This is not financial advice.
During the last two weeks BAT didn’t illustrate high social activity in media landscape. However, BAT is moving slowly but steadily along its roadmap. One of the main keynote of BAT’s activity was the latest version of Brave for Android available at the Google Play Store. The main benefit is Brave Rewards to enable you to choose to reward the content creators you love at the amount that works for you, while keeping your browsing history private. Moreover, Holli Bohren, Brave’s CFO, in light of the full schedule took the time to answer the questions of crypto enthusiasts. AMA Session covered salary and advertising details and etc.
Development
The latest version of Brave for Android (1.0.88) is now available for download at the Google Play Store.This release features a new toolbar on the bottom, where you can more easily access tabs, bookmarks, and settings. It’s more “thumb friendly” and easier to reach.
There is also another reason for this bottom toolbar. With Brave Rewards, you can choose to reward the content creators you love at the amount that works for you, while keeping your browsing history private. This is now available in beta. If you’d like to be one of the first to try out Brave Rewards on Android, you can enable it in chrome://flags. Please visit this page and view the video on how to get up and running.
Phase one provided the first public opportunity for brands, marketers, developers, and the community to test the Brave Ads experience from Brave Developer channel. Advertisers from Early Access Program entered an important public test and learn phase, providing key examples of early use cases. Users began engaging with a new, inclusive private ad experience for the first time.
Phase two provides token rewards to users for their attention, and introduces Brave’s anonymous-but-accountable campaign reporting for brands. Public documentation about the ad confirmations protocol can be found here. All the code necessary to support both ads and confirmations in the browser is open source and can be found here.
Social encounters
Holli Bohren is Brave’s CFO, with over 20 years’ experience heading up finance in a full time or consulting CFO capacity for over 50 venture-backed startups. She supports the management team and board to transform the business vision into reality and successful exits. At Brave, Holli oversees the development of the company’s accounting systems foreign and domestic, financial planning, cash forecasting, controls, and HR processes.
The Brave / BAT project has been operating for quite a few years now, and the revenue part of the project has yet to launch: Are you concerned about runway? Will Brave raise another round?
I am not concerned about runway. Private companies tend to raise consecutive rounds to cover losses and then to fund growth until they exit. There is a lot of investor interest in blockchain and crypto, and management has significant industry credibility. Brave has plenty of capital to fund operations profitably.
Profitability is not necessarily the driver of valuation for many years. Salesforce lost money for 15 years. It is very common for early stage companies to experiment with revenue models during the early product development years, focusing more on adoption/users initially and refining the profit strategy as the product evolves.
Note that while Brave has been around since May of 2015, BAT has been around for less than two years. It has provided, via the UGP, more than enough funding for user growth for Brave to become a going concern.
With that in mind, we aim for profitability with aligned incentives and biggest revenue share to our users.
What percentage of employees take part or all of their salary in BAT?
None of the employees are paid in BAT in lieu of salary.
Can you define what a “successful exit” is? And what is Braves “successful exit”?
P.s If the exit strategy involves the bat ecosytem being developed to a certain point, what point would that be? What metrics would you use? In the previous backed firms you assisted in achieving an exit strategy, what duration of time was your involvement?
A successful exit returns all funds to all investors with plenty left over for common shareholders. In a successful exit, employees earnings from their equity are equal to or greater than what would be considered very large bonuses for their role, for every year of employment. In other words, materially more than the employee would make based on salary and regular bonuses alone. I have worked with companies on successful exits from inception to exit in as little as 18 months a couple of times, and up to 4–5 years on the long end. Venture capitalists invest through funds with 10 year lives, reflecting the expectation that the company will not exit within just a few years. A successful exit as defined within less than 5–6 years is extremely unusual. It is also extremely unusual to have a successful exit in a private company without multiple rounds of funding. Additional funding does not imply lower returns. It implies continuing investor confidence and supports growth. The broader and more complex the scope of the product, the longer it is likely to take.
In Brave’s case, it is unlikely a buyer would overlook the BAT ecosystem and the UGP, and any exit involving an acquisition would (by design) bind the acquirer to Brave’s brand values and to BAT’s economics going to large scale. Any dismal exit would not be good for either equity investor or BAT holders. Go big or go home!
Can you say how much of the UGP has been distributed and how much remains? Is Brave on track to have sufficient UGP (user growth pool) to carry the project all the way through the formal launch of ads/mobile/sync/sdk?
Brave has a large UGP (300M) sufficient to fund well beyond the launch of ads. The sale structure including genesis block structure was publicized on basicattentiontoken.org in blog posts, and then made public via smart contracts on Ethereum. The Public ledger is public.
Once Brave starts generating revenue, what will it do with the tokens? Hold or sell back into the market? Use to promote the ecosystem (similar to how UGP used now)?
We will be doing a combination of those three things.
What is Brave doing to help advertisers (conservative corporate entities) feel comfortable acquiring and managing a crazy crypto currency such as BAT ;) Is Brave pursuing any alternatives to Uphold?
As with Brave publishers who can be paid in many currencies, we do not require advertisers to buy and manage BAT directly — partners, including Uphold, offer exchange services.
I know from reading the faq on the .org that the team is very against calling it currency or a security. It’d be insane to think the team isn’t planning on an iTunes/play store competitor for books movies and music. Do you see that incorporation as a challenge? Is that somewhere in the roadmap?
BAT is a utility token, defined to account for human attention first and foremost. Brave supports it as part of the BAT platform. We will add support for other digital assets and make them usable by average folks, for all kinds of ecommerce.
Crunchbase lists 2 small seed rounds in years prior to the ICO. Have these investors been paid out or are they expecting Series A,B,C funding to increase their returns?
Venture investors and angels rarely get bought out. Instead, they expect future rounds to be accretive, meaning the value added makes the smaller piece of the bigger pie worth more than the bigger piece of the smaller pie. Investors in most startups including Brave would generally expect to see successive rounds of financing until an eventual sale or IPO. IPOs are quite rare. Many companies file for an IPO as a way to attract a buyer, and exit without ever going public. The odds of going public for any startup are very low, but that does not mean the odds of a successful exit are low for Brave. Most successful exits with good returns to employees are sales. (Note that Crunchbase is not always complete.)
Why?
- Visually, Brave is Chrome’s twin
- It’s got privacy backed in-including TOR
- Every Chrome extension and theme works in Brave
Upcoming events:
This webinar is for Marketers and Agencies responsible for improving their advertising ROI by removing fraud.
It is intended for individuals with a strong desire to keep up with the fast changing environment of digital advertising by learning directly from the companies on the cutting edge. Learn how to remove fraud from your advertising, and understand exactly where your money is going.
Finance
Network statistics
*There is no up-to-date official information on Brave’s monthly and daily active user base.
- Number of Brave Browser Publishers (Last update: March 28, 2019)
Total amount of Brave Browser Publishers: 72270
- Youtube publishers: 51 718
2) Website publishers: 15 603
3) Twitch publishers: 4 949
Roadmap
The BAT roadmap in 2019 is GitHub. More information you can find here.
- 2019:
Milestone 7: 0.60.x (done)
- Rust support for brave-core.
- Ads integration into Brave-core with foundations to support Rust based blind token confirmations
Milestone 7: 0.61.x (done)
Milestone 0.63.x (~April 23, 2019)
- Unify exception handling (done)
- Fix Brave shields localization (done)
- Make Widevine UI more noticeable (done)
- eTLD+1 matching for about:adblock (done)
- Working ads model, Rust-based blinded tokens for privacy-safe confirmation of ad views and interaction, and ability to give BAT monthly to users who see ads (done)
- Settings/Bookmarks/History/Downloads facelift (petemill, in progress; partially merged) (done)
- Add options for allowing FB login / embeds and Twitter embeds
- Upgrade to Chromium 74 (Max, in progress)
Milestone 0.64.x (~May 14, 2019)
- Custom ABP filter rules in about:adblock (done)
- UI improvements and support for theming in the Brave shields panel (done)
- Support for Nightly builds (done)
- Override regional ad-block selection in about:adbloc
- In page translations (Jocelyn, in progress
- Ad-block tokenization performance improvements (bbondy)
- Ability to compile Brave and produce an Android based APK (nothing close to releasable yet
- Add support for more locales
- Smart Tracking Protection (Pranjal, in progress)
Milestone 0.65.x
Ad-block exceptions to be disabled by default and have UI asking to turn on when it is first detected (todo design)
The full information can be found here.
Partnerships and team members
- Brave + TAP Network Partnership FAQ (announced Feb. 26, 2019).
What is the timeframe on the TAP redemption integration in Brave Rewards?
The current target is to release TAP redemption options in Brave Rewards in 2019. Both projects will be providing updates on progress as they move forward with the integration.
What is Hooch, TAP, and Tap Network? Are they the same thing?
Hooch is a standalone app that features redemption offers from partners within the TAP Network. The TAP Network extends beyond the Hooch app, allowing partners to provide different offers on different platforms.
TAP Network is the blockchain technology company that operates a “universal rewards” network. TAP Coin is the native “stablecoin” used within the TAP Network. Hooch is the first consumer app to integrate the full suite of TAP rewards technology.
What will be the differences between the Hooch app and the TAP Network redemptions offered in Brave Rewards?
Both Brave and Hooch users will have the same access to the TAP Network, which includes over 250,000+ merchant partners and continues to grow every day.
How does the process of redeeming BAT work within Brave Rewards, and where does TAP come in?
Brave users will be able to browse through an online catalog of rewards. This catalog will include gift cards (Amazon, Uber, Apple, etc.), restaurant certificates, hotel discounts and more. Each item will have a redemption value, denominated in BAT. Users can simply select the rewards they want to redeem, and the corresponding amount of BAT will be deducted from their in-browser wallet. TAP Network technology will power the transaction in the background without the user having to do anything more than select their desired reward.
Will I still need the Hooch app to redeem hotel stays and food, or will I be able to do everything within the Brave browser?
To redeem rewards with BAT, all you need is the Brave browser. However, the Hooch App provides a different way for you to earn and redeem rewards from the TAP network.
I heard I will be able to donate to charities and causes with the Brave and TAP partnership. How does that work?
In addition to gift cards and other redemption options available to Brave Rewards users from the TAP Network, there will be over a hundred charities and causes that users can choose to donate to. Donating to a cause will be similar to redeeming a gift card or any other offer in the TAP Network.
Do I have to opt into Brave Ads in order to earn BAT?
Apart from Brave Ads, users can claim promotional BAT grants from Brave, or load BTC, LTC, ETH and BAT directly into their Brave Rewards wallet. When a user directly loads their wallet with BTC, LTC or ETH, the funds are automatically converted into BAT and credited to their in-browser wallet.
When Brave Ads is released, users will be able to earn BAT for choosing to view and engage with Brave Ads. Users will be able to use both the BAT they’ve directly loaded into their wallets and the BAT they’ve earned from viewing Brave Ads for TAP Network rewards and redemptions.
I know how this partnership benefits Brave, but how does this partnership benefit TAP Network?
This partnership increases the total number of users in the TAP Network. TAP Network’s mission is to revolutionize the rewards and loyalty industry, and to help consumers monetize their own data. TAP Network wants to design a simple and universal rewards program that doesn’t limit where consumers can earn or use their rewards, all the while fiercely protecting consumer data and privacy. TAP Network achieves this by using blockchain technology to anonymize your data while paying you with rewards from our merchant partners. Brave has the same mission to protect and reward consumers, so we are thrilled to add millions of Brave users to our network.
Is BAT being exchanged for TAP coins in the background? What is the economic flow?
First, Brave Rewards users will accumulate BAT as they browse in Brave when they opt into seeing Brave Ads. Second, Brave Rewards will assign a BAT SKU for each TAP Network redemption offer available to Brave users. Third, the user will select a redemption offer and apply their accumulated BAT toward the offer. Fourth, the TAP Network will process the BAT through the TAP Network’s existing TAP Coin-based redemption system. Brave Rewards users will only see BAT throughout their user experience.
What if you own BAT in your own crypto wallet but are not a Brave user? Can you benefit from the TAP Network?
The Brave and TAP Network partnership will provide redemption offers within Brave Rewards for users who opt in. The Brave and TAP Network partnership offerings are not available outside of Brave; however, external BAT that is transferred into the Brave Rewards wallet can also be used toward redemption offers.
Approximately how much browsing will I need to do with Brave to earn a hotel stay or a gift card?
The redemption offer values will vary. For example, the initial redemption options will be gift cards, and gift card values will be tested and evaluated as a part of the collaboration. For larger redemption offers for hotels, etc., the ability to directly load additional BAT or convert BTC, LTC, and ETH to BAT in your Brave Rewards wallet provides additional options aside from redeeming exclusively with earned BAT. Users are also able to control how often they want to be presented with Brave Ads, so earnings will vary based on those settings.
How will the changing price of BAT impact reward redemption? Will that ever be a problem?
Cost per item in the TAP rewards catalog will be refreshed in real-time to display the correct number of BAT required for redemption. We will ensure that changes do not negatively impact the user experience.
If I’m already part of a separate hotel rewards program, like Hilton Honors, will my TAP hotel points be added to my overall hotel points?
The Brave and TAP partnership does not currently integrate or exchange value with other hotel or rewards programs. However, in the future, TAP Network will be working with major hospitality and travel rewards programs to provide interoperability. Stay tuned for future announcements on this topic.
The press release mentions 250k top brand partners, who are they and can you name some?
For a sneak peek of TAP Network’s partner brands, you can download the latest version of the Hooch App and browse all TAP Network merchants in the following four categories: Travel, Dining, Entertainment and e-Commerce.
How is the Brave and Tap Network partnership unique and different from other “crypto partnerships”?
Brave and TAP Network are two real companies with active users and real-world utility. Brave brings millions of users, while TAP brings to the table a network of 250,000+ merchant partners. Few if any companies in the crypto space enjoy this level of scale, legitimacy and acceptance. The Brave and TAP Network partnership will deliver blockchain-based rewards and real-world redemption offers to mainstream audiences.
Is there a time frame for the availability of rewards like gift cards, vouchers, and other unique rewards or will everything be available at once?
Redemption offers will be continually integrated over time, and will begin to be offered in 2019. The two teams are actively working together to bring rewards options to users sooner rather than later, which means you will see part of the offerings rolled out sooner than others.
Are you obligated to become a Hooch member to redeem certain rewards like hotels stays?
Redemption offers provided in Brave Rewards will not require membership. TAP will likely offer additional programs or membership options to Brave users though Brave Ads.
Can I earn BAT via the Hooch app if I am a Hooch member without the Brave browser?
That is a great idea; however, the current technical roadmap for Hooch does not contain any initiatives related to earning BAT, though it may be an option in the future.
Will there ever be an option in the Hooch app to redeem rewards similar to the mechanism of TAP? Will I be able to directly earn BAT just like I do with TAP by going to certain venues and earning a certain amount back?
You can earn TAP Coin in the Hooch app today by linking your credit and debit cards. This allows anonymous verification of your purchases, for which you will receive a percentage back in TAP Coin from merchants and brands in the TAP Network. You cannot earn BAT in the Hooch app today, it may be possible in the future.
I am concerned that other utility tokens may be added as a redemption avenue, diluting TAP and Brave by extension. Is this a possibility?
TAP may work with other blockchain projects in the future; however, doing so does not in any way dilute or diminish the value provided to Brave users with BAT. The TAP Network and Brave are two very unique companies in the blockchain space, with unique opportunities linked to the scale and synergy of the Brave-TAP partnership. The TAP team is focused on executing and delivering a great experience for Brave users and continuing to enhance its offerings as Brave grows.
Rumours
No updates
Social media metrics
The charts above illustrates the changes and overall growth in the number of Twitter, Medium, Telegram followers and Reddit subscribers.
The graph above shows the dynamics of changes in the number of BAT Facebook likes, Reddit subscribers and Twitter followers. The information is taken from Coingecko.com.
