Brave's BAT 2.0 Will Drop Centralized Wallets, Add DEX
Brave has published the specs for version 2.0 of its crypto-powered web browser.
- Brave will add a native Ethereum wallet to version 2.0 of its browser, replacing its current crypto wallet.
- The browser will also include a decentralized exchange (DEX).
- Several other features are also under consideration.
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Brave has published the specifications for version 2.0 of its BAT cryptocurrency platform.
Brave Improves Decentralization
Brave plans to add a new native Ethereum wallet to replace its built-in cryptocurrency wallet. That wallet will hold Brave’s BAT tokens, distributed to users as a reward for viewing advertisements.
Brave additionally plans to introduce a decentralized exchange (DEX), which will allow users to swap tokens from within the browser. That DEX will offer discounted fees to BAT holders, support for liquidity providers, and layer-2 scaling features.
Other assorted features include support for NFTs and DeFi applications, BAT as a method of fee payments, a new wallet for mobile devices, fiat-to-BAT onramps such as card and bank payments, and a redesigned user experience (UX).
Finally, Brave plans to integrate its BAT token with search engines, e-commerce sites, IPFS file hosting, and VPNs, though these features are still being researched.
Will Brave Be Fully Decentralized?
Brave has historically been criticized for the fact that BAT rewards can only be withdrawn through Uphold, a service that requires users to identify themselves through KYC procedures.
Today’s news implies that there will no longer be any KYC for withdrawals. However, the exact degree of control that the project will maintain over BAT token payouts is not entirely clear.
Presumably, Brave will continue to limit payouts based on the number of devices in use; currently, users can only earn BAT through four profiles at once. Geographic limitations also prevent users in some areas from seeing ads and earning BAT as well.
When Will 2.0 Arrive?
Brave’s latest update states that the improvements listed above will be introduced in the next 12 to 18 months, meaning that users will be able to take advantage of the benefits quite soon.
Though Brave has a small market share, its popularity is on the rise. It currently attracts more than 20 million monthly active users; that number is projected to grow to 50 million by the end of 2021.
At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.
Correction: a previous version of this article referred to Brave 2.0; in fact, these updates will be included in Brave’s BAT platform 2.0, which is being developed separately from the browser.