Determined to protect users from becoming victims of scammers, MetaMask has launched a privacy-preserving module that integrates native security alerts and prevents malicious transactions on users of its platform.
This feature, which was developed in partnership with Blockaid, a web3 security provider, removes the need for users to share data with third parties by so doing helps stop malicious transactions before they happen.
Research shows that most web3 wallets rely on sharing users’ transaction data with a third party for validation to provide security alerts. In contrast, this unique privacy-preserving module effectively simulates transactions without the need to share every single transaction and signature request with external parties.
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Launched officially on October 31st, 2023, privacy-preserving security alerts will be made available to all users globally with the aim of preventing billions worth of assets from being stolen.
According to the company, it will debut on the MetaMask mobile app later in November with the ability for desktop users to opt-in under the MetaMask experimental setting.
By the first quarter of 2024, this new feature will be seamlessly integrated and enabled into the wallet by default, and the intention is to make it available to 100 percent of MetaMask’s users, the company said.
“With these native privacy-preserving security alerts, MetaMask is not only enhancing user safety but also setting a new standard for privacy-preserving security in the web3 ecosystem. Privacy is a core value of web3 and should not need to be sacrificed to improve usability.
“Instead, it should be a guiding principle in the development of solutions to improve the space. As we continue to innovate, we remain committed to empowering users and providing them with the tools they need to navigate the world of web3 with confidence,” said Dan Finlay, co-founder of MetaMask and chief ethos officer at Consensys.
A recent survey by Consensys on the perceptions of web3 revealed that 52 percent of Nigerian respondents cited ‘too many scams’ as one of the primary barriers to entering the crypto ecosystem, underscoring the importance of increasing user safety to broader adoption.
In April 2023, MetaMask and Blockaid jointly introduced Opensea security alerts as an experimental opt-in feature. This feature garnered adoption from an average of 4 percent of MetaMask users and effectively averted asset theft valued at $500 million, based on prevented and identified malicious transactions since April 2023.
Due to the success of this experimental opt-in feature, both parties anticipate that the new privacy-preserving security alerts will prevent the loss of assets worth at least billions of dollars when the feature becomes a default setting for MetaMask wallets.
Ido Ben-Natan, co-founder and CEO of Blockaid, said the company is excited to be working with MetaMask on leading the charge in defining how a wallet should defend its users and together both parties are setting the standard for web3 security across users and builders in the space.
Barbara Schorchit, senior product owner at MetaMask, said the launch of the new feature shows the company’s commitment to preparing for the broader adoption of web3 by the next billion users.
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“We acknowledge the importance of developing features that prioritise ease of use and accessibility while staying aligned with the core values. This is the driving force behind our focus on creating a security alert,” Schorchit said.
The introduction of this feature will have a substantial impact on bolstering security, but education remains pivotal in ensuring that users engage with the web3 ecosystem in a safe and self-managed manner.
