Will You Secure Data and Privacy Using MetaMask?
MetaMask is one of the most popular crypto wallets that most people use to interact with Ethereum and other networks. Blockchain gives privacy and security to your data. The freedom and control you get using crypto and blockchain technology, you may not get that anywhere. But can you ensure the privacy and security of your data using MetaMask?
ConsenSys, the blockchain software company behind MetaMask, announcement shocked many people when it revealed that MetaMask’s API provider Infura was collecting and tacking users' wallets and IP addresses. We talk about censorship resistance on blockchain technology and how it secures users' privacy and data.
Tracking users' wallets and IP addresses definitely goes against the spirit of crypto and blockchain. They know the location of MetaMask users and the data can be used in an unexpected way that no one likes. It has not happened yet, but it does not mean it will not happen in the future.
The regulatory crackdown on crypto is going on and everyone is aware of what they are up to in the name of protecting investors. They can use the data that MetaMask’s API provider Infura collects. If the centralized authority does anything using Infura's data, no one will like the consequence.
MetaMask gives options to use other APIs. There is no way you can accept what Infura is doing. It is as if they take their position against the spirit of crypto and who knows how long they have been doing this.
Now stablecoin is defined as a security and regulatory agency already started taking action. The New York Department of Financial Services (NYDFS) ordered Binance USD (BUSD) issuer Paxos to stop issuing BUSD. Maybe you are wondering how stablecoins are called security since there is no intention of making a profit when people buy stablecoins. They just called it unregistered security and started taking action against it.
You cannot be comfortable with the way MetaMask’s API provider Infura tracks users' wallets and IP addresses. The centralized authority will use every single option to crack down on cryptocurrency. I think what we have seen so far is nothing compared to what is coming up next. Get ready for a more severe situation.
Decentralization can save the crypto and its progress. It shows over and over how important it is to have decentralization. Let's embrace the spirit of crypto and move forward.
So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
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Most of sites requires Metamask extension and you cannot scan QR code from metamask application which let them less secure.