remote Pro­ce­dure Call (RPC) end­points will have the user’s IP and wal­let address recorded. 

Con­sen­Sys fur­ther assert­ed that its sys­tems can­not infer from the pres­ence of the two data kinds when they are stored separately.

In addi­tion, the com­pa­ny also announced that users would be giv­en the free­dom to choose any RPC apart from Infu­ra. In response to com­mu­ni­ty con­cerns, the com­pa­ny announced it would add an “advanced options” page allow­ing cus­tomers to select their pre­ferred RPC dur­ing the reg­is­tra­tion process.

The pop­u­lar Ethereum wal­let, Meta­mask, report­ed­ly had a pol­i­cy mod­i­fi­ca­tion on 23 Novem­ber that com­pro­mised user pri­va­cy. Users who have cho­sen Infu­ra as their RPC will have their infor­ma­tion stored, as evi­denced by the revised pol­i­cy. Users were out­raged by the pol­i­cy, espe­cial­ly as it did not spec­i­fy a peri­od for how this data would be stored.

Comparing BTC’s exchange inflow and outflow

The need for self-cus­tody has increased due to recent devel­op­ments in the cryp­tocur­ren­cy world. Con­sid­er Bitcoin’s (BTC) inflow and out­flow met­rics to under­stand how well investors respond­ed to the self-cus­tody decision. 

A peek at the BTC’s inflow met­ric via Cryp­to­Quant at the time of this writ­ing revealed that it had over 67,000 BTC pour­ing into exchanges. The vol­ume was quite high, giv­en what had been seen the pre­vi­ous days.

BTC Inflow

Source: Cryp­to­Quant

How­ev­er, an exam­i­na­tion of the out­flow sta­tis­tic revealed that more BTC depart­ed exchanges than was brought in. The amount of out­flow seen when this arti­cle was writ­ten was above 97,000 BTC. 

There was a notice­able dis­par­i­ty between this and the inflow met­ric vol­ume. The vol­ume also demon­strat­ed how much funds investors trans­ferred from exchanges to dif­fer­ent wallets. 

Giv­en that Meta­mask is one of the most wide­ly used wal­lets, it will undoubt­ed­ly have a siz­able user base, con­tribut­ing to the backlash’s intensity.

BTC Outflow

Source: Cryp­to­Quant



Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published. Required fields are marked *