Bitcoin is the revolution the citizens of the world have been waiting for. The perfect digital currency that will allow them to break free from the shackles of the financial system they have become part of. Bitcoin is as much a boon to the virtual world as it is to the real world. Micropayments are just one small part of the problem addressed by the digital currency and this solution has the potential to change the way the internet has been working so far.
The costs associated with the conventional financial system is high. These costs can be justified while making large transactions, but when it comes to smaller transaction sizes, the cost of transactions may render the micro-transaction meaningless. For example, if a payment processor charging 2.9% per transaction plus a fixed fee of $0.30 per transaction is used to make a microtransaction of one dollar, the recipient will be receiving $0.78 instead of $1, which is only 78% percent of the total funds transferred. Whereas with bitcoin, no matter how big or small the transaction is, a small fraction is charged as miner fee and the recipient receives the complete amount in bitcoin.
Taking micropayments to the next level, while keeping the best interests of internet users in mind is the business model of Brave. This brave new browser is set to revolutionize the internet browsing experience while protecting the users’ private and personal information. At the same time, the browser also offers users more control over the advertisements they see. Brave allows people to choose the kind of ads they want to see and also block the ads completely if they feel like it. By using bitcoin, the company also ensures that the advertisers and the companies do not lose out on their revenue either.
Brave recently announced the specifications of their browser application while outlining the mechanism behind their advertisement control system. Everyone knows that the online advertisements are contextual to their interactions on the internet. If you are searching for a bitcoin exchange on Google, then it is highly likely for you to see an advertisement about some bitcoin exchange or trading platform on the screen. In order to offer targeted contextual ads, Google tracks your usage pattern including keywords that may be present in your email content. It is creepy but common. The same features can be misused by certain people to push dangerous malware or adware into your computers.
Brave overcomes these things by giving an option for its users to either block the ads completely or choose ads from Brave’s network which do not have unnecessary trackers in them. If the user chooses to block ads, then he or she will have to pay for the ad blocking service with bitcoin. The gains made by the company through this service is then shared with the ad provider to make up for the loss in their ad revenue. Similarly, if the user chooses to allow ads from brave ad platform, then the platform will pass over a small portion of its earnings in bitcoin.
The whole model which creates a win-win situation for all the parties involved. This is made possible by the capability of bitcoin to support micro-transactions. The potential of bitcoin to disrupt existing models to create better standards is noticed and approved by many people including Ludvig Oberg, the co-founder of Safello. His latest tweet stands proof of that.
Bitcoin and cryptocurrency technology is the most powerful technology working towards the creation of a Brave New World!
Ref: Brave Browser