The self-custody web3 platform Consensys‘ MetaMask, along with primary web3 security provider Blockaid, have released privacy-preserving security alerts within the extension.
MetaMask is the first self-custody web3 wallet with security alerts that prevent phony transactions, fraud, phishing, and hacks and safeguard privacy. MetaMask and Blockaid claim these global privacy-protecting security alerts will prevent billions of dollars in asset theft.
On October 31, 2023, desktop users can join the MetaMask experiment before the full launch. MetaMask’s mobile app will incorporate it around the end of November. By the first quarter of 2024, all MetaMask users should be able to use this new function, which is straightforward to add and enabled by default.
Read also: First-class MetaMask Snap customisation for Nigerians
First wallet to protect privacy and improve security
Most web3 wallets transfer transaction data to a third party for accuracy checks and security alerts. To protect privacy, MetaMask and Blockaid created a transaction-like feature that doesn’t share transaction and signature requests.
“With these built-in alerts, MetaMask is making users safer and setting a new standard for web3 privacy-preserving security.” For Web3, privacy shouldn’t be compromised for usability. Instead, it should aid room improvement. Dan Finlay, MetaMask Co-Founder and Consensys Chief Ethos Officer, said, “As we come up with new ideas, we remain committed to giving users the power and tools they need to navigate web3 confidently.”
Blockaid has stopped theft before. Blockaid’s proactive scanning prevented over $100,000 in digital asset theft from Vitalik Buterin’s X (formerly Twitter) account, which was hijacked to promote a malicious app. A similar scam targeted Uniswap’s CEO’s X account, but Blockaid averted damages. Averted losses accumulate due to frequent attacks.
Protecting billions of dollars and revolutionizing user safety
Web3 creates 3-4 apps every minute, or 5,000 daily. Blockaid considers 10% of apps dangerous. Unintended transactions generate most MetaMask fund losses.
Consumers are protected from fraud, phishing, and hacking by security alerts. A Consensys web3 poll found that 52% of Nigerians cited “too many scams” as a barrier to entering the crypto ecosystem, underlining the need for user safety to enhance adoption.
MetaMask and Blockaid offered experimental opt-in Opensea security alerts in April 2023. In April 2023, 4% of MetaMask users blocked and identified criminal transactions, avoiding $500 million in asset theft.
After this experimental opt-in feature succeeds, MetaMask and Blockaid expect the new privacy-preserving security alerts to avert the loss of at least billions of dollars when MetaMask wallets default.
Our ecosystem must be safer to support billions of users. We’re pleased to team up with MetaMask to define wallet user protection. We are standardising web3 security for consumers and builders.”
To prepare for the following billion people to utilise Web3, we need to build features that are easy to use and accessible while staying loyal to Web3’s fundamental values.
This is why we’re working hard to create security warnings that respect privacy and don’t share transaction and signature request information with third parties. “Blockaid’s app transaction validation solution protects users from bad transactions without letting hackers in,” said MetaMask Senior Product Owner Barbara Schorchit.
Advanced users received MetaMask Snaps in September. A group called “Transaction Insights.” The new privacy-protecting security alerts will be included in MetaMask, but users worldwide can add their security layers by installing transaction insights through MetaMask Snaps. The new security alerts supplement Transaction Insights Snaps. This adds safety levels.
Education is vital
Blockaid’s relationship with MetaMask will improve security, but education is still essential for safe and self-managed web3 ecosystem use.
MetaMask Learn, a learning simulation software, was launched in January 2023 to help users navigate web3 and self-custody wallets. Visual learning and action-oriented assessment are perfectly integrated in this platform to help you comprehend web3 principles. The new Security module teaches users how to spot harmful activities and protect their assets.
About MetaMask
The world’s leading self-custody web3 platform, MetaMask, has 19 million monthly active users. MetaMask, developed by Consensys, is the most popular and trustworthy means to mint and collect NFTs, join DAOs, play games, and engage in DeFi protocols.
About ConsenSys
They were leading blockchain and web3 software business Consensys. Since 2014, Consensys has led web3 ecosystem innovation. We are the trusted collaborator for users, creators, and developers building and belonging in the world they want through MetaMask, Infura, Linea, Diligence, and NFT.
An inclination to construct a dapp, NFT collection, portfolio, or better future is ubiquitous. By making web3 easy to use and develop, Consensys encourages everyone to build. MetaMask included privacy-preserving security notifications to prevent billions of thefts.
About Blockaid
Blockaid dominates web3 security. In 2022, alums of Israel’s elite Unit 8200 cyber intelligence unit founded Blockaid, which has become the benchmark in blockchain protection. To protect integrated wallets and dApps like MetaMask, OpenSea, Zerion, and Rainbow from fraud, phishing, and attacks, its revolutionary solutions simulate transactions before execution.
Blockaid helps users trust Wallets, dApps, and smart contracts by beforehand validating all transactions. The New York and Tel Aviv-based company has raised $33 million from renowned cybersecurity, fintech, and web3 venture capital companies Ribbit, Variant, Cyberstarts, Sequoia, and Greylock. As the most trusted web3 security brand, Blockaid has grown its partner network.