A privacy-focused browser, Brave continues to deepen its commitment to cryptocurrency by replacing an extension-based crypto wallet with a browser-based wallet.
The company announced to Cointelegraph on Tuesday that it is preparing to officially launch Brave Wallet, an offline cryptocurrency wallet built into the Brave browser that allows users to store and buy cryptocurrencies such as Ether (ETH).
Brian Bundy, chief technology officer and co-founder of Brave, told Cointelegraph that the new wallet replaces an expansion fork of Brave’s MetaMask called Crypto Wallets. According to the head of training, the new app is “built from the ground up, integrated into the Brave browser.”
The new wallet differs from other Web 3.0 wallets such as MetaMask in that it does not require users to download the extension, but is built directly into the browser itself as a core functionality. The company says this will reduce security risks and dependence on an additional processor and memory.
Bundy said that a browser crypto wallet is similar to a hardware cryptocurrency in that it implements its own hierarchical deterministic wallet, BIP32.
“The funds are always stored on the blockchain, but the keys to unlocking those funds are stored in Brave Wallet,” Bundy said. He added that the user’s private keys always remain on the devices if the user decides to connect to a hardware wallet from vendors such as Ledger or Trezor.
According to Bondi, the industry’s reliance on crypto wallets in the form of browser extensions is one of the main obstacles to mass adoption of cryptocurrencies due to their limited security.
“One of the biggest issues with extensions is how easy it is for attackers to create fake extensions that pretend to be a good wallet extension – such fake attacks are fairly common,” said Head of Training. Citing examples of how fake MetaMask extensions aim to steal users’ cryptocurrency, Bundy noted that they also “tend to accumulate a number of code dependencies” that may lead to unresolved errors in security audits over time, adding:
“Extensions cannot draw the “full screen” of the browser user interface, especially in the address bar or toolbar, which cannot be tampered with. Brave Wallet can take full advantage of this area of the user interface to protect users from fraud.”
Brave Wallet allows users to transact in “virtually any cryptocurrency” and supports all Ethereum VM or EVM compatible blockchains, including Polygon, xDai, Avalanche, and others. Bundy said support for Bitcoin (BTC) is under development and will arrive at a later time. As the company plans to expand its browser with an additional blockchain, Brave Wallet will also integrate the Solana blockchain in 2022.
In addition to supporting DApp interoperability, Brave Wallet also allows users to send and receive non-fungible tokens, or NFTs, based on EVM-compliant blockchains. The wallet also allows users to purchase cryptocurrency in a variety of fiat currencies, including the US dollar or the euro, through Wyre’s cryptocurrency service.
Brave Wallet is free and immediately available on the desktop, with the mobile app that later integrates the wallet. To start using Brave Wallet, users need to download Brave browser and update it to the latest version 1.32. The new wallet differs from Brave Rewards, a subscription feature that rewards Brave users with Basic Attention Tokens (BAT) for viewing privacy ads.
Related Topics: MetaMask Boosts Enterprise Offerings With BitGo Integration
Brave Browser is the idea of JavaScript creator and co-founder of Mozilla Brendan Eich, who co-founded Brave Software in 2015 with Bondi. In June 2017, Brave raised $35 million in 30 seconds as part of its BAT coin offering.
An encryption-enabled browser has become very popular in recent years, with the number of monthly active users increasing from 25 million in February to over 42 million in November 2021.
