Brave Update - That could be a game changer

Brave Update - That could be a game changer

By TrocProcLock | Earning that Crypto | 5 Mar 2021


So upon writing my article for the new Brave Search feature I came across their Roadmap 2.0. I gave it a read here and while I was happy to see what they are planning one little tidbit stood out to me that could be a huge game changer for crypto.

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Here is a screenshot from their Roadmap 2.0. Take a look at the highlighted red section. When you read that you think to yourself "oh cool I can pay with BAT instead of ETH for transaction fees, that will be cool". But it goes way way deeper than that. Brave is looking to bring their own Exchange to the table. Meaning Brave will have their own DEX where you can buy, sell and trade tokens. So if you want to buy ETH you can swap your BAT for ETH, for example. Normally when you buy or sell or basically just send a ETH based token you need to pay ETH gas fees. What Brave is suggesting is that you will be able to use BAT as the gas token to pay for fees.

Brave is going to offer transaction fees at a discount in their exchange if you use BAT instead of ETH. THAT IS HUGE. This is going to open up trading to a lot more people. Right now if you want to send BAT somewhere or buy something with BAT you need ETH to pay for the gas fees. This is going to give everyone a 2nd option and it might help save Ethereum, because the gas fees are killing ETH right now. If I can move all my assets to the Brave Exchange and then choose between ETH or BAT for gas fees I would. I can pick whichever is going to be cheaper to use and it will probably be BAT. And as being a Brave user for a while now I have accumulated a lot of BAT so it fits perfectly for me.

A lot of times we associate Dogecoin with being the token that gets people into and aware of the crypto space. But I see Brave and BAT as replacing that and taking the crown as entry level crypto and also nerd level crytpo. An every day user can download Brave and start earning BAT. Then when they have an integrated Exchange it would be easier for an everyday user to buy and sell crypto. Brave needs to put a lot of work into their exchange to make it approachable for everyday users. A lot of exchanges are just daunting to look at when you are new to the space.

I am super nervous though that with Brave creating their own DEX that it is going to require KYC. They need to be very careful here. If I am user who wants to just keep my assets and maybe send them a few times or trade them a few times I don't want to go through the KYC process. That is a non-starter for me. If I want to purchase crypto and sell it for fiat then okay fine KYC is understandable. But you have to remember too that KYC is a big hill to cross and will scare a lot of people away initially. It has to be a rolling approach here.

 

Just a little more info that got me excited is their plans for a truly Decentralized Web. I am not going to give a deep dive into the topics but here they are.

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TrocProcLock
TrocProcLock

I am a crypto enthusiast and also a crypto noob :) Just trying to learn more each day.


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