Brave is an open-source, Chromium-based browser available across multiple platforms, that comes with its own integrated wallet — the Brave Wallet. However, unlike Google Chrome, it places great emphasis on performance and user privacy. In this article, we will examine how the Brave Wallet works, how it competes with MetaMask, and how to install it to start collecting BAT.
KEY TAKEAWAYS
► Brave Wallet is a self-custody crypto wallet integrated into the Brave Browser. It offers features like market data, NFTs, and transactions.
► Unlike many other wallets, Brave is built directly into the Brave browser, rather than being a wallet extension on the browser.
► The wallet’s user-friendly interface and integration within a privacy-focused browser differentiate it from competitors like MetaMask.
► While the Brave Wallet offers significant benefits, it has limitations such as a limited number of supported blockchains.
What exactly is Brave Wallet?
The Brave Wallet is a self-custody crypto wallet integrated into the Brave Browser. Users can track market data, send and receive NFTs, buy, store, and exchange their tokens, plus much more. It performs well while using less energy, requiring less CPU and RAM to run on devices.
Brave’s original crypto wallet was a fork of MetaMask. As Brave developed, the project team determined that the highest standards of security and privacy would not be possible through a wallet extension. They realized this could only be achievable with an integrated crypto wallet built into the browser.
Extensions, while convenient, can pose additional security risks. They are separate programs running on the browser, which could potentially be targeted by malicious actors.
The Brave Wallet is free to download and use; however, those who wish to use the token/coin trading and exchange feature will need to pay a transaction fee equal to the transaction value of comparable crypto wallets. Furthermore, both desktop and mobile devices support Brave Wallet (including Android and iOS).
The Brave ecosystem
The Brave ecosystem has a lot to offer in addition to its wallet, which we describe below. This includes a dedicated token and web browser, as we mentioned earlier.
Brave Browser
With the Brave Browser, ads and trackers are blocked by default, resulting in a smoother and safer user experience. This is unique compared to other browsers, where users support websites by allowing ads to run and not installing ad-blockers.
With the Brave Browser, if a user chooses to allow ads to run while they browse the internet, they receive compensation through Brave Rewards and are paid in “Basic Attention Tokens” or “BAT.”
With this solution, users can opt-in (or opt-out) to view privacy-preserving ads and earn token rewards. In fact, since January 2022, over 8 million users have earned BAT tokens using Brave Rewards. In addition, users can later redeem those tokens or use them to tip content creators.
Basic Attention Token (BAT)
The Basic Attention Token (BAT) is the native token of the Brave Browser that runs on Ethereum. It is an ERC-20 token that utilizes blockchain technology to track user attention in exchange for rewards. BAT launched in 2017 through an ICO (initial coin offering). During the ICO, Brave raised $35 million in less than 30 seconds.
Users may acquire BAT tokens by purchasing them or by:
- Viewing ads on the Brave browser
- Earning BAT rewards
- Joining the Brave Rewards Creators program
Once a user acquires the BAT token, they have three options: hold it, exchange it for money or another cryptocurrency, or use it to tip their preferred content providers.
Brave Wallet
The Brave Wallet is a self-custody wallet built into the Brave browser. When a user sets up a Brave Wallet, they can use it to manage their BAT. Additionally, they can also purchase cryptocurrencies and NFTs using non-crypto payment systems such as credit and debit cards. Furthermore, users can connect to other crypto wallets to conveniently use more cryptocurrencies across the web.
Features of Brave Wallet
The following is a non-exhaustive list of some of the top features the Brave Wallet has to offer users:
Price matching: The wallet comes with a price-matching mechanism that helps users to trade assets for the best price possible. One of the main functions of the wallet is to serve as a kind of aggregator for consumers who wish to make fast transactions on a single platform.
Decentralized applications (DApps): Users can interact with DApps for any EVM-compatible network (Polygon, Avalanche, and others).
Import wallets: Users can import a wallet from Trezor and Ledger, MetaMask and self-custody wallets, Brave’s legacy crypto wallets plugin, and more.
Send and receive crypto assets: On blockchain networks like Ethereum, Solana, Filecoin, and others, users can buy, send, store, and exchange thousands of assets (and NFTs) without any hassle.
In-app bridging: Users can swap assets directly from within the wallet. This feature supports major EVM chains, such as BNB Smart Chain, Arbitrum, Base, Polygon, Optimism, and zkSync Era. Li.Fi provides the bridging functionality.
Benefits and limitations of Brave Wallet
| Pros | Cons |
|---|---|
| Top-notch security | Limited blockchains |
| Free to use | Limited features |
| User-friendly | Can’t receive BAT rewards |
| Built directly in the browser |
Advantages
Below are three notable advantages of the Brave Wallet.
Superior security
Phishing attempts are frequent as users can access most web-based wallets through internet platforms. Malicious attacks happen when a bad actor successfully obtains the user’s login information.
The hacker can then lead the user to a website that closely resembles the interface of their wallet. This results in the wallet owner revealing their private key or seed phrase, which gives the hacker access to the account’s funds.
Many wallets keep users’ information on their proprietary platform, making them susceptible to exploits. However, this is not the case with Brave Wallet, as the wallet holder is in charge of their own private keys and personal data.
Free to use
It costs nothing to use Brave Wallet or Brave Browser. It is the only large web platform that compensates users for exploring the internet.
User-friendly interface
The Brave Wallet has a very attractive design. The user interface is intuitive, easy to use, and clear, even for first-time users. The wallet also supports many languages, which suggests that it can cater to a wide range of customers.
Disadvantages
Of course, the Brave Wallet has its limitations. Some of these drawbacks include:
A limited number of blockchains are supported
There are not many blockchains supported by the Brave Wallet comparatively speaking, meaning that users cannot interact with a wide range of popular tokens.
Cannot receive monthly BAT rewards with Brave Wallet
Users cannot use Brave Wallet to earn monthly BAT token incentives. Instead, to receive incentives, users must go through a third-party custodian such as Uphold, Gemini, or BitFlyer.
Limited features
Unlike many popular wallets, Brave has a limited number of features. Some of the features that it could potentially benefit from are in-app staking, address books, safe/official decentralized application (DApp) whitelisting, etc.
Tutorial: how to set up Brave Wallet
To use Brave Wallet, you must first download the Brave Browser. Next, click on the “wallet icon” in the top-right corner of the screen to create a Brave Wallet account. Then, continue setting up your account by choosing a new password and saving your recovery/seed phrase.
The following steps set out exactly what you need to do:
- Go to the Brave Browser and click the wallet symbol in the upper-right corner of the screen. Next, click “Learn more.”
2. You will arrive at the wallet onboarding page after clicking “Learn more.” Click “Create new wallet” and tick the boxes declaring that you understand and agree to the “Legal Stuff.”
3. The next step is to create a new password to lock your Brave Wallet. Enter a password. Click “Next” after you have set the password.
4. Make a note of your recovery/seed phrase. In the event you forget your password, misplace or lose your device, or replace your wallet, the recovery/seed phrase is the only way to regain access to your account.
Finally, click “Continue.” Now, you will need to confirm your recovery phrase. After you have selected the relevant phrases in the correct order, click “Confirm.”
5. You now have your own wallet and can buy or deposit crypto. Just click “Done” to be taken inside your new wallet.
Brave Wallet vs. MetaMask
Brave Wallet and MetaMask are popular crypto wallets. Both applications can link to web3 DApps and manage a crypto portfolio and other assets. But there is a crucial distinction between the two: MetaMask requires users to install an extension to their web browser, whereas Brave Wallet is already built into the Brave Browser.
MetaMask is a cryptocurrency software wallet designed to interact with the Ethereum blockchain. It provides a simple user interface and is available on mobile devices as well as a browser extension. Another impressive feature of the MetaMask wallet is MetaMask Swaps.
This DEX aggregation service helps users find the best prices and determine which aggregator is the most gas-efficient for a given trade. A similar price matching mechanism is also available in the Brave Wallet.
| Parameter | Brave Wallet | MetaMask |
| Installation | Users must first download the Brave Browser in order to access the Brave Wallet. | Users can install it as an add-on in Google Chrome, Firefox, and Edge like any other extension. |
| Imports hardware wallets | Yes | Yes |
| EVM Compatible | Yes | Yes |
| Supported Cryptocurrencies | All ERC-20 tokens, as well as other tokens compatible with the EVM or other Ethereum-based layer 2 solutions, can be stored using the Brave Wallet. | ETH and any ETH-based token. This includes ERC-20, ERC-721, and more. |
| Solana Support | Yes | No |
| Open License | Yes | No |
Is the Brave Wallet suitable for everyone?
Brave Wallet has become popular as it offers a clean, easy-to-use, and efficient interface. Because of this, the Brave Browser has helped it achieve a certain level of popularity, and the ability to earn BAT has also helped.
While it has some drawbacks, it’s a worthwhile choice if you want a wallet that comes with a privacy-focused browser. In addition, Brave continues to innovate and add new features, so there may be more in store for users in the future.
Frequently asked questions
Is Brave a good wallet?
Is Brave crypto wallet safe?
How do I access Brave Wallet?
What coins can be stored on Brave Wallet?
Does Brave give you money?
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