The payment processor has enlisted a range of market players in its quest for innovation and efficiencies in a technology that 93% of central banks are investigating.
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ConsenSys’ Ethereum scaling network Linea is now fully public, having processed over three million transactions and bridging $26 million in Ether.
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Cointelegraph Accelerator participants will get a headstart with Consensys’ Web3 solutions, including MetaMask, Infura and Linea zkEVM.
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The co-founder of the liquidity protocol said the zk roll-up-based scalable solution has the potential to solve the scalability dilemma put forward by Ethereum co-founder Vitalik Buterin.
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ConsenSys rolls scaling network Linea, which delivered faster throughput and 15 times lower transaction costs than Ethereum’s layer 1.
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In addition to “smart accounts” Ethereum adoption will be boosted by Web3 gaming along with zkEVM scaling and security, says Laura Shi.
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The parent company behind the crypto wallet MetaMask has debunked “inaccurate” rumors that it is collecting tax on crypto transactions.
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Vitalik Buterin has weighed the impacts of the addition of zk-EVMs at the protocol level, saying it could speed up the verification process on the base layer.
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After community backlash received from an initial privacy policy revision on Nov. 23, ConsenSys, the parent company of MetaMask, released a statement to reiterate the intentions of its data collection.The company stated that the policy has always relayed how certain types of personal information are automatically collected, which could include IP addresses. According to ConsenSys, the latest updates were in the act of transparency as to how Infura, MetaMask’s default Remote Procedure Call (RPC), works with user data.ConsenSys highlighted that MetaMask itself does not collect IP addresses. Rather the policy says users running the wallet through Infura applications are subject to the data collection.In a tweet, the company claimed only the language of the policy was updated and “nothing” else about the policy or data collection is different.Speaking to Cointelegraph, ConsenSys said:“Infura does not improperly exploit this information and ConsenSys does not monetize this information as some Web2 companies do.”According to Consensys, Infura is currently looking into technical updates to “minimize the collection of personal information, including anonymization techniques and minimization and elimination of any data collection and retention.”Related: Crypto is breaking the Google-Amazon-Apple monopoly on user dataUpdates to its policy came as users began looking for non-custodial digital asset-storing options after the FTX fallout. Despite the clarifications from the company through its official web channels, users in the community responded with skepticism.Some said this gives all the more reason for users to move assets to a cold storage wallet. Others asked for alternative wallet recommendations and reiterated the decentralization needed in Web3. Really poor timing to change anything. Especially with so many people actively looking into self custody. It only makes it worse that you collect data just to have it. I’m disappointed.— Uniquely NFT (@UniquelyNFT) November 24, 2022MetaMask has more than 21 million monthly users, which makes it one of the most popular self-custody wallets in the Web3 space.
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According to a revised privacy policy agreement published by ConsenSys on Nov. 23, MetaMask will begin collecting users’ IP addresses and Ethereum wallet addresses during on-chain transactions.However, ConsenSys, the wallet’s creator, explains that the collection of users’ data will only apply if they use MetaMask’s default Remote Procedure Call (RPC) application, Infura. Individuals using their own Ethereum node or a third-party RPC provider with MetaMask are therefore not subject to the newly updated ConsenSys privacy policy. Instead, the terms of the other RPC provider apply. According to ConsenSys, information gathered in this manner may be disclosed to affiliates, during business deals, or to comply with Know Your Customer and Anti-Money Laundering requirements dictated by law enforcement. MetaMask is currently one of the most popular self-custody wallets on the market with more than 21 million monthly active users.The reaction within the crypto community has been mostly negative. For example, Adam Cochran, partner at Cinneamhain Ventures, stated: “There is nothing more important than consumer privacy, especially when it comes to your financial data — you have a right to be anonymous. Metamask has provided a great free service for a long time, but their decision to log IPs and tie it to transactions is unacceptable.”At the same time, Hayden Adams, inventor of the Uniswap protocol, responded to inquiries by outlining that the decentralized exchange neither tracks IPs nor allows third-party tools on the platform to do so. ConsenSys has joined the ranks of notable Web3 companies, such as Coinbase, that adopted IP collection partly due to increasingly stringent regulations.
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Blockchain software technology firm ConsenSys continues working on expanding blockchain interoperability by introducing a new tool to the MetaMask wallet.Metamask users can now bridge across multiple blockchain networks using MetaMask Bridges, which aggregates different blockchain bridges in one place, ConsenSys announced on Nov. 9.MetaMask Bridges supports major blockchains compatible with Ethereum Virtual Machine (EVM), including Ethereum, Avalanche, the Binance Smart Chain and Polygon. The new tool allows bridges of Ether (ETH) and Wrapped Ether (WETH), major stablecoins and native gas tokens, the firm said.The new bridge feature enables Metamask users to move tokens from one blockchain network to another without having to do research to find and choose a reliable bridge. “There are a ton of different bridges out there, each supporting various networks and tokens,” MetaMask Bridges product manager Angela Potter told Cointelegraph. She noted that bridge costs, speed and security properties vary a lot from one bridge to another, requiring users to manually check a lot of data each time before proceeding with a bridge.“MetaMask Bridges has curated the bridges that we think are the most decentralized and secure, and out of those, will recommend the best one for the user’s specific route,” Potter said. She added that MetaMask Bridges picks the bridge with the best price by default, but users can also see time estimates and pick the fastest one if they prefer.The new bridge solution is available in beta to all MetaMask users via the Portfolio Dapp, a new decentralized application (DApp) allowing users to view multiple MetaMask accounts and their assets in one place. Launched in beta in September 2022, the Portfolio Dapp now also allows users to bridge between networks in a few easy steps described by MetaMask.“MetaMask is not charging any additional fees during the beta period, and bridging is limited to $10,000 per transfer,” Potter noted, adding that ConsenSys is yet to set a timeline for the general audience release.Launched in 2016, MetaMask is a major software cryptocurrency wallet designed for the Ethereum blockchain. As the wallet is by default focused on Ethereum and EVM-compatible networks, it still doesn’t support the world’s biggest cryptocurrency, Bitcoin (BTC).Related: MetaMask rolls out NFT portfolio value tracker with new partnershipAccording to the MetaMask Bridges executive, Bitcoin integration is not a priority for the platform in the near future. However, MetaMask users would be able to connect DApps to blockchains like Bitcoin by using MetaMask Snaps, or tools allowing users to customize MetaMask wallet, Potter told Cointelegraph, stating:“Some of the actual Snaps allow DApps to connect to Bitcoin, Solana, and Filecoin. Any DApp can utilize a “snap” once deployed, meaning EVM-compatible DApps can access the Bitcoin network through the enabled ‘snap.’”As previously reported by Cointelegraph, ConsenSys planned to spend $2.4 million annually to fund its newly launched MetaMask Grants DAO aimed at driving further development of the Web3 ecosystem. MetaMask global product lead Taylor Monahan said that the platform will also continue to focus on decentralized development as a catalyst for further growth.
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Blockchain technology firm ConsenSys will spend $2.4 million annually to fund its newly launched MetaMask Grants DAO aimed at driving further development of the Web3 ecosystem.The fund will be led by MetaMask employees who will manage the decentralized autonomous organization (DAO). The DAO will be responsible for issuing grants to developers working outside of ConsenSys that are building products and services within MetaMask’s ecosystem and the wider Web3 space.The project will initially run for 12 months to assess its viability and success, with the DAO processing votes and proposals publicly through SnapShot on the Codefi Activate platform. ConsenSys is committing $600,000 per quarter in an effort to drive decentralization and adoption of Web3 mechanisms and business models.MetaMask’s global product lead Taylor Monahan highlighted the focus on decentralized development as a catalyst for further growth in a statement shared with Cointelegraph:“Not only will this accelerate growth for crypto-comfortable users, but this will also boost adoption for crypto-curious individuals with more paths to participate in.”The DAO itself is made up of three components. The first is the employee-led DAO which consists of more than 900 full-time ConsenSys employees. These employees will be able to opt-in to be Grants DAO members, all of whom have equal voting rights.Related: The blue fox: DeFi’s rise and the birth of Metamask InstitutionalThe second part is a leadership committee, or mini-DAO, made up of seven individuals. This committee will be responsible for identifying high-potential projects, creating governance proposals and updating external content. They will also gather feedback and drive improvements to the DAO.The final part is a secure multisignature wallet overseen by ConsenSys that will manage the token contract and treasury. It will also sign transactions for fund disbursement as well as mint and burn tokens as employees join or leave the company.The leadership committee of MetaMask Grants DAO includes the co-founders of MetaMask, its global product lead, Snaps Studios lead, senior DAO strategist, as well as ConsenSys’ director of strategic initiatives and product management director.The funding of the DAO will feature two types of grants. The Leadership Committee Grant will be voted on solely by its seven members, while DAO Grants will be allocated for the entire DAO to vote on.
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