EP - 17

Ledger and MetaMask: The Great Fix and Beyond w/ Jacob Cantele

with

Jacob Cantele
Metamask Lead of Ops

Nov 16, 2021

How Ledger and MetaMask are Uniting for Safer, More Accessible Self-Custody

On this episode of On The Ledger, host Mo Sayed welcomes Jacob Cantele, Lead of Operations at MetaMask, and Charles Hamel, VP Product at Ledger, to discuss their renewed partnership. They delve into the critical fix addressing past user experience issues, their shared vision for secure and accessible self-custody, and the future of Web3.

Key Highlights:

The Partnership and the Great Fix

MetaMask, a popular Web3 gateway, and Ledger share a vision for secure, accessible self-custody. Past Ledger support on MetaMask was problematic due to browser API deprecations and reliance on the Ledger Live bridge.

A new, direct integration using native APIs offers a stable and improved experience, eliminating the need for the Ledger Live bridge.

Addressing Growth, Hacks, and Scams

MetaMask grew from 500,000 monthly users in 2020 to 10 million in 2021, and it’s still growing. But with that growth came more security problems, scams, and user issues. Phishing, especially, got worse with lots of fake social media accounts and support channels popping up.

To combat these threats, MetaMask has implemented several security measures:

External Company & Kill Chain Security Model: They hired Phishfort, an external company, to work full-time on takedowns of various phishing and scam attacks, including malware, fake chat rooms, rotten seed phrase scams, and compromised seed phrase onboarding.
Internal Software Enhancements: MetaMask rolled out a new product called “Lava Mode,” which provides secure sandboxing for every JavaScript dependency, preventing supply chain attacks on MetaMask itself.
User Experience Improvements: The platform is making it easier and easier for people to use hardware wallets, get keys off their devices, and harden their security in every possible way.

Navigating Platform Risk in Web3

The conversation also touched upon the “great power” browsers have due to their role as essential meta apps.

The convergence of browser engines, with many like Opera and Microsoft Edge moving to Chromium, means concentrated power rests with those who control these engines, creating a platform risk for Web3 applications.

“It’s increasingly important for us to find ways to avoid that platform risk and really to argue for open standards and to promote interoperability”. – Jacob Cantele

He believes the future should not be limited by large tech giants with advertising-based models that are unsympathetic to Web3. Charles Hamel added that platform risk is even greater with native mobile apps compared to the web, where there will always be ways to access web interfaces from various browsers and operating systems.

Watch the episode here:

Key Insights on the Future:

Jacob Cantele (MetaMask)

MetaMask aims to make hardware wallet integration a “first-class” experience, including mobile support, to drive growth and reach diverse markets.
Their core mission is to “democratize access to the decentralized web” and establish a new financial system.
Despite the clear value of the ecosystem, current user experiences are not ready for “a billion people,” highlighting the need for improved security and user experience.
MetaMask addressed “widespread misconceptions about the ecological footprint” of crypto.
They stated that most crypto activity occurs on proof-of-stake chains and that NFT concerns are largely unrelated to climate change.
However, Bitcoin’s energy consumption was acknowledged as a potential future issue.

Charles Hamel (Ledger)

Ledger aims to be the leading provider of Web3 key devices.
Their devices will support various assets and applications, including Polkadot, Cosmos, and Solana.
A major focus is on native dApp interactions, ensuring users can clearly see what they are signing on the device to mitigate a less understood risk.
Hamel predicts digital wallets will become essential for login, identity, proving ownership, gaming, and social networking.

This combined effort will drive the Web3 ecosystem to 100 million users.

Tips for Crypto First Graders:

For newcomers embarking on their crypto journey, Charles Hamel and Jacob Cantele offer key advice:

Beware of Phishing: Charles warns that phishing is the biggest risk for newcomers. Users must be vigilant about requests for wallet information.
Use a Hardware Wallet: A Ledger device offers peace of mind by keeping keys secure and offline.
Prioritize Product Usage Over Speculation: Jacob advises using products like DEXs or games like Decentraland over mere speculative asset buying.
Engage in Communities: Join Discord servers (cautiously) to develop long-term relationships and understand the ecosystem’s culture, which is more sustainable than pure speculation.

Reading List

Learn more about these topics mentioned in the episode, or explore our library of articles on Crypto, Security, and Regulation on Ledger Academy