What is Basic Attention Token (BAT)?

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What is Basic Attention Token (BAT)?

What is Basic Attention Token (BAT)?

Summary

  • The Basic Attention Token is an interesting crypto project that focuses on the decentralization of digital marketing and advertising through its main application, Brave Browser.
  • Brave Browser is a privacy-focused browser that allows users to enjoy its built-in ad blocker and crypto wallet. The browser also has a reward program that offers BAT tokens to users who opt to see ads with their privacy kept intact.
  • Unlike the traditional advertising model, users aren’t removed from the revenue cycle and are compensated for their attention to the ads they receive.
  • After its successful ICO in 2017, the BAT and Brave team has been building on their initial idea, offering more products to their users with a focus on privacy. With more than 22 million monthly active users, Brave can indeed be named one of the most successful crypto projects to date.

Table of Contents

What is the Basic Attention Token (BAT)?

The Basic Attention Token is an interesting crypto project that focuses on the decentralisation of digital marketing and advertising through its main application, Brave Browser.

Today’s advertising space is controlled by a few big names. These companies usually offer some type of free services, usually in the form of social media platforms, to the public. To use these services, you should become a user and sign up for an account.

In doing so, you have to submit some personal information such as your phone number and email address. However, the amount of data you are actually giving away is quite more than this.

The platform will have access to your IP address, your search history, and the content you’re engaging with. The company will then use different techniques to get insights into the information it has from its users and categorise them into different segments based on specific factors.

These different segments are the main source of revenue for social media companies today. They are actually leads and potential customers for businesses who pay these companies to run ads for them.

As you can see, users whose data is the main pillar of this revenue model, earn nothing in return. And this is what the Basic Attention Token and its ad ecosystem are aiming to address.

How Does the Basic Attention Token (BAT) Work?

Through Brave Browser, BAT offers a direct advertising network to all the components involved: the viewer, the publisher, and the advertisers.

BAT Digital Ad System

BAT Digital Ad System – Source: The BAT Whitepaper

  1. User: users will be able to use a highly secure and private browser, called Brave, which comes with its own intricate ad blocker. This browser is free to use and users can choose whether to see ads or not while using it. If they opt to see ads, they will earn rewards in return.

  2. Publisher: content creators and publishers, such as website owners, will be able to receive rewards based on the quality of their content.

  3. Advertiser: advertisers will be able to receive transparent reports on their ads and how well their money is spent.

Unlike the traditional advertising model, users aren’t removed from the revenue cycle and are compensated for their attention to the ads they receive.

Now, let’s talk about some of the main components of the BAT advertising system.

Brave Browser

Brave Browser is a privacy-focused web browser that comes with its own ad blocker. Brave also prevents invisible trackers from collecting your system and research data. It also allows you to block JavaScript codes altogether.

As a user, you can control your privacy level; you can adjust the intensity of the ad blocker or deactivate it completely. You can see the Brave ad blocker in the following image:

Brave Ad Blocker

Brave Ad Blocker

As you can see, you can choose to aggressively block ads and trackers, do it mildly, or let them function freely. You can also block scripts, fingerprinting, and cross-site cookies.

The Brave browser offers all the basic functionalities you can get from other regular browsers along with some extra benefits. The ad blocker will help you save time and data as these trackers and ads are consuming your internet to load. This will also help with the loading speed of the sites, making it more seamless.

Brave is available for Linux, MacOS, and Windows operating systems. At the moment, Brave Browser has more than 63.8M monthly active users and is claimed to be the first crypto application to attract more than 1M users.

You can download and install it from here.

Brave Rewards

On top of improved privacy, Brave Browser gives you the option of monetising your data through Brave Rewards.

With Brave Rewards, you will be able to view verified ads in Brave Browser in a private manner and earn rewards in the form of a crypto token for your attention. The crypto token is unsurprisingly called the Basic Attention Token or BAT.

Brave Rewards

Brave Rewards

With Brave Rewards, you can also tip your favourite content creators if they are Verified Brave Publishers.

Your earned tokens will be transferred to your account at the end of each month based on the number of ads you viewed and your engagement level. You will be able to hold your Brave Rewards in Brave Wallet (see the next section), however, these two products are independent and aren’t linked together at the moment.

You can withdraw your tokens after verifying your account and completing your KYC. At the moment, this option is only available in certain regions and countries, but Brave plans to extend this to more jurisdictions in the future.

You can see the list of supported regions here.

Brave Wallet

Brave Wallet is a built-in crypto wallet that takes your regular Web 2.0 browser to another level, making it ready for the upcoming Web 3.0 world.

As a built-in crypto wallet, it is integrated with your Brave Browser and you don’t need to install any additional web extensions or applications. You will be able to open the Brave Wallet by going to “Settings” in your browser.

Brave Wallet

Brave Wallet

Brave Wallet supports more than 200 crypto assets along with NFTs and is accessible through its web application. You can also buy cryptocurrencies by using your credit/debit card or crypto assets.

Brave Search

Brave Search is another member of the BAT ecosystem. It’s a privacy-focused search engine that doesn’t track your data and is built using privacy-preserving techniques. Brave Search has created its own index and isn’t reliant on any big tech to provide information.

With Brave Search and Brave Browser, users will be able to enjoy enhanced privacy both during their research and afterward.

You can access Brave Search here.

Who Created the Basic Attention Token (BAT)?

BAT is supported by a very strong team and well-known figures in the tech world. Brendan Eich and Brian Bondy founded the project back in 2017.

Brendan Eich is the creator of the JavaScript programming language and the Firefox browser. Brian Bondy was also one of the Mozilla team members.

The ICO for BAT took place in 2017 and the project was able to sell all its tokens for 35 million dollars in just 30 seconds! The team was aiming “to raise a maximum of $24 million”.

1 billion BAT tokens were sold in the BAT ICO.

What is BAT?

BAT is the crypto token that is gluing the whole Brave and BAT advertising ecosystem together. BAT is used to reward users and content creators while advertisers can use it to make payments for their ads.

BAT has a maximum supply of 1,500,000,000 BAT, 1 billion of which was sold in the ICO in 2017. 200 million BAT tokens are reserved for Brave Browser while 300 million BAT tokens are allocated to a User Growth Pool.

As the name suggests, the User Growth Pool will be used to incentivise users to use different products the project is offering.

Where to Buy BAT

BAT is available on various centralised and decentralised exchanges and other platforms that offer crypto purchase services such as the Brave Wallet itself.

BAT is also available on BitDelta, our multi-asset exchange where you can simply buy different crypto assets like BAT using your credit or debit card.

On BitDelta, BAT is available as the BAT/USDT pair for users to trade.

Sign up for a BitDelta account today and start trading!

Closing Remarks

The Basic Attention Token is a promising crypto project that tries to put privacy first and include and compensate users in its decentralised advertising model.

Brave Browser is a privacy-focused browser that allows users to enjoy its built-in ad blocker and crypto wallet. The browser also has a reward program that offers BAT tokens to users who opt to see ads with their privacy kept intact.

After its successful ICO in 2017, the BAT and Brave team has been building on their initial idea, offering more products to their users with a focus on privacy. With more than 22 million monthly active users, Brave can indeed be named one of the most successful crypto projects to date.

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