Brave launches browser native encrypted wallet to combat false extensions

The privacy-oriented browser Brave continues to deepen its commitment to cryptocurrency adoption by replacing its extension-based cryptocurrency wallet with the browser’s native wallet.

The company announced to Cointelegraph on Tuesday that it is preparing for the official release of Brave Wallet; a self-hosted cryptocurrency wallet built into the Brave desktop browser that enables users to store and purchase Ether (Ethereum).

Brave CTO and co-founder Brian Bondy told Cointelegraph that the new wallet replaces Brave’s MetaMask extension fork called Crypto Wallets. According to the CTO, the new implementation is “built from the ground up, natively in the Brave browser.”

The new wallet is different from other web3 wallets such as MetaMask in that it does not require users to download extensions, but is directly built into the browser as a core function. According to the company, this should reduce security risks and reliance on additional CPU and memory.

Bondy said that the browser’s cryptocurrency wallet is similar to a hardware crypto wallet because it implements its own BIP32 hierarchical deterministic wallet.

“The funds are always stored on the blockchain, but the keys to unlock these funds are stored in the Brave wallet,” Bundy said. He added that if a user chooses to connect to a hardware wallet through a provider such as Ledger or Trezor, the user’s private key will always remain on the hardware device.

According to Bundy, due to limited security, the industry’s reliance on encrypted wallets in the form of browser extensions is one of the main obstacles to mainstream encryption adoption.

“One of the biggest problems with extensions is that criminals can easily pretend to be a good wallet extension-this kind of spoofing attack is very common,” said the CTO.Bundy cites such an example Fake MetaMask extension Designed to steal users’ passwords, noting that these also “tend to accumulate many code dependencies”, which may lead to unresolved security audit errors over time, adding:

“Extensions cannot be drawn on the “full canvas” of the browser user interface, especially the address bar or non-spoofing toolbar. Brave Wallet can make full use of this user interface area to help protect users from fraud.”

Brave Wallet allows users to trade “almost any encrypted asset” and supports all chains compatible with the Ethereum virtual machine or EVM, including Polygon, xDai, Avalanche, etc. Bitcoin (Bitcoin) Support is under development and will be provided later, Bondy said.Due to company plan Expand its browser with more blockchains, Brave Wallet will also integrate Solana blockchain in 2022.

In addition to supporting DApp interaction, Brave Wallet also allows users to send and receive irreplaceable tokens or NFTs based on an EVM-compatible blockchain. The wallet also allows users to purchase cryptocurrencies in multiple fiat currencies, including U.S. dollars or euros, through the cryptocurrency-to-fiat currency service Wyre.

Brave Wallet is free and can be used immediately on the desktop, while its mobile application will integrate wallets in the future. In order to start using the Brave wallet, users need to download the Brave browser and upgrade it to the latest version 1.32.The new wallet is different from Brave Rewards, the opt-in function is Reward brave users with basic attention tokens (BAT) is used to view privacy protection advertisements.

related: MetaMask promotes institutional issuance through BitGo integration

Brave Browser is the brainchild of the creator of JavaScript and the co-founder of Mozilla Brendan Ashe, He co-founded the Brave Software startup with Bondy in 2015. In June 2017, Brave raised $35 million in 30 seconds​​ During its BAT ICO.

In recent years, encryption-friendly browsers have become very popular, with monthly active users increasing from 25 million in February Finish 42 million As of November 2021.