To put it lightly, advertising is one of the most important revenue streams for most online businesses; unfortunately, the advertising industry is a dinosaur. The model hasn’t been updated in years and is in serious need of an update. Brendan Eich’s Basic Attention Token (BAT) aims to transform the game in this area. The Basic Attention Token attempts to reward consumers for watching advertisements in order to earn their attention.
The Basic Attention Token (BAT) was established to use blockchain technology to enhance the privacy, impartiality, and profitability of digital advertising. It is the Brave web browser’s native token, developed on Ethereum (ETH).
Companies have found new methods to apply blockchain and digital currencies to existing problems and difficulties, such as web browsing and web-based advertising, as the popularity of these novel technologies grows.
What is a Basic Attention Token (BAT)?
The Basic Attention Token (BAT) is the Brave browser’s primary coin. Brave is a privacy-focused search engine built on Chromium, Google Chrome’s open-source edition. Owing to its built-in “shields” function, which disables most adverts and tracking cookies, the browser gives ad-free browsing. However, this raises the question of how companies and content producers earn money without adverts. This is where the Basic Attention Token is useful.
The BAT is an ERC-20 coin relying on Ethereum. The cryptocurrency is classified as a “utility token,” a sort of cryptocurrency designed to be used for a specified purpose. BAT crypto allows a completely new advertising income model that respects user privacy and choice.
When using Brave to browse the web, users can earn BAT coins by clicking on the non-intrusive ads that surface from time to time. Users can then send tips to their favorite content creators using this BAT. They could also buy BAT on a crypto exchange and put it in their browser’s wallet, providing them a greater quantity of tokens to tip with.
Brave Browser
The Brave web browser, which was created by the same company that created the coin, is utilised with BAT. Brave is a free browser that claims to load 3-6 times faster than competitors since it only displays advertisements to users who have elected to see them.
Users of the Brave browser can join the Brave Rewards program, which allows them to get paid in BAT for seeing advertisements or to contribute BAT to content creators whose work they want to support.
Trackers and ads are blocked by default settings in Brave.. It only shows advertising if the user agrees with them. Users are rewarded in BAT for seeing native adverts from trusted partners, which Brave serves up.
Brave Micropayments Ledger
Brave employs the Brave Micropayments Ledger to monitor BAT activity.
The Brave Micropayments Ledger is designed to allow marketers, publishers, and readers to enter into smart contracts to transfer funds between them.
With the purpose of offering anonymity to stakeholders in online media transactions, Brave is looking into using zero-knowledge proofs for its blockchain.
How Does BAT Work?
Users, publishers, and advertisers frequently visit the Brave web browser with the sole intention of obtaining Basic Attention Tokens. This web browser transforms into a kind of isolated environment.
Publishers disseminate the stuff they make. Advertisers then approach publishers and make an offer of a particular number of BATs. They choose this amount based on the user’s attention level.
Users are then rewarded with BATs for their participation. They now have two choices: donate these BAT coins to the publisher or utilize them on the browser.
Publishers gain from Basic Attention Tokens since they encounter significantly less fraud while also increasing their reward potential. Advertisers, in turn, get considerably better and more specific reports, as well as greater performance.
What makes Basic Attention Token special?
All of the user’s data is saved in the Brave browser, which include intent signals, active windows, URLs, search terms entry details, browsing statistics, and so on. The platform, in combination with the Brave browser, can assess if users are browsing at a good time and place in order to serve them with offers.
Users do not have to contact external servers every time they load a page. Ad matching is done remotely, which means better surfing, better battery usage, reduced data usage, and less disturbance of content flow.
One of the most distinguishing features of Basic Attention Token and the Brave Browser ecosystem is the ability to compensate (tip) people who have yet to join the BAT network. These users can then sign up for the platform and begin collecting tips.
Both Basic Attention Token and Brave Browser have enjoyed massive user growth since their creation. As of January 2022, Brave Browser had 50 million monthly active users, while the Basic Attention Token was held by 700K wallets.
Token ERC-20 Token for the Basic Network (BAT). As a result, it uses Ethereum’s blockchain as its foundation. BAT is safeguarded, like every other ERC-20 token, by a well-proven proof-of-work (POW) consensus technique supported by a huge Ethereum mining network.
This consensus technique allows only legal transactions to be accepted, and BAT transactions are essentially unchangeable once confirmed thanks to the Ethereum mining network’s collaborative efforts.
What is the value of BAT Token?
On May 31st, 2017, the BAT ICO (Initial Coin Offering) took place. The ERC-20 token was used in the offering.
The token raised roughly $35 million in less than 30 seconds.
The coin hit its all-time high in mid-April 2021 when it traded for roughly $1.52. Having 1.49 billion BAT in existence and a total supply of 1.50 billion BAT as of January 2022, it has a flowing supply of more than 99 percent.
1 BAT was worth $1.05 at the time of writing.
Conclusion
Tools like BAT are becoming increasingly important as time goes on. Anything that helps to strengthen and develop security is critical to the digital marketing industry’s success.
It’s difficult to overstate the importance of such a system in today’s world. Every day, people are victims of scammers and hackers. For digital currency trade and online purchasing, a tool like the BAT token is worth investing in.
