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You are missing the point. This works in offline mode too. Everything is client-side. As a bonus it also works in Firefox. The reason it is hosted like this is because it provides more flexibility and allow us to deploy more awesome features more rapidly.

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Wait...you can change the script the extension runs, at any time, without user notification? Yeah...no....

You do not affect the extension. That will be against policy. It is client-side code and all it does it to send raw HTTP requests from the page of the app. It cannot run in the background. It works the same way in Firefox too.

Also, there are no notifications when updating extensions anyway - not that you can prevent those updates or even bother reading the code. Nothing changes really from the perspective of the browser security model.

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