• Brave Wallet Extension - Secure Crypto Wallet - Brave Browser

    The Brave Browser has been around for a while, and it has been steadily climbing the ranks in terms of popularity. Touted as a faster privacy-oriented alternative to competitors such as Chrome or Firefox, not to mention its capacity to enable users to earn cryptocurrencies from simply watching or viewing adverts, the Brave Browser presents a breath of fresh air in the crowded world of web browsers.

     

    Adding to the attractive features in its ecosystem, Brave Browser has recently added the Brave Wallet to the mix. This is a non-custodial hardware wallet that is built primarily on the Ethereum network to enable storage of all ERC-20 tokens.

     

    The Wallet is designed to be a native solution to the Brave Browser and comes with support for all Ethereum Virtual Machine (EVM) compatible chains such as Polygon, Avalanche, xDai, and other layer-2 solutions. Enabled with an MPL license, the Brave Wallet is built to allow developers to make contributions swiftly and easily.

     

    In this article, we will take a deep dive into the Brave Wallet and scrutinize it with a fine-tooth comb. We will highlight its features, usability, and overall design to come with a verdict.

     

    Brave Wallet Pros & Cons

    Pros

    Non-custodial wallet

    Compatible with EVM and another layer 2 solutions

    Supports storage of ERC-20 tokens as well as NFTs

    Comes with a built-in swap functionality

    Built-in anti-phishing and theft protection

     

    Cons

    Doesn’t support the storage of Bitcoin

    Not yet available on Brave Browser’s mobile application

    New wallet so security is relatively untested

     

    Best Features of the Brave Browser Wallet

    Brave claims that their Brave Wallet is designed to use fewer CPU resources as it is built into the Brave Browser. However, what stands out for the Brave Wallet is the fact that it is a non-custodial software wallet that enables users to securely store their private wallets on any device where Brave Browser is installed.

     

    As long as the device you use with your Brave Browser is secure, you can be sure of secure storage of your digital assets in the Brave Wallet.

    What Cryptocurrencies are Supported

    The Brave Wallet supporters the Ethereum network and therefore can be used for storage of all ERC-20 tokens as well as other tokens compatible with the EVM or other Ethereum based layer two solutions. Some of the top ERC 20 tokens that can be stored on the wallet include:

     

    1. Ether (ETH)

    2. Basic Attention Token (BAT)

    3. Wrapped Bitcoin (WBTC)

    4. Chainlink (LINK)

    5. USD Coin (USDC)

    6. Tether USD (USDT)

     

    Some of the popular EVM compatible chains include:

     

    1. Polkadot (DOT)

    2. Avalanche (AVAX)

    3. xDai

     

    Solana (SOL) is set to be added some time in 2022.

     

    Brave Wallet Security

    While there is currently limited information on the security features that the Brave Wallet deploys, the fact that the wallet is built natively into the Brave Browser adds a layer of security as there are no vulnerable loopholes for phishing attacks.

     

    Phishing and spoofing attacks are common in most crypto wallets because most web-based wallets are accessed via an online platform. The attack occurs when a third party manages to get access to the user’s credentials and is, therefore, able to redirect the user to a genuine-looking website that looks just like your wallet’s interface.

     

    Through a phishing or spoofing attack, a hacker can get the user to provide their private key or seed phrase which is used by the hacker to gain access to the funds in the account.

     

    Most wallets store your assets on their proprietary platform, leaving them vulnerable to phishing attacks. However, for Brave Wallet, secure storage of your seed phrase or private keys is in your control.