(Updates at the bottom of this topic)
NOTE: You may want to subscribe to this topic for updates. You can do that by scrolling to the bottom and change it to Watching, such as you can see in screenshot below:
Hey all! I just wanted to give some updates. If you haven’t realized, Brave has been working on adding on chain payments for Rewards and Creators. What this will mean, once implemented, is that exchange partners won’t be required and everyone should be able to participate regardless of country.
Foundation for Rewards
The very first movement in this way is Boomerang, which you can see in the link below, kind of trying to explain how it will work for Rewards and keep privacy:
Creators
Currently implemented for Creators are on chain payments which will allow you to link any ethereum or solana wallet to be able to receive direct payments. If you add these options to your Creators, it will give users options to tip, directly using crypto in their wallets.
Things to note:
-
Wallet will have to be signed. This means when the Creator is setting this up, you can’t just type in the address. You’ll need to have an extension or something to connect with.
-
The person tipping will have to pay gas fees. This is essentially just sending from wallet to wallet, but making it easier to do.
-
Brave will not take any percentages of anything tipped using this method. Only BAT tipped from custodial partners will have percentages taken out by Brave. (using traditional tipping method)
-
Tips will be sent and received “instantly,” as this just is a normal wallet to wallet transaction. So it will get there as quick as the network allows it and you’ll be able to track via blockchain to make sure it arrives.
You can see the official announcement of this at the link below:
Rewards, On Chain Payments
There is no ETA that has been given on when this will arrive for everyone. As it was shared recently, it is going to start off on an invitation only basis. The invitation will appear through browser notification within Rewards. Those who get the invite and choose to sign up will be able to start receiving Rewards payments directly to their Brave Wallet or any wallet they choose.
This will mean no KYC/AML will be required to participate in Rewards or to receive payments. Also then, countries like Germany and Philippines which have been restricted will have access to earn once again.
The big thing being worked on in testing right now is just trying to look at antifraud measures and working on some of the basics of efficiency. You can see an official notice on this below:
Why couldn’t Brave have done this before?
Up until now, Brave has been trying to be very cautious as a newer company. This is especially true with how crypto regulations have constantly been changing. As I pointed out at * Why is KYC/AML required? and I want to connect to binance or Exodus - #2 by Saoiray is that there have been a lot of heavy requirements by governments and many exchanges or others that have been fined or imprisoned for failure to KYC/AML and all.
As Brave has grown and been able to learn about everything, they are more confident in being able to transition to the on chain payments…which is something they have always wanted to do. It’s just been a long journey to get to it. And we’re not quite there yet, but definitely making progress.