MetaMask, the non-custodial wallet with more than 21 million monthly active users, is launching the Snaps feature in Open Beta. In a statement on September 12, MetaMask said the release marks the first steps of creating a “fully permissionless ecosystem. ”
MetaMask Releases Snaps To Decentralize Development
The wallet developer also revealed that they were building from the idea that developers could anchor on the wallet to create what the provider described as the “hardest problems on Web3.”
MetaMask, through Snaps, invites the developer community to release independent features and functionalities, effectively expanding its ecosystem since the wallet has become modular.
This implies that over 21 million users can create and launch their features or functions on MetaMask without approval from the crypto company. This authorization will likely result in the development of numerous services or features, potentially numbering in the thousands or hundreds of thousands, to address various issues in Web3 that remain unresolved.
By decentralizing development, MetaMask believes it permits humans to flourish on “an exponential scale” while capturing “the full extent of the innovation happening in Web3.”
The release of Snaps has, nonetheless, been challenging. MetaMask, owned by ConsenSys, a developer of Ethereum software solutions, revealed that in their discussion with Google, developers behind the search engine and PlayStore proposed a complete overhaul of how extensions like MetaMask work.
However, following compromises between ConsenSys and Google developers, an agreement was reached on how the wallet would operate without creating weak points in security.
Snaps is now available in open beta from MetaMask version v11.0 and can be accessed from all supported browsers, including Chrome and Brave. However, the feature will be available to Firefox users at an unspecified date.
Powering DeFi And Web3
MetaMask plays a critical role in Web3, allowing decentralized protocols offering solutions in decentralized finance (DeFi), metaverse, non-fungible tokens (NFTs), and more to connect with users. Since the wallet is “hot,” connected to the internet, and non-custodial, it can be plugged in conveniently by users searching for access to critical services from trading to staking without giving up control of their assets.
Google PlayStore data shows that over 10 million users have downloaded the wallet as of September 12. More users have downloaded in other operating systems like iOS, Windows, and more.
In November 2022, ConsenSys was criticized after updating its privacy policy, announcing that it would collect additional data for users relying on Infura. The API tool is a critical infrastructure in Web3 as it creates an interface between protocols, including MetaMask, allowing them to connect with the Ethereum mainnet seamlessly.
Feature image from Canva, chart from TradingView
