A privacy-focused browser, Brave continues to deepen its commitment to cryptocurrency adoption by replacing its extension-based cryptocurrency wallet with a browser native.
The company told Cointelegraph on Tuesday that it is preparing for the official launch of Brave Wallet, a self-service cryptocurrency wallet built into the Brave desktop browser, allowing users to store and purchase cryptocurrencies like Ether. (ETH).
Brian Bondy, chief technology officer and co-founder of Brave, told Cointelegraph that the new wallet replaces Brave’s MetaMask extension fork named Crypto Wallets. According to the training manager, the new implementation was “built from the ground up, natively in the Brave browser”.
The new wallet is different from other web 3.0 wallets like MetaMask in that it doesn’t require users to download an extension, but rather is built right into the browser, itself, as the core functionality. . According to the company, this is supposed to reduce security risks and the dependence on additional processor and memory.
Bondy said the browser’s cryptocurrency wallet is similar to hardware crypto wallets as it implements its own hierarchical deterministic BIP32 wallet.
“The funds are still stored on the blockchain, but the keys to unlock these funds are stored in the Brave Wallet,” Bondy said. He added that the user’s private keys always remain on the hardware devices if the user chooses to connect a hardware wallet through providers like Ledger or Trezor.
According to Bondy, the industry’s reliance on crypto wallets in the form of browser extensions is one of the main obstacles to the widespread adoption of crypto due to their limited security.
“One of the biggest problems with extensions is how easy it is for criminals to fabricate fake ones claiming to be a good wallet extension – such identity theft attacks are quite common,” he said. declared the training manager. Bondy cited examples such as bogus MetaMask extensions aimed at stealing user cryptography, noting that these also “tend to accumulate a number of code dependencies” that can potentially lead to security audit errors. unresolved over time, adding:
“Extensions cannot paint over the ‘full canvas’ of the browser user interface, especially not the address bar or tamper-proof toolbar. Brave Wallet can take full advantage of this UI area to help protect users from traps. “
The Brave Wallet allows users to transact on “almost any crypto asset”, supporting any Ethereum virtual machine, or EVM-compatible channel, including Polygon, xDai, Avalanche, and others. Bitcoin (BTC) support is under development and will come at a later date, Bondy said. While the company plans to expand its browser with more blockchains, the Brave Wallet will also integrate the Solana blockchain in 2022.
In addition to supporting DApp interactions, Brave Wallet also allows users to send and receive non-fungible tokens, or NFTs, based on EVM-enabled blockchains. The wallet also allows users to buy cryptos with many fiat currencies including US dollar or Euro through the Wyre crypto-to-fiat service.
The Brave Wallet is free and immediately available on the desktop, while its mobile app will integrate with the wallet at a later date. To get started with Brave Wallet, users need to download Brave browser and upgrade it to the latest version 1.32. The new wallet is different from Brave Rewards, the signup feature that rewards Brave users with Basic Attention Tokens (BAT) for viewing privacy-protecting ads.
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The crypto-enabled browser has become extremely popular in recent years, with monthly active users increasing from 25 million in February to over 42 million in November 2021.