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How does it protect privacy ? Can it be used instead of No Referer ??....

Это отзыв для предыдущей версии этого дополнения (2.0.1-signed). 

The add-on includes EasyPrivacy and a couple hundred of hand-crafted domains known by tracking users, such as quant server, g analytics, trends live, etc etc

I don't see a relation between that and NoReferer, assuming it just hides the Referrer HTTP header sent to servers.