Crypto-Powered Brave Browser Surpasses 20 Million Downloads

  • Brave browser, which rewards users in the BAT token, has surpassed 20 million downloads.
  • Brave browser users are not exposed to intrusive online ads and can choose to view ads while receiving BAT tokens in return.

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The adoption rate of the new Brave internet browser, which is set to pay users in crypto, appears to be growing steadily as it has now been downloaded over 20 million times.

As crypto enthusiasts know, the Brave browser is one of many newly developed online programs that intends to “fix the internet” by improving the user experience. Traditional web content monetization methods involve exposing website viewers to intrusive ads. In order to cover management costs, websites are often left with no choice but to display distracting ads as receiving payments for showing them is one of the only ways they are able to generate revenue.

However, the Brave browser has been experimenting with a different type of web content monetization method which involves compensating content creators and consumers with the browser’s native crypto, called the Basic Attention Token (BAT). The privacy-centric ad model is set to be rolled out to other browsers in the future.

Notably, the Brave browser appears to be becoming increasingly popular at a time when Google and Facebook’s privacy and user data policies have been heavily criticized. Large social media platforms have been involved in cases where they’ve been accused of selling user data in order to cover operational costs and earn massive profits.

Increasing Number Of Products Now Integrate Cryptocurrencies

Despite being a blockchain-based product, which have seen relatively low user adoption, Brave has managed to rank in the top 1% of all Android app store downloads. First introduced in March 2014, Brave browser’s average user rating is 4.3 - based on ratings given by approximately 81,500 users (on the Android app store).

Technology products such as Brave have attempted to use cryptocurrencies for a practical purpose. Other IT companies such as Samsung have also integrated crypto-related services into their product offerings such as the Galaxy S10 smartphone - as the mobile device comes with its own built-in digital asset wallet. Meanwhile, HTC launched the highly anticipated and first-ever blockchain smartphone. The gradual launch of these new crypto and blockchain-related products by companies developing solutions for mainstream users is arguably a sign of increased crypto adoption.

The developers of Brave claim their browser loads and functions about 8 times faster than Google Chrome, the world’s most widely-used browser. Brave’s creators attribute the improved performance to the browser being able to block online advertising and trackers.

Traditional Browsers Use Up To 70 Different User Behavior Trackers

By using the Brave browser users are able to browse the internet without advertisers knowing their location and surfing habits. While most traditional browsers ask users whether they want to share their location and other details, there are reportedly around 70 different trackers that are used by mainstream browsers - in order to obtain personal user information.

Meanwhile, Brave browser users have the option to view certain ads and also receive compensation in the form of BAT tokens (in exchange for viewing the ads). As explained by Brave’s developers:

Users who choose to see Brave Ads are presented with offers in the form of notifications as they browse the web, at a time that the browser finds appropriate and not disruptive. When users click to engage with these notifications, they’re presented with a full page ad in a private ad tab.

U.S. Treasury Secretary Steve Mnuchin 'Fine' With Launch of Facebook’s Libra

The secretary of the U.S. Treasury, Steve Mnuchin, has revealed he is “fine” with the launch of the Facebook-led cryptocurrency Libra, as long as the project follows strict financial rules.

According to a report published by Bloomberg, Mnuchin revealed his thoughts on the Libra cryptocurrency while speaking in a Washington, D.C. hearing of the House Financial Services Committee, responding to a question from a lawmaker. He was quoted as saying:

I’m fine if Facebook wants to create a digital currency, but they need to be fully compliant. In no way can this be used for terrorist financing.

Since Libra was announced back in June of this year, Mnuchin revealed he has met with Facebook various times to discuss regulatory concerns, something that slowed the cryptocurrency’s pace towards its launch, expected in 2020.

The cryptocurrency is set to be governed by the Libra Association, and is reportedly going to be backed by fiat currencies and short-term U.S. Treasury bonds. Its backing in terms of fiat is set to consist of the European euro (18%), the Japanese yen (14%), the British pound (11%) and the Singaporean dollar (7%).

During the hearing, Mnuchin also addressed the U.S. potentially developing its own digital currency, and noted that both he and Federal Reserve Chairman Jerome Powell don’t see a need for it in the near future. Mnuchin stated:

Powell and I have discussed this – we both agree that in the near future, in the next five years, we see no need for the Fed to issue a digital currency.

The European central bank, according to a report, may launch its own digital currency if cash usage drops and is the private sector fails to create an efficient solution for cross-border payments, which the financial institution deemed too expensive.

Featured image via Unsplash.