Contents<\/p>
- 1<\/span> Brief History of Basic Attention Token<\/a><\/li>
- 2<\/span> The BAT Development Team<\/a><\/li>
- 3<\/span> Understanding How BAT Works<\/a><\/li>
- 4<\/span> BAT ICO<\/a><\/li>
- 5<\/span> User Consistency Increase<\/a><\/li>
- 6<\/span> Brave Wallet<\/a><\/li>
- 7<\/span> Basic Attention Token and The Brave Web Browser<\/a>
- 7.1<\/span> How Do We Measure Attention?<\/a><\/li>
- 7.2<\/span> Reduced Cost of Data and Eradicating Ad Centralization<\/a><\/li>
- 7.3<\/span> BAT Pricing<\/a><\/li>
- 7.4<\/span> The BAT Market<\/a><\/li><\/ul><\/li>
- 8<\/span> Why Invest in BAT?\u00a0\u00a0\u00a0 <\/a>
- 8.1<\/span> Publishers<\/a><\/li>
- 8.2<\/span> Users<\/a><\/li>
- 8.3<\/span> Advertisers<\/a><\/li>
- 8.4<\/span> Tipping<\/a><\/li>
- 8.5<\/span> Security<\/a><\/li><\/ul><\/li>
- 9<\/span> Opportunities and Challenges<\/a><\/li>
- 10<\/span> Deductions<\/a><\/li><\/ul><\/div>\n
Brief History of Basic Attention Token<\/span><\/h2>\n
BAT joined the race on 7 January 2018. It is the brainchild of Brendan Eich, co-founder of Mozilla and Firefox and developer of the Javascript programming language.<\/p>\n
It aims at ensuring adequate distribution of funds between the ads advertisers, content publishers, and readers. That way, the parties will concentrate on providing lesser ads that focus mainly on users’ interests while not violating their privacy.<\/p>\n
Content publishers, advertisers, and readers were faced with the challenge of unwanted ads and possibly malware. These problems include traditional publishers who encounter an unreasonable decrease in ad proceeds while paying huge fees.<\/p>\n
Also, advertisers are not enough to scarce information and mechanisms to provide their content adequately. This is due to centralization and monopolization by available digital platforms.<\/p>\n
BAT focuses on eradicating the trouble of third-party advertisement and all its complications as listed above through \u201cUser Attention<\/strong>.”<\/p>\n
The Basic Attention Tokens are majorly integrated into the Brave Software. But is not restricted to only the browser as other browsers can implement the tokens. Before introducing BAT tokens, the web browser used Bitcoin (BTC) as the accepted currency of payment.<\/p>\n
The BAT Development Team<\/span><\/h2>\n
BAT was created by a team of highly intellectual and efficient men, which consisted of various scientists and engineers. They include:<\/p>\n
- \n
- Brendan Eich, Co-founder of Mozilla Firefox, and JavaScript programming language evolved to be the most pivotal web development programming language.<\/li>\n
- Brian Brody, who is also the Co-founder of BAT. He has played vital positions in giant tech companies like Evernote, Khan Academy, and Mozilla Firefox.<\/li>\n
- Yan Zhu, the Chief Information Security Officer at Brave. She\u2019s in charge of handling privacy and security.<\/li>\n
- Holli Bohren, the Chief Financial Officer.j<\/li>\n
- Amongst the teams are several technological gurus and proficient contributors.<\/li>\n<\/ul>\n
Understanding How BAT Works<\/span><\/h2>\n
BAT is currently running on the Ethereum blockchain. It was implemented on the Brave browser Software to facilitate transactions between content publishers, advertisers, and consumers. The BAT attracts users, advertisers, and publishers for several interesting reasons.<\/p>\n
For example,<\/p>\n
Content publishers deploy their content. Digital advertisers approach the publishers while proffering a quantity of BATs.<\/p>\n
The parties negotiate upon the amount and come into an agreement based on the user-tailored data. Readers also earn in BATs as they partake in the transaction(s). They can then choose to use these coins on the browser or donate them to content publishers.<\/p>\n
The goal is to provide all users privacy and security and at the same time enabling well-tailored, user-centered ads.<\/p>\n
The creators of the Basic Attention Token were inspired by the idea of exploring consumers\u2019 interaction with digital information. They store this information in a shared ledger to improve digital content advertising for all its customers.<\/p>\n
The publishers will access more profiting means of income. Advertisers will become more capable of strategizing better according to user attention. And users receive less intruding ads that are tailored to their preferences.<\/p>\n
BAT ICO<\/span><\/h2>\n
The Initial Coin Offering (ICO) for BAT occurred on the 31st<\/sup> of May, 2017, as an ERC-20 token (Ethereum-based).<\/p>\n
The token was a huge hit by minting about $35 million<\/strong> in less than a minute. Additionally, the Basic Attention Token and developers accumulated $7 million in investment from different venture organizations.<\/p>\n
The total income for the overall distribution of the tokens aggregated up to $1.5 billion. Interestingly, a third of it went back to the creative team. This is very fair because they are the originators of these ERC-20 tokens.<\/p>\n
However, this restrained<\/em> amount is being used for more expansion of the BAT platform. We mustn\u2019t forget that the target is improvement and user consistency.<\/p>\n
User Consistency Increase<\/span><\/h2>\n
Following the end of the BAT Initial Coin Offering, there was the challenge of getting more users to engage the platform.<\/p>\n
The BAT development team decided at the end of 2017 to share well over 300,000<\/strong> tokens to new users. They also hosted other user-engaging programs.<\/p>\n
Apparently, these programs were very rewarding. Currently, new users don\u2019t have to be invited with any kind of advertisement. They come by themselves with anticipation for the BAT tokens.<\/p>\n
Brave Wallet<\/span><\/h2>\n
Basically, any wallet that permits the storage of ERC-20 coins will allow one to store BAT tokens. However, there is a highly recommended wallet native to the Brave browser.<\/p>\n
That is the \u201cBrave wallet<\/em>. You can find it in the Brave web browser, right in the Preferences <\/strong>section. You can reach this window by searching for \u201cpreferences<\/em>\u201d in the address bar of the software.<\/p>\n
Once you reach here, you select the Brave Payments choice at the left part of the screen and click the payment toggle to \u201con<\/em>.”<\/p>\n
And you have yourself a BAT wallet!<\/p>\n
Other acceptable wallets include Trust Wallet, MyEtherWallet, Offline Wallets, or Exchange wallets.<\/p>\n
- \n
- Trust Wallet<\/strong>: One of the most preferred crypto wallet which stores ERC721, ERC20 BEP2 token. It’s very easy to use and understand and accessible for iOS, Android, and Web platforms.<\/li>\n
- Exchange Wallets:<\/strong> such as Exodus, Binance, Gate.io, etc<\/li>\n
- Offline Wallets:<\/strong> These are hardware wallets that can help store cryptocurrencies offline securely.<\/li>\n<\/ul>\n
Basic Attention Token and The Brave Web Browser<\/span><\/h2>\n
The Brave browser is a web browser that ensures high security and privacy. It blocks online trackers, intrusive cookies, and malware while tracking user preferences using blockchain technology.<\/p>\n
User Attention<\/em><\/strong> is created when users spend more time interacting with digital media content. This is gotten from stored data on the user\u2019s device and is accessed remotely without the user\u2019s knowledge.<\/p>\n
BAT rewards content publishers for digital content that has user attending to it. The publisher earns more BATs as more users engage and stay on the content(s). Simultaneously, advertisers\u2019 revenues increase as more of the publishers\u2019 revenue increases.<\/p>\n
Brave also uses information from User Attention to assist advisers against fraudulent attacks. The browser also uses sophisticated machine learning algorithms to learn and predict user preferences.<\/p>\n
Brave rewards users with BAT tokens as they use the platform and partake in the processes. Users can use these tokens even to acquire access to premium content or even engage in other transactions.\u00a0 Notwithstanding, most of the returns from ads go to the content publishers, which is determined by the website.<\/p>\n
How Do We Measure Attention?<\/span><\/h3>\n
The Brave browser accomplishes this by focusing on keeping users actively engaging a tab in the real world. There is a database that stores which ads have attracted and sustained more users than others.<\/p>\n
There is an Almetric “Attention Score” calculator in the browser, which evaluates whether an ad page is viewed for at least 25 seconds and sums up the total time spent on the page. The other data are sent to a segment called Brave ledger system, which analyzes and ensures that both publisher and user are being rewarded, according to the evaluated score.<\/p>\n
This allows the BAT protocol to analyze consumer preferences and incentivize the publishers and readers accurately. The platform maximizes the use of complex AI algorithms to analyze user attention and distribute important ads.<\/p>\n
Reduced Cost of Data and Eradicating Ad Centralization<\/span><\/h3>\n
Brandan Eich noted the unfair charges in monthly bills which go to ads, intrusive cookies, and bot tracking.\u00a0 The Brave web browser adequately minimizes bandwidth consumption. It achieves this by restricting insignificant ads and displaying only needful, user-centered data on the users\u2019 devices.<\/p>\n
The plan is to replace ad exchanges. These are third-parties which stand as broker-dealers between advertisers and publisher, who are seeking publishing space and ads respectively.<\/p>\n
The presence of ad exchangers results in more separation between the advertisers and publishers. Consequently, the ads become more bias, in favor of the third parties, the ad networks.<\/p>\n
But, the introduction of the BAT protocol replaces all that centralization of ads networks<\/em> with a decentralized ecosystem. This provides the advertisers and content creators the ability to communicate directly using Brave\u2019s attention measurement system.<\/p>\n
The BAT token can either be used in two ways. It can serve as a utility token within the native browser. You can also use it for transactions by trading with another crypto coin using online public exchanges.<\/p>\n
BAT Pricing<\/strong><\/span><\/h3>\n
As of publishing this article, the Basic Attention Token is in a state of recovering the previous losses. The coin price is at $0.74 and reached its all-time highest price in the month of March 2021.<\/p>\n
Image Courtesy of CoinMarketCap<\/a><\/p><\/div>\n
The BAT Market<\/strong><\/span><\/h3>\n
You can find BAT tokens in many marketplaces. The hype surrounding the token continues to mount. BAT is available on several exchange platforms such as Exodus, Binance, Coinbase Pro, Houbi, etc. Although, over 50% of the overall quantity is presently working on only two of the main exchanges.<\/p>\n
The majority of trade transactions happening in the two exchanges is a possible challenge for the Liquidity of the open market. Meaning that this can, in turn, creates an unusual quantity for the size of the BAT in these exchanges.<\/p>\n
Why Invest in BAT?\u00a0\u00a0\u00a0 <\/strong><\/span><\/h2>\n
We have now understood that the BAT token has several benefits that make it very compelling to users. Let’s outline for you a few reasons why crypto<\/a> investors should make this in the number of their lists.<\/p>\n
- Exchange Wallets:<\/strong> such as Exodus, Binance, Gate.io, etc<\/li>\n
- Trust Wallet<\/strong>: One of the most preferred crypto wallet which stores ERC721, ERC20 BEP2 token. It’s very easy to use and understand and accessible for iOS, Android, and Web platforms.<\/li>\n
- 8.2<\/span> Users<\/a><\/li>
- 7.2<\/span> Reduced Cost of Data and Eradicating Ad Centralization<\/a><\/li>
- 2<\/span> The BAT Development Team<\/a><\/li>
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