Blockchain technology is increasingly seeping into our daily tech lives and has become somewhat the modern equivalent of what applications were to smartphones when they initially took off. There happens to be a blockchain for everything, under the rock of almost every industry, from shopping to charity, to even the cannabis industry. But let’s take a step back and remember what the underlying technology behind the Bitcoin was actually about. The very cryptocurrency came into being in order to overturn the traditional banking system. And interestingly enough, the blockchain-powered, BRD, is here to bring the blockchain world back on track with the original goal.
Established back in 2015, initially known as Bread and later BRD after a total rebranding, it is putting the pedal to the metal and accelerating the original goal of Bitcoin. It is aiming to reinvent and revolutionize banking by building a blockchain synced Bitcoin-based wallet, which will ultimately decentralize banking and in turn make it accessible to everyone.
The BRD Token
The token of the platform, the BRD and was launched back in 2017. It provides discounts and additional services on using the popular BRD wallet app and it happens to be the first cryptocurrency wallet to provide a loyalty and customer rewards program.
How Does the BRD Token Work?
The working of the BRD token bears similarity to the Binance coin, which allows cheaper transaction fees on the Binance exchange itself. Likewise, the BRD allows for discounts and additional services within the BRD app. Furthermore, simply holding BRD also benefits the users as the team behind BRD is constantly looking to eventually incentivize people in order to stay in the BRD ecosystem.
There are 88,862,718 BRD tokens in existence, most of which were distributed naturally through a presale and crowdsale. However, there are other ways through which one can earn the remaining of the tokens, which include, posting about BRD on social media, answering surveys, or by simply holding a certain amount of BTC in the BRD wallet. And we’ll let you in on an exclusive perk, everyone holding more than 2000 BRD tokens in BRD wallet will receive a discount of 50% on the in-app trading fees. Plus, the biggest holders of BRD tokens will have the opportunity to get directly in contact with the Board members of BRD itself.
Since BRD is an ERC20 token, it can be stored in any wallet that is supports ERC20 but it is better to store the digital tokens in the BRD wallet, which was specifically made for this very purpose. Storing it elsewhere will not provide holders with the utility it was meant for.
The BRD Wallet
The BRD Wallet is available for download on iOS or Android devices, that too for free and it is very easy to set up. The team behind BRD is seems to be taking the matter of privacy extremely serious as there is no hassle of registration or providing personal information, as it is not collected during the setup process. Furthermore, they even have an in-app trading where no KYC is needed.
Upon downloading the BRD app, the users get the power to import a Bitcoin wallet or even create a new one. On the creation of a new wallet, a paper key is provided which is a list of 12 words that can be used to restore access to the wallet in the events of either losing or upgrading a phone.
Moreover, even in the case of switching to a different wallet, the 12 words can still be used to generate a private key that aid in the recovery of Bitcoins. And since these keys are only accessible from your device, you won’t have to worry about BRD getting hacked. However, a user cannot retrieve the private keys to individual chains from within the wallet, there are a few open-sources but they don’t guarantee the safe retrieval of the funds.
Moreover, the simple user interface of BRD has options for sending and receiving Bitcoins. In the menu option, for certain countries, there is the ability to buy Bitcoin directly from the BRD app as well. The option of buying Bitcoin and ETH is available in over 170 countries around the world.
So just as AirBnB doesn’t actually own any hotels and Uber doesn’t own any cars, the same way BRD doesn’t actually hold any of your money. They simply act as a facilitator in the process of sending and receiving your money. And being the facilitator in providing decentralized banking, it has partnered with established third parties throughout different countries. This way it is accessible to people around the world and it doesn’t have to be legally compliant in each country.
The BRD Team
You can read the whitepaper here.