ConsenSys and Token Plans for MetaMask
ConsenSys, one of the leading names in the Ethereum developer ecosystem, attracted attention with the statements of its founder Joseph Lubin. Responding to a user’s question regarding token plans for MetaMask, Lubin announced that the company is developing short- and medium-term strategic plans and that the first token distribution will take place on the LINEA network. He noted that future protocols are designed to work in synergy with each other.
Significant Acquisition of Web3Auth
A few days ago, ConsenSys shared the news of a significant acquisition with the public. The company announced that it acquired the Singapore-based Web3Auth platform. This move aims to strengthen MetaMask’s user-friendly structure. Web3Auth allows users to log in to their crypto wallets with popular social media accounts such as Google, Facebook, and Discord.
Challenges in Traditional Crypto Wallets
Traditional crypto wallet setups typically require writing and storing a 12- to 24-word “seed phrase.” Users who lose this phrase can lose access to their wallets entirely. These challenges pose a major obstacle, especially for those new to the crypto world.
Purpose of the Acquisition
Dan Finlay, co-founder of MetaMask, stated that the main purpose of this acquisition was to attract new users to the platform: “This move is about bringing more people into the ecosystem.”
*This is not investment advice.