why Microsoft rewards don’t need kyc. and brave need
please explain… anyone…
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Microsoft Rewards isn’t cryptocurrency and therefore is held under different regulations.
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Which is the same point I made here that they should have never gone with the ‘web3’ meme.
Think for a second, if brave rewards functioned like microsoft/bing rewards where would brave rewards be…
Not an income, but for tipping
The intent never was to serve as an additional source of income for people. It was meant to be a User Rewards (hence the name, Rewards) program that put Users in control of who received ad revenue via tipping. In earlier documentation and guides, it explained how websites were incentivized by standards to load their websites with ads and to collect as much data from us as possible.
Rewards was the revolutionary idea on how to tackle that. It would allow advertisers to pay for privacy preserving ads to be displayed, gives Users the ability to control ads they see, and also allowed the User to choose which content that ad revenue could be used to support.
This behavior would have created a somewhat circular behavior. Advertisers pay to have ads shown → Users receive BAT to tip Creators → Creators use BAT to advertise and draw a larger crowd to their content AND refer their followers to Brave → process repeats and grows.
Sure, there was an expectation for some to be “skimmed off the top” so-to-speak and to have some used for profit, where you’d be paid. But not to the extent that people have been doing with it and talking of in recent years.
Project Funding and growth
Another key aspect to remember is that the project really got its start with an Initial Coin Offering. https://techcrunch.com/2017/06/01/brave-ico-35-million-30-seconds-brendan-eich/ $35 million raised in 30 seconds.
When you consider changing values, you had 1 BAT = $0.17 and then come periods like April 2021 it went as high as $1.54 and as high as $1.84 on November 25, 2021. That is free growth and money in their pockets. With how BAT is intended to circulate, this means advertisers would “buy in” at certain periods of time with their ads but depending on the value of BAT, this could have multiplied in worth. Such as they charge $500 for an ad, but now that $500 could change to $1,000-1,500 (if looking at $0.17 to $1.50+ growth, that’s near 10x, so would be like $500 becoming $5,000) or more due to BAT prices.
The above is especially made true when you consider much of what was being done was through vBAT and not BAT itself. But that gets to be a much more complicated discussion.
I’m sure there’s complexities to this I’m missing and maybe I’m not phrasing things the way I should, but it was a closed market where Brave would be able to continuously be able to have the money circulating in and out and never really have to worry about funding. But if they went to cash only, that throws in a lot more variables and it wouldn’t be as sustainable due to it not being a closed system like you have with BAT (crypto) as the base.
Regulations: The thorn in our side
I’m not going to speak much on this, but you should go back and look at how regulations were at the start of 2017 compared to the end of 2017. Then also look at the laws and regulations then compared to now. They’ve changed a lot, getting much stricter than ever. Honestly, we’re likely to see things get even worse on regulation after this whole FTX fiasco, which is even getting politicians talking of regulating DeFi.
I did actually tackle some of these requirements and changes in FAQ thing I wrote about Why is KYC/AML required?
All of that aside, I think Brave and BAT is doing well. Yes, prices of BAT have dropped. Regions have been cut due to the economy and government regulations. There’s a lot of hoops and hurdles to jump through. But you do hear more about Brave and BAT than you do things like Microsoft Rewards, and for good reason.
I know my phrasing on things throughout this whole post is kind of crappy and maybe thoughts not entirely cohesive as I just woke up and am trying to think. Usually not a good combination. At least throwing this out there. I know BAT and Rewards is good and definitely a better base than something like Microsoft Rewards. Some of it touched on in the above. In fact, I don’t think Brave would have survived if had just done everything with cash. But that’s a whole other conversation.
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one flaw in the circular bat economy idea is that advertisers aren’t required to pay in bat. they should be, that creates buying pressure and ideally the price could stablize over time based on the relative cost of advertising (so bats actual main utility).
really brave has dropped the ball consistently when it comes to using bat for anything other than tipping and speculation.
and no, buying nfts on solana doesn’t count. particularly when they provided no method at all for getting ones bat to the solana chain in the first place.
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