Basic Attention Token
Basic Attention Token (BAT) is the native token of the Brave Ecosystem used as a unit of account between digital advertising and services platforms.
What is Basic Attention Token?
- BAT empowers a blockchain-based digital advertising platform designed to reward users for their attention.
- As an ERC-20 token built upon the Ethereum blockchain, BAT is designed to reward users who watch adverts on their platform, while advertisers pay BAT to have their advertisements shown to their target audience.
- BAT has a maximum total supply of 1.5 billion tokens, with almost all of this supply currently in circulation, making it deflationary.
- As of October 2020, Brave Browser has a total of 20.5 million active monthly users, whereas the Basic Attention Token is now held by a total of more than 368,000 unique wallets.
- The Basic Attention Token itself is the unit of reward in this advertising ecosystem, and is exchanged between advertisers, publishers and users.
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Who is behind Basic Attention Token?
Basic Attention Token was founded by Brendan Eich and Brian Bondy, two highly distinguished individuals in the internet browsing software industry.
Brendan Eich, as the CEO of Brave Software, Inc, also helped launch one of the world’s most popular web browsers in 2004 — Mozilla Firefox.
Likewise, Brian Bondy, the CTO, is a heavily experienced engineer with previous experience working as a senior software engineer at Mozilla, software developer at Corel Corporation and software development lead at Khan Academy.
What is the purpose of Basic Attention Token?
Basic Attention Token was created to take Crypto to the next 1B users and solve the endemic inefficiencies and privacy violations hobbling the digital ad industry with Defi in its ecosystem.
- Brave Browser is the platform through which users are exposed to adverts (and receive BAT rewards). Advertisers pay BAT to deliver targeted ads to viewers most likely to be interested in their products, maximizing viewer engagement while reducing losses from ad fraud and abuse.
- Advertisers are required to spend a minimum of USD 2,500 a month to launch a single campaign, of which Brave – the firm behind the Brave Ecosystem and BAT – takes a small commission, with the rest distributed to publishers and users.
- Advertising campaigns get paid by the advertisers in BAT tokens. Out of this budget, a small portion is distributed to advertisers, while 70% is distributed to users — whereas the intermediaries that typically drive up advertising costs are cut out of the equation to improve cost-efficiency.
- A self-serve platform with potentially lower limits is currently in the pipeline.
- Advertisers can acquire BAT from a variety of third-party exchange platforms. Out of this, Brave takes a small commission, and the rest is distributed to publishers and users.
- Basic Attention Token’s main distinguishing feature is the capacity to reward (tip) users who are not yet part of the network including both websites and individual Twitter users
- Despite a limited number of players in the decentralized ad market, BAT still faces fierce competition from mighty firms such as Google and Facebook, who technically dominate the online ad landscape with a proclaimed market share of over 73%.
- It is critical for the team to not only drive mass adoption for Brave, but also increase utility for BAT in other browsers, platforms, and apps since BAT’s popularity relies mainly on Brave’s adoption.
- BAT’s platform attracts a pool of low-quality users who churn rather quickly, thus, resulting in low conversions for advertisers because it is currently manipulating their views rather than having a genuine interest in purchasing or using the product.
- BAT’s wallet is a single-directional wallet, meaning it can only receive external funds which cannot be withdrawn.
News and Updates:
- Brave will launch a new update for its roadmap 2.0 with a built-in native C++ implementation of an Ethereum remote client in Brave wallet. It will also support other EVM-compatible blockchains and have some chains preconfigured to use without any settings changes.
- Basic Attention Token (BAT) was featured on Cointelegraph on March 4 when its price was at $0.675. Since then, the token jumped to $1.369 on March 17, 2021. That’s a 102% rally within a fortnight. This shows that traders should nurture and hold on to the tokens that have strong fundamentals backing them.
- Grayscale CEO Michael Sonnenshein announced on March 17, 2021 that BAT was one of the five tokens added to the Grayscale lineup; it was bound to stir interest among the community. This increases the possibility of greater institutional interest in the token.
- Japan’s Bitbank exchange announced it will add support to BAT from March 17, 2021. This step increases the reach and demand for BAT among crypto-savvy Japanese investors.
Community & Whitepaper Links:
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