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Crypto in the Browser
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About the talk

Kyle Samani welcomes Brendan Eich, the CEO of Brave and the creator of Javascript, to the stage to discuss his plans for crypto in the browser. This conversation traverses Brendan’s deep history with browsers, Brave’s most recent announcements at Solana’s Breakpoint conference, and Project Themis, the company’s ambitious new advertising platform.tion.

About speakers

Kyle Samani
Managing Partner at Multicoin Capital
Brendan Eich
CEO & President at Brave Software

Please note that due to the sheer volume of messages I receive, I no longer check my LinkedIn inbox. Please DM me on Twitter or Telegram, or send me an email. Thank you. Kyle is a Co-Founder and Managing Partner at Multicoin Capital, a thesis-driven investment firm with a global footprint that invests exclusively in the crypto ecosystem. Multicoin Capital manages several billion in assets across hedge funds and venture funds. The funds' LPs include university endowments, fund of funds, world class-technology investors, storied venture capital funds, and family offices. Kyle holds degrees in Finance and Management from the NYU Stern School of Business.

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Thank you all for being here. We are wrapping up the day with Brenda, Knight founder and CTO of braids for being here. I guess. Let's start things off. Can you just tell us about your background? How did you end up doing this? Mao Netscape Rare Breed who is Dawn of the web. I came a little late. I was really nice, visit JavaScript famously. I didn't use your Flex Crib in early this year. You can cure all about it, 3 hours kind of Mozilla JavaScript. In Firefox restarted, the browser Market did the search deal with Google that I think. In combination with getting Google

interested in browsers, as well. Search, Let the Chrome and then did brave because I wanted to make a better browser for myself and friends. And I think everybody in the world and I also wanted to do crypto in the browser because I was planning to block a lot of AD Tech that was cut off normal payment. For our I don't realize you would work on some of the stuff inspired people to do Chrome. Where did that? That was all. It was keeping the lights on for browser that wasn't Internet Explorer and then we finally named it right after to renaming Fox, it took off

and it became so successful. That after Safari did a famous search deal in 2003 with Google. We did one with Google for Firefox to start making more money than we thought was possible just from a few million users at the time who were really good. Advanced users, a Sergey Brin. Why are we making so much money? He said, because your users search better, they refine their searches and Time Warner. So, you know how to find the power users on the internet. I think I'm doing it again. I hope so. And then the Chrome and not a brave

man, brave for 56 years ago. Why? So I want to do better browser? Cuz I was sick of tracking and Dad's, but I wasn't just up against that, I had to serve a logical mind settle for Lee users have people who are well-off and think about systems problems. Like, if you cut off ads, then you can be one of these sort of misanthrope big, Hacker News, flash. Turn the system, kill all the, I don't care. But if you think about it and incremental terms, maybe there's a better way to avoid. Cutting off all the Publishers revenue and putting them in

an adversarial position where they're trying to countervail your ad blocker, which they do and they can't really do well. So I thought, what if there's a way to connect the fans and creators to get rid of all the ads Tech intermediaries and take 70% of the gross knock. The guardian in the UK did a experiment or four months, they bought out their own ad inventory, their ad space, and they got Thirty Pence on the pound. So I realized if we can parasitic system, we can reconnect people more directly with crypto. We can have a reasonable fee. We can even share Revenue with users which is

part of what we're doing with basic attention token. He's got to learn more about the whole head of the advocate was in the evolved to hear are in the The quick summary version in 1995, the year before 1984 Lumen to a Netscape made the cookie, which is a little bit of storage in the browser index fight. Let's say the site the top level domain and can be used to store medication token for your login without the cookie. Do you have to walk in every time you never gave it to a different account to you and your bank? Nobody wanted that to the cookie solved that and

unfortunately, it had the same property for third parties embedded in the page. They can keep track of you across multiple pages and that led to tracking that led to the company that became double-click. Which Google bought 2008 led to a whole set of problems that privacy regulators. And antitrust Regulators are putting Google on the doc over and JavaScript just made it easy to do. What cookies are enabled in conjunction with images. But when we were we were busy. Just making a better browser, you know? Tabs. Pop-up, blocking and things like that extensions. So we weren't thinking

about this enough and the extensions were, where innovator started blocking tracking, and that's what I thought should be built into the browser and Grave. So that rebuild it in from the start and it said adversarial game that iterate. So you have to do research on it. So we do machine learning, we do web crawls. We do tractors. Have her surgery was saying, I think they identify or like cookie. They try to form a sort of statistical data fire. Just from Reading B that your delicate apis in your browser in your device shed and brave as is taking you can approach. We're actually for

third parties and where we can do it. We're injecting noise to confound them. We're not making everybody have the same fingerprints that has problems. We're not just letting you be fingerprinted. We're actually having our bus fingerprinting defense as well as trapping protection. Okay, so what what is browser but like, what why is it important browser with what's the point of it? Firefox? And then Chrome is coming up. We saw that time in the browser was keeping other apps from rising, even

when you had an iPad or a tablet browser in the more the native apps for Advantage by Apple and Android Google, keeping the privileged and having you ati's, you were forced into those ass. But pretty soon, people think I'm uninstalling apps. I want to live in the browser. I'm going to use the emcyte. I realized the oppressor could actually be much better than it is because Apple and Google, both have a conflict of interest. They want to develop their native app stack and make money for the App Store and special apis. And just seeing a payment

API. They don't really want the browser to be as good as it could be. So, we're doing things in Ray. If you make YouTube better like, Make me a playlist for you can keep videos. You say, you can upload them. There's no piracy. You can keep them to play in the background. You can play them anytime you want to play them from the lock screen. And that's coming to Android. And it's a better video player has better. Controls. Use the mobile YouTube site in a phone. It's got these teeny little controls. It just garbage. We're making the sites. That should be great in the browser. Great. By

using the superpower of the browser, to add some value, like a block and protect you playlist. Add some extra content teachers. We also had a tip button on tweets and Reddit post. She may have noticed. Why are people switching from other browsers to brave and you get weed users who are more technical there more savvy than more conscious of the Privacy problems. Are more interested in things like crypto. For desensitization for sovereignty. Like you mentioned switching, our I want the reasons and you get those users and treat them. Well even do customer support on Twitter

and Reddit where all the big browsers are like making fun of their users and it leaks out on Twitter. It's really of the views of it's not good. We actually listen to early just cuz they tell us what bugs to fix. I do treat it brave from time to time. I appreciate that. Bernard way has too many bugs. And you don't necessarily have to find and fixing to leave to find the fix. The ones that burn your users, especially your value to users. So we're making the browser great at many

levels in a customer support. Crypto in the browsers. Another, if you think about the browsers, this Universal app, it can actually go the distance. You've seen browser-based OS is try before palmed it and actually the iPhone job said the web family works and that was it that model native apps, eight months later because they had poured, some games are in the C plus plus. So the browser could be the new run time talked about only two operating systems or two ships at architectures. Everything's moving to JavaScript to of assembly and browsers. Can also be competitive with Hardware.

Now, how many scales? So, I think if you work on the browser, now, if you can even have a new West people want to know when Brave the West is coming, I can make no promises. I was one of the first. I still have one. We'd like to put Chrome OS on phones, but we're not allowed to cuz of Android. Okay. So you said a lot of people switch to Brave, but they want more crypto stuff in the browser. So let's talk what? Is the crypto stuff in the brave browser? I have this joke that goes back to the days when we were doing

Innovative things and Opera and friends at the time, Norway's kind of Chinese company, out of things to it. So, we would do something in Firefox. Everyone say, this is great. And then some Opera, Phantom in the back of the Opera had its first. And then it's like. That's right. And Firefox. Grew much bigger on desktop and mobile. And now it's happening again, because, in, 2018 into the teeth of of crypto winter, offer. Did you like a cerium integration? A wallet and I was Brave doing. Big potential token. We were doing a wallet case. I met a mess but it wasn't

ready and we didn't get it out. So I think some people possibly you think we were a little lukewarm encrypted. We weren't. We were trying to Weinberg ducks. And one of the best ways we did, that was to grow our user base has been 46 million this month. If we get the right Tailwind into the end of the year, we might get 50 million by the end of the year. And we have Almost eight million, basic attention token users using basically a wallet. You won't see on change because it's too expensive. Unchain want to be able to talk about that and our numbers are up. So if we can

push into the end of the year like this, I think Now's the Time to see how all the crypto Believers and we want to make their life forever. We want to also get their friends or relatives who aren't in the Crypt or that took 25 years to teach people how to use that including recovery. And then a lot of outfits at the end of second Factor obligates app or device like Google Authenticator, it's almost like some Cassidy's better. There's no more risk, you're taking your

keys in your hands and you could lose them. You can't send an email to somebody and trying to prove you're the same person recover your account, but it's almost like stuffed crust. Competitive or should be competitive with the old sign up model. All right. So you did a lot of things. First, for a thing called basic attention. Token for bat for short? Why what? What is that? What is what you doing with it? So, our plan from the start with crypto, in the browser to allow fans to connect with

creators, to allow subscribers to pay Publishers without going through the ads have complex. It was taking 70% or going through a subscriber, pay wallet. Overcharged, you trying to cross subsidized bunch of contact. You wouldn't read aloud you to buy by the yard bypass a soft paywall. We start with Bitcoin, we built a full prototype of Bitcoin, but there were a couple problems one we couldn't do ads with it. Two people have to buy the Bitcoin themselves and we have new users who were coming on the Bitcoin. They, they should have been buying a lot to hold, but then it would go

through the monthly buying process with coinbase by which it would have fees that went from 90% to the block size problem. And between the problems of having people having to buy the Bitcoin out of their own generosity to give as temp services and the slowness and congestion costume that work. We said, let's do something different. Let's use Smart contracts. Let's aim for a future where we can actually have a triangular flow. The advertisers for those who want private ads, will put in the gross of spending, the user get 70%, You can see how much we settle with users

when they advertise are pesos Cynthia Dawn braves.com, transparency to go to that page. How to use Google pay and donate, they'll be other models for e-commerce inscriptions and the Publishers will get a better deal than the thirty Pence on the pound with the guardian got. So what? That's why we did the Battle of evolved away from sort of two sides are consistent with a three-sided system. What smart contracts but it was on aetherium and of course, all the, you know, so we can go

to the auction or the directions. So earlier today, we run Nielsen obvious as well and he spoke a lot about that stuff. So today bring it has about 1.3 million verified craters in the platform and 46 million monthly active users. It seems like all this running too. Lean harder into the opportunity for Publishers and content creators online. Where, where is this? All going and how is brave part of it? And how is that part of that? I mentioned YouTube. So YouTube started Monetizing craters in in 2015, for various reasons, wasn't

all about censorship or political stuff. It was just they said we're not going to pay you down here on the floor. Turn out and water. Craters got mad. Now, there's been a competition on platforms creators. Go to Indigo, go to do a project or they go to Kickstarter. They want on YouTube and search a system Twisters fit, but these systems are kind of a drag force of friction on the true fans. We wanted to do it all in the browser and unified way and we're doing that.

So we've built I mentioned playlist on top of the YouTube client, which is just a HTML video player. We're paying a lot of YouTubers seminar creators every month per cent last month to these craters. And we want to make it even more convenient for Fans to take the ad Revenue, they get or their own funds or both and give them to their favorite crater. So you have to go to a site and comply with its rules and suffer. It's censorship. We don't think that's necessary. We can

do two and a half percent and you can run your own site and you can use Brave as the payment rail if you want. All right, so we just talked a little bit about Solano. So you were just at want to break point a few weeks ago. You all made some exciting announcements there. What did you announce? Why did you? And Alan said, what led into the announcement, how to fix, Alana all that stuff. You can tell him ever since. Because we view the future heroes in need of competition among chains. We're going to see consolidation eventually. I think you guys have a ride to come to

change and it's easier to copy design. The coast was a lot of cross-fertilization ideas and design and we wanted that to be part of our self custody wallet, which we've ruled out now, which is coming to our mobile forces of Brave. IOS, very soon this month and I'm not sure if it's too. So having that wall at the mall teaching was important to us. And Solana is been interesting me for a while. I knew I knew somebody else from Firefox OS stays when he's a Qualcomm, but I like the team out there low-level performance hacking

skills and approach and we like the speed and we like other properties of the network. And we thought, what if we could actually experiment with taking basic attention token instead of moving it from aetherium Trailer chain, people always feel like abandoned us. It's like, no, but you can lock it up in Wormhole and it pops out on Solano or other networks. 75,000 bat. Now, going up a couple orders of magnitude in just the last few weeks. We're going to let bat migrate as it will to Solana and even settle there, which we require is someone and the fees will be so much lower.

Grace. And if we can make a start a line on, you know, avoiding eye contact operations on aetherium. So that's exciting to us. But we had to pick one to lean into a request for comment and code for many chains. Solana stepped up early, that interests us. We also realized with melted. They aren't you going to say? I have a preferred. If I see someone and supported in my wallet browser. I will use Salon it. They may leave it open. If the user also is it open? We need a defaults. It's just like when you type keywords into a browser, what search engine do

you go to the Baldi? It's been in a lot of browser including Safari, of course, it's Google. Engrave engrave search. Well into we wanted a default Network for deaths and we decided to announce the Solana. Was that people Network. That was the, the big news. I think she's not working on going to moving back over and all the payment creator of authorization stuff. What will happen there, which is awesome. You've also alluded to this thing called see Miss with y'all and working on a date for a year-and-a-half. Two years. Now. What is Themis? And why is it relevant to the

mission of Brave? You think about the browser with the added value of blockchain mobile chains? We're trying to take a lot of huge systems which are hundreds of billions of Revenue annually like and turn the right side. So the user comes first. That means you have to do things in the browser. It isn't too expensive. He's with battery. So we do ad matching, if you often do it, only, if you turn it on in the browser, we do blind signatures or Ford. ZK. Snarks, design is a black

box accumulator that can accumulate your click and impression, log, privately, encrypted and mint. 08, Cruze. We're looking at Palace from a 1 Labs, using Mina, but we're open to other things also, an exciting space and is your knowledge proof plan. And what's the Lana instead of sending these to a central server or trying to bash them to avoid the cost of a slow Network, we can just put them on Chene and there's no privacy laws. And the ad buyers can verify add performance without compromising user privacy. That's the other key feature with the Themis. So this is one of

the coolest things I've seen in awhile. You people aren't huge changes Google and other places and division are ultimately is to be able to have a decentralized at exchange or people are busy that the Lemon pies want to tell her whatever the matching is happening on the brutish browser in the user? Can prove to The Advertiser that the publisher of they are, who they say they are right? Yes. This is one of the coolest concept. I think we seen people in talking about doing those proofs and crypto for years. They just talked about credit score is of the kinds of things, but I think this

will probably actually the first like large-scale instantiation of that kind of an idea. We're nothing if not ambitious, but it's working. We've been growing month-over-month with growing the Baptist into and looking forward to the Themis on Solana. Cool. So, talked about ad exchanges to talk about privacy. We talked about Creator, monetization stuff in the browser. You're doing a lot of a lot of ambition to hear search. What I've always found, most interesting about Brave is that the browser is an infinitely large canvas that you can do anything on y'all. Already

started to tweak things with Twitter and YouTube and the other major properties. As you think about your trip has been involved in the trailer or the browser going to keep evolving the web. How do you think about where do you paint the brush in the brave canvas with crypto specifically? So glad you asked, cuz we're not just interested in the fan. Create a relationship custom work. It's you can do it robustly on YouTube and Twitter, put that tipped out in in, but we also want to do things like this in create Amazon in e-commerce, because it's not just Amazon as intermediary there, the, the

portal, and they, they're like Google and that you're a small Merchant. They may not treat you, right. So what if you could have your own website and instead of having all this credit card, wrist, that users face in the fridge, no signing up in one of your credit card at risk in that Merchants server or whatever. Bender they're using, you can do something possibly painting crypto in the browser. So we're looking at how to get into the merchant flows without having to hack, everybody's JavaScript. And one of the many ways to do that is The Interchange process itself, which means you

need some MasterCard payment. But if you have, that might even be able to let users use their cryptosoft custody in a way that can flow through that change. So we want eCommerce in the browser one-click. E-commerce in the browser. Everybody likes and Amazon, but it shouldn't be a property of one site. I think that's where the Deep canvas of the browser matters to use with the most users. Love. The freedom of the web. They won't find a new site but the sites are in this somewhat ever serve relationship. There was trying to capture the user and lock you in socially like lifting your data

making it so that you won't go anywhere else. What if your browser helps fight back? So you can just go wherever you want. You to keep your data and keep your crypto. Keep your keys. Keep your identity in yourself. Custody wallet, you have the freedom. Now, you have more leverage. You can be more valuable to those merchants and and portals and they will pay him more fair price for you. Wright brothers day, we had matball here. Talk about the universe. Has a lot of talk of modalities rendering systems. How does the browser fit into the future of men? Versus, if it all

out of grad school? So, I went through the whole 3D progression when it was on workstations. And then in Jurassic Park, hey, this is a Unix system. I know this was a STI, 3D file system, visualizer. She was looking at, it wasn't Unix command line. And then you know, what, s g. I was already in the trouble at that point because Jim Clark, foresaw the hardware to do 3D graphics with shrinking into GPU. And now in a system on a chip and I made friends with the founders to a stickler, and we hit it off because we saw that there was a rule, not only for the browser in the web to

evolve into real high and physically physics, accurate Optics, accurate rendering, but that you'd want the browser again. Onlyfans her personal server to go for creators. So one of the things, the jewels in the company did that was pretty cool that I wrote about moving into compression that they designed in a way that couldn't be distracted without degrading quality the video and this kind of idea is right. What can you do? Anything with the JPEG. But

in the metaverse, there should be water Rock in there should be a provenance chains and proof of paper. I can put you two on, on the reality at a station that you'll need to prove to something is real fist. This goes from anti-fraud to art to do all sorts of interpersonal things. You wanted something. So talking to Jules, I could see that there was a future, you could evolve to in the web is evolutionary. So as you evolve people say, I'll text you when I mean nobody reads anymore, while I don't think that's true. And text is Immortal. So you're going to have text, you can have all those

in Iron, Man, heads up this way. We'll have to text on them. But you also have the full depth of field of vision in 3D. You'll have Peter, Piper space information, visualization system. So this larger world and the web for calls as we know them may become Legacy or the evolved in ways that are hard to recognize that in the future. But you want to be along for the ride, you want to have those leads users. And that's why I think browsers have to innovate Brothers always are in danger of being treated. As you know, that's last year's Thing. Apps

are replaced browsers, you know, people don't like the Oculus browser, by the way, it's not true what you find us, if they knew what the browser. They invent something custom. It's not as good. It's tied into a narrow web-like system of content when it should be the whole web and browser comes back in. This is happened every 10 years, my life since I was three,

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