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What is Basic Attention Token (BAT)?
The Basic Attention Token (BAT), is a novel blockchain-based digital advertising network that aims to appropriately reward users for their attention while also giving advertisers a greater return on their ad spending.
Users receive BAT tokens for viewing ad content, publishers may deliver higher-impact advertising, and advertisers can be confident that their messages are being seen by a receptive audience.
As a result, BAT has created a new type of digital advertising platform.
Users can keep their BAT, exchange it for cash or other cryptocurrencies, or donate it to their favourite content providers.
The Basic Attention Token (BAT), which is transferred between advertisers, publishers, and users, is the reward unit in this advertising ecosystem. Advertisers pay with BAT tokens for their advertising campaigns.
A small percentage of this funding goes to advertisers, while 70% goes to users, with the intermediaries that traditionally ramp up advertising prices being removed from the equation to increase cost-efficiency.
Basic Attention Token was released in 2017 after one of the fastest-selling initial coin offers (ICOs) in history, generating $35 million in less than a minute. Through its Brave Rewards programme, it has since expanded its attention-based advertising experience to users in the majority of countries.
Who are the founders of Basic Attention Token (BAT)?
Brendan Eich and Brian Bondy, two highly regarded experts in the internet surfing software sector, are the founders of Basic Attention Token.
What makes Basic Attention Token (BAT) unique?
The Brave browser saves all of the user’s information, including intent signals, active tabs, URLs, keyword search entry information, surfing statistics, and so on. To provide users with offers, the platform, in conjunction with the Brave browser, can determine if they are surfing at a good time and place.
Every page load does not require users to contact external servers. Because ad matching is done locally, it results in better browsing, longer battery life, lower data usage, and less disruption of content flow.
The ability to pay (tip) people who are yet to become a part of the BAT network is one of the most distinctive aspects of Basic Attention Token and the Brave Browser ecosystem. These individuals can then enlist on the platform to collect any tips they have accrued.
Since its inception, both Basic Attention Token and Brave Browser have seen tremendous user adoption. Brave Browser has 20.5 million monthly active users as of October 2020, while the Basic Attention Token is presently owned by more than 368K unique wallets.
ERC-20 token Basic Network Token (BAT). As a result, it is based on Ethereum’s blockchain. BAT, like every other ERC-20 token, is protected by a well-proven proof-of-work (POW) consensus method backed by a large Ethereum mining network.
Only legitimate transactions are approved with this consensus method, and BAT transactions are largely irreversible once verified thanks to the Ethereum mining network’s collective efforts.
How Many Basic Attention Token (BAT) Coins?
The maximum supply of BAT is 1.5 billion, with more than 1.49 billion presently in circulation. It is now ranked among the top 100 cryptocurrencies in the world, with a price of $1.18 per token and a market capitalization of more than $1.7 billion.
For being a part of the ecosystem, more than 42 million users of the Brave browser receive BAT tokens. This number is likely to rise to 100 million shortly, increasing demand for the BAT token.
The tokens in the user growth pool were created to reward early adopters and incentivise involvement in the BAT ecosystem. After the user growth funds have been depleted, no new tokens will be issued.
How does Basic Attention Token (BAT) Work?
Brave is an open-source privacy-focused browser that comes with Brave Shields, which by default prevents all unwanted adverts and trackers. It also uses a built-in ledger system to discreetly evaluate user attentiveness to improve the advertising experience for users.
This is done by estimating the amount of time a person can view each advertisement as well as the number of pixels they can see.
Brave uses on-device machine learning to align content with relevant advertisers, while feedback mechanisms ensure that people see ads for things they are most likely to buy. All of this information is encrypted and saved locally on the device, and Brave safeguards its users’ identities.
Anyone who uses the browser can activate the Brave Ads function to be compensated in Basic Attention Tokens for the time they spend watching advertisements. They can also enable the Brave Rewards feature, which divides their monthly BAT token contribution between the sites they visit based on the amount of time they spend on each.
Users can also tip their favourite content creators directly through the reward panel in their browser or by hitting the tip button next to the URL bar on sites like YouTube, Twitter, and Reddit.
Brave Browser
BAT is used with the Brave web browser, which was built by the same company that produced the token. Brave is a free browser that promises to load 3-6 times faster than rival options since it only shows ads to users who have chosen to see them.
Users of the Brave browser can join the Brave Rewards programme, which enables them to get paid in BAT for seeing advertisements or to contribute BAT to content creators whose work they want to promote.
The default setting in Brave is to block trackers and advertisements. It only shows advertising if the user agrees with them. Users are paid in BAT for seeing native adverts from trusted partners, which Brave serves up.
Conclusion
On the open-source Brave browser, the Basic Attention Token is a form of payment used by users, marketers, and content creators. BAT is a cryptocurrency based on Ethereum’s blockchain technology, and while its founders did not intend for it to be traded, it is now available on a few cryptocurrency exchanges.
BAT has such a strong team and has the potential to be one of the most transformative projects ever. Let’s hope they can maintain their positive traction and provide us with a solution that we will use frequently in the future.
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