Basic Attention Token (BAT) is built on the ethereum blockchain. It is a utility token that different digital marketers use to pay for various ads on the Brave browser, a privacy-focused competitor of Mozilla’s Firefox and Google’s chrome. Users who wish to see the ads can join a program that will pay them in BAT for viewing them. Furthermore, these ads are served up by Brave from trusted partners, and the browsing history of a user or his preferences are never made available publicly.
“Brave is a unique browser that also comes with its own search engine (also called Brave), but you can choose from six others if you prefer. While it touts its privacy features as being better than Firefox’s and its speed as better than Chrome’s, the differences there seem to be negligible.”
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What is the Basic Attention Token?
Your behavior across different websites never leaves your browser; in simple words, no profile of your identity or activity is shared with a third party. Instead, this token uses machine learning within the browser to determine different ads to serve you from a pool of advertisements created by brands that partner with Brave. The profile always remains local to the bat browser so that your activity stays private, and you can delete that. To donate or earn fiat currency like dollars, you will need to reveal your financial information and identity to participate in the brave ecosystem. The transactions here are public on the ethereum blockchain, but at the same time, your identity remains private.
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How the Basic Attention Token works?
The Basic Attention Token (BAT) is associated with this brave browser, a feature called brave rewards allows the users to contribute BAT to the sites they visit. When someone turns on these Brave Rewards, their browser tallies the time they spent on each site and then divides that person’s monthly BAT contribution into the places they visit. In addition, the Brave Ads will allow people to opt in to earn the Basic Attention Token based on their attention or time.
When someone turns the Brave Ads on, the browser begins to learn their preferences to show some occasional relevant ads. The brave rewards use an anonymous contribution system, so no one can see what websites the user chooses to support. It is also mentioned that no new tokens will be created once the user growth pool is exhausted.
What are the advantages of a Basic Attention Token?
As a baseline, this token actively blocks ads, advertisements, and trackers to make your browsing activity safe, fast, and private. If that is all you need, it is delivered for free. In addition, this browser is built using chromium, the open-source software which powers google chrome, so that all your favorite plug-ins and extensions work smoothly.
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What is the price of a Basic Attention Token (BAT)?
The Basic Attention Token (BAT) was launched in the year 2017 to remedy the problems it saw with the digital advertising, which was the ‘privacy violation of users,’ along with the declining revenue of the traditional publishers and the inability of advertisers to assess the effectiveness of their ads.
Most of the cryptocurrencies gradually release their new tokens into circulation over time. Still, in the case of Basic Attention Token (BAT), all the 1.5 billion tokens, the whole supply was created only during its launch. One billion Basic Attention Tokens (BATs) were sold in an initial coin offering that sold out in under 30 seconds and then raised around $35 million (156,250 ETH, at the time). Around 200 million Basic Attention Tokens (BATs) were set aside for the Brave’s staff, and the remaining 300 million BAT were allocated to a ‘user growth pool.’ This pool focuses on providing tokens for the ‘BAT grants’, free tokens given to all the new users when they download this browser to get started without parting with their own money.
Basic Attention Token (BAT) serves as the exclusive payment token for the brave browser. Different advertisers are required to purchase ad space with the help of BAT, and the users receive BAT for viewing adverts and can also tip the content creators they like using that token.
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Reference Links
- basicattentiontoken.org
- BAT White Paper
- brave.com
- timesofindia.indiatimes.com
- investopedia.com
- kraken.com
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