Alrighty, let’s dive into the wonderful world of Basic Attention Token (BAT)!
What is Basic Attention Token (BAT)?
Picture this: most internet users go out of their way to avoid online advertisements. But what if I told you there’s a way for you to actually earn some moolah for viewing those ads? That’s where Basic Attention Token (BAT) swoops in like a caped crusader! BAT is a cryptocurrency aiming to create a win-win situation around digital advertising that’s fair for creators and consumers alike. It runs on Ethereum (ETH) and is seamlessly integrated into a custom web browser called Brave. This nifty token can be exchanged between advertisers, publishers, and internet users based on their web activity, streamlining commerce between all three groups.
Who Created BAT?
Brave Software’s founder is none other than Brendan Eich, the genius behind creating the JavaScript programming language and co-founding the Firefox web browser. Talk about a big brain! In 2017, Brave completed an initial coin offering (ICO) for BAT, raising a jaw-dropping $35 million in just 30 seconds by selling 1 billion BAT. Half of that was kept aside by Brave Software. The Brave team got 200 million BAT, while 300 million BAT was reserved for later to promote the platform. That’s some serious crypto cash!
How Does BAT Work?
All BAT transactions settle on Ethereum, a public blockchain that allows developers to create and deploy custom cryptocurrencies and applications. But here’s where the real fun begins: BAT operates on a web browser called Brave, which was developed by the same masterminds who created the token. Brave is like your trusty sidekick, loading 3-6 times faster than other browsers and only serving ads if users opt-in to see them. Brave browser users can sign up for the Brave Rewards program, getting paid in BAT for viewing ads or sending BAT to content creators whose work they want to support. The default setting is to block trackers and ads, only turning them on if the user opts in. Brave then serves up native ads from trusted partners, rewarding users in BAT for checking them out.
Brave Micropayments Ledger
To track the movement of BAT, Brave uses the Brave Micropayments Ledger. The idea here is to allow advertisers, publishers, and readers to enter into smart contracts to move payments between each other. Brave is also looking into using zero-knowledge proofs for its blockchain, aiming to provide anonymity to stakeholders in online media transactions.
Why Does BAT Have Value?
In the world of advertising, eyeballs are worth their weight in gold. Advertisers pay rates based on how many viewers they can get on their product or service. But here’s the kicker: there’s no guarantee those viewers are actually paying attention. Since viewers are compensated with BAT, advertisers using the platform can be assured that their ads are being seen, and they’re willing to pay a premium for that undivided attention. Brave pays BAT to users who view ad content as a form of revenue sharing. Users can exchange it for cash or hold it in a digital wallet. BAT is also a finite asset, with only 1 billion BAT in circulation. Plus, no new tokens will be created once Brave has distributed the 300 million BAT set aside to encourage user growth. So, investors can rest easy knowing their tokens represent a known percentage of the total supply of BAT.
Why Use BAT?
To keep the information flowing on the internet, content creators need to generate revenue. But the current state of the advertiser-user relationship is like a never-ending game of cat and mouse. Brave and BAT are here to change that game into a friendly handshake. Advertisers can reach an engaged audience without annoying them, and users can pocket some of the ad revenue for themselves. BAT seeks to break the cycle of avoidance and mistrust by creating an ad platform that’s equally beneficial to advertisers, publishers, and viewers alike.
And there you have it, folks! Basic Attention Token, making online browsing a whole lot more rewarding for everyone involved!
Links:
https://basicattentiontoken.org/
https://www.reddit.com/r/BATProject
https://twitter.com/attentiontoken