In its recent statement, ConsenSys assured that it has never traded on data collected from its customers and that it is working to reduce the retention of such data to just 7 days. This and more news in this handy daily summary so that you are always informed with the most recent events that occur within the crypto world.
ConsenSys clarifies its privacy policy
📍The company behind Infura and MetaMask, ConsenSys, has published a clarification on its privacy policy. At the end of November, the company published an update on its privacy policy, stating that this was part of its strategy to provide greater transparency to its users. However, this update sparked major concerns about the collection of data, including IP addresses.
ConsenSys has now issued a statement to address the concerns and clarify what happens to the stored data.
According to the company, it only collects data when MetaMask users transmit transactions through Infura RPC endpoints. Additionally, ConsenSys indicated that IP addresses and wallet address data related to a transaction are not stored together or in a way that allows systems to associate those two pieces of data and that it is working to reduce the retention of such data to just 7 days in its next update.
On data monetization, ConsenSys said it has never traded on data collected from its customers.
The company also noted that it will update the MetaMask interface so that users can choose their own RPC providers. For now, Infura is configured as the default RCP provider when users connect to a certain chain through MetaMask.
Metaverse, Oxford's second word of the year
📍The word “Metaverse” has come in second as Oxford’s word of the year. “Metaverse,” which was first recorded in the Oxford English Dictionary in 1992, has become the second word of the year, after its use became popular in 2022 along with the rise of new technologies.
Oxford defines “metaverse” as a word used to describe a new virtual reality environment that is capable of replacing the Internet, the World Wide Web and social networks.
According to the university, by October this year, the use of the word “Metaverse” had increased almost fourfold compared to the previous year in the Oxford Corpus. Alongside “Metaverse”, there are other words that have also become popular, such as Web3, NFT, crypto, among others, Indian the institution.
Aave acquires Sonar to enter the metaverse
📍Sonar avatars coming to Lens Protocol thanks to Aave Companies acquisition. The company behind the decentralized protocol Aave, the decentralized social media framework Lens Protocol, and the overcollateralized stablecoin GHO, Aave Companies, has acquired metaverse company Sonar.
On Twitter, Aave developers reported that following the acquisition, Sonar will be integrated with the Lens Protocol team. Sonar will reportedly help accelerate Lens’ social media and mobile app strategy, with the goal of driving decentralization and giving power back to users.
Kentucky to investigate impact of cryptocurrency mining on electricity costs
📍Kentucky Public Service Commission launches investigation into proposed electricity rates for cryptocurrency miners. The state of Kentucky wants to attract large mining companies to its territory, so it is offering special benefits such as state tax breaks and low electricity rates. However, the latter has led the Kentucky Public Service Commission to initiate a research to assess the impact that proposed discounts on miners' electricity rates could have on the bills of citizens and residents.
According to the Commission, crypto mining company Ebon Facility has signed a contract with Kentucky Power to operate in the state at discounted electricity rates. Ebon Facility has an installed capacity of 250 megawatts (MW) and is located in the city of Louisa, the agency said. Likewise, cryptocurrency mining company Bitiki-KY, with an installed capacity of 13 MW, operates in the city of Waverly. A proposed contract for both crypto mining companies would grant them access to low electricity rates.
Chinese court declares NFTs virtual property
📍Hangzhou court in China said NFT tokens have the characteristics of online virtual property, so they should be under the protection of the law. According to the court, NFTs and digital collections of NFTs “have the characteristics of property rights objects, such as value, scarcity, disposability, and marketability, and also have unique attributes of online virtual property, such as virtuality and network technology, and belong to online virtual property.”
The Hangzhou court made these statements when assessing a lawsuit filed by a user following the purchase of an NFT package that an unnamed company refused to complete, claiming that the user provided their data incorrectly.
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