What is BAT – Basic Attention Token?
Basic Attention Token (BAT) is (first of all) a service token and advertising platform integrated into the Brave web browser. It is decentralized, open source and based on the Ethereum blockchain. These features make it completely unique. The team’s current goal is to extend it to other more popular web browsers.
If you read the properties and specification of the Basic Attention Token (BAT), then you can consider it fraudulent. The lack of a third party between users, advertisers and publishers sounds like something fantastic. But be sure – after reading this article you will see that this is not only possible – it already exists! And to be honest, the message is actually quite simple!
In this guide, I will tell you what the BAT cryptocurrency is – what it is, how it was created, what it is used for and so on. So without further foreplay, let’s get started.
History of Basic Attention Token
Basic Attention Token (BAT) was created by Brendan Eich, and then improved by Brave Software. It is worth mentioning that these two projects are independent work.
The creator of Basic Attention Token had a clear vision on how to help customers, advertisers, and users. He emphasized the need to avoid any inconvenience when using the Internet. In the end, he decided to create an ecosystem in order to achieve just that.
Some time after the creation and distribution of BAT tokens, some BAT properties were integrated into a web browser – more precisely, into the Brave browser. The developers added these elements in accordance with the Brave Payment program. Until that moment, he used Bitcoin as the main currency for transactions.
Despite the fact that BAT tokens are most often used by the Brave web browser, it is not limited to this. BAT can be implemented in other web browsers.
How it works?
Users, publishers, and advertisers typically use the Brave web browser to use the Basic Attention Token. This web browser is turning into an isolated ecosystem.
Publishers release content. Advertisers then come to the publishers and offer them a certain amount of BAT. They choose this amount depending on how much attention they have given to this page. Then, users, in turn, get a BAT coin for participating. Now they have two options: they can either donate these BAT tokens to the publisher, or use them on the platform.
The basic idea here is very simple: tokens keep all user data in safety and confidentiality, while providing more personalized ads. And this is only on the part of the user!
Publishers benefit from the Basic Attention Token because they experience significantly less abuse, while maximizing their reward potential. Advertisers, in turn, get much higher performance.
ICO Basic Attention Token (BAT)
The Initial coin offering of coins took place on May 31, 2017. Initially, it was an ERC20 standard token.
In less than 30 seconds, about $ 35 million was collected.
In addition to this amount, the BAT cryptocurrency token project (and developers) received $ 7 million as an investment from various venture capital firms.
The total supply of ERC-20 tokens amounted to 1.5 billion BAT tokens. One third of this amount eventually returned to the development team. The team uses the remaining amount to further develop the Basic Attention Token platform. In addition, the goal is to increase the continuous growth of users.
The BAT wallet is actually quite specific – it is a Brave wallet and is located in the Brave web browser. The purpose of this wallet is to securely store BAT and perform various transactions.
To create this type of wallet, you must first open the Brave web browser and go to the settings window. Another way to do this is to enter about: in the address bar.
After that, you should switch the payments to the “ON” position. This can be done by selecting the Brave payments option in the left panel. It will take a few minutes, but this is the only thing to expect – you now have your own Brave wallet!
If you already have some kind of cryptocurrency, you can easily add it to your (existing) Basic Attention Token wallet. All you have to do is select the type of currency you want to add, copy its address and initiate the transaction. A few minutes may pass, and then voila! – Now you have funds in your Brave wallet.
BAT tokens are based on the Ethereum network. This means that ETH transactions go a little faster, especially compared to other cryptocurrencies, such as Bitcoin.
You can also add these tokens to other cryptocurrency wallets, with one condition – these wallets must support Ethereum-based transactions, that is, be ERC-20 standard. The developers developed this wallet specifically for the Basic Attention Token.
As I mentioned in previous sections, the BAT token is widely used, which makes it very attractive to users. Now, I would like to give some simple examples of why people might want to use BAT tokens.
Advertisers: Advertisers are interested in integrating Basic Attention Token into their sites. At the same time, they are given a unique opportunity to receive data and other various analytics. The BAT token contains many different tools (for example, attention measurement systems, machine learning-based algorithms, etc.). This gives advertisers a unique opportunity to get objective data about how their ads work. This, in turn, allows them to create more personalized advertisements in the future.
Users: When using the Brave web browser and interacting with BAT tokens, users participate in a give-and-receive scenario. When a user views advertisements, he receives a certain number of BAT tokens in compensation for his time. Then he can choose what he wants to do with these tokens. Some users may spend these tokens (as a form of payment) for different services. Or you can “donate” them back to the publisher.
Publisher: The publisher receives remuneration from both advertisers and users. This creates a huge incentive for the further expansion of publishing platforms for various advertisers. Publishers also receive feedback from users, which then allows them to manually select the ads (and even advertisers) that they want to display and work with. The Washington Post, Vimeo, Vice accept Basic Attention Token and actively integrate into their platforms.
Safety and tip
The convenience of a tripartite system lies in the simplicity of the above actions. BAT tokens store all collected data locally. Third parties cannot participate in these processes (neither in transactions, nor in data analysis). Why is this happening?
The BAT ecosystem almost completely eliminates the possibility of fraud or abuse. This is a huge advantage when working with online platforms.
Users, advertisers and publishers are safe when working with personal data. No one can deceive and steal their funds and assets.
Another amazing feature of Basic Attention Token is the ability to tip. This option works similarly to sites such as Patreon – you can simply tip your favorite content creators (YouTube, bloggers, Twitch streamers, etc.) at any time. This excludes the participation of third parties (in this case, it will be a site like Patreon). Thus, BAT tips increase the amount of funds received by the content creator. People tip in the form of the mentioned tokens – thus, the process of development and evolution of BAT tokens becomes even faster.
Brendan Aich created the Basic Attention Token with the intention of minimizing online fraud and abuse. These problems have been and remain relevant for those involved in digital marketing. BAT was designed specifically for these purposes.
But it is worth noting that BAT has come a long way. It all started with a concept leading development, teaming up with a team from Brave Software. Over time, this process led to the ICO BAT, integration into the Brave web browser, and the creation of a BAT wallet. Most importantly, this has led to an ever-increasing number of users.
BAT cryptocurrency is very mobile, which allows it to constantly expand and develop. The BAT team (with the creator of BAT as the driving force behind the project) is working hard to maximize the use of the token. They seek to market it and make it more affordable.
Thanks to the excellent business model, Basic Attention Token has already consolidated its position as an amazing digital marketing and engagement tool. It will be definitely interesting to see what awaits him in the future.
Analysts confirm the promise of the Basic Attention Token (BAT) project – even if the user is not interested in high-quality advertising, he will get an excellent fast browser for working on the Internet. Advertisers, for their part, get an analysis tool that offers up-to-date data on user activity.
The Basic Attention Token project ultimately becomes profitable for all of its participants, but for some users it has negative consequences. The developers pay special attention to the protection of copyright holders – torrents and other sites with pirated content will also be blocked.
As a result, the Brave browser becomes an ordered tool for accessing the Internet. Due to active user and investor support, the Basic Attention Token project has significant potential for further development.