- Brave browser is becoming a popular alternative to major browser owing to its speed and privacy-centric nature. This will encourage and boost BAT adoption by users.
- BAT is supported by Binance.
- It is based on Ethereum ERC-20 standard.
- The entire ecosystem is privacy-focused.
- The system is meant for serving relevant ads to the users which benefits all parties.
- Advertisers may face hurdles in converting users to customers.
- The user base of Brave is still negligible when compared to Chrome and Safari.
- To use BAT for additional trading activities, signing up for a mainstream exchange is required.
Almost every week you get to read or hear about newer types of crypto tokens and new generation coins come with some additional and unique features. You will find some coins that are linked with tangible assets while there are coins that offer cutting-edge technological innovations to woo the users. However, it is rare to come across crypto coins that are linked with web browsers and operate through a three-way connection between the publishers, advertisers, and users. That is what the BAT token is all about. The Basic Attention Token is being embraced by people who want an anonymous, fast web browsing experience and a way to earn profits at the same time.
The basics of BAT
The Basic Attention Token is one kind of utility token meant as a part of an ad exchange program offered through a web browser called Brave. The coin is modeled on the tried and trusted Ethereum Blockchain and it is decentralized, open-source. You can buy BAT tokens on Binance- a trusted and major crypto exchange.
BAT was developed by Brendan Eich and later Brave Software tweaked it further. The idea behind the creation of BAT is to do away with frauds or middlemen involved with typical digital advertising methods. The creator of BAT is keen on aiding the users and advertisers. So the BAT Ecosystem was developed to benefit all parties involved. After the creation of BAT tokens, its elements were embedded into the Brave browser. While the BAT tokens are associated with Brave, they may be implemented into other web browsers, too.
The working mechanism of BAT
There is nothing new about companies using ads in various web browsers to reach out to users and make some profits in the long run. However, for a majority of web users, these browser ads are pesky, unwanted, and annoying. They want a hassle-free and fast web usage experience. So, the makers of the BAT ecosystem came up with a unique solution that fulfills everyone’s needs.
In Brave browser, publishers offer the content made by them. The Advertisers offer them a certain amount of BATs. The amount is decided as per the attention span of users. Those users also earn some BATs for taking part. They can donate these tokens to the content publisher or use them later on the platform.
The main idea is not hard to understand. The token is there for keeping users’ data safe and anonymous and it offers specific, personalized ads simultaneously. Publishers experience fewer frauds and enhanced reward potential. The Advertisers get precise, better reports along with increased performance.
The journey of BAT
The Initial Coin Offering of BAT took place back in May 2017. It was an ERC-20 token. The amount raised was $35 million. Additionally, the BAT token project obtained $7 million from some venture capital firms as investments. The entire token supply was 1.5 billion. About 1/3rd of that amount was returned to the developer team and they use it for enhancing the ABT ecosystem.
By the end of 2017, the BAT token project team distributed 300 thousand tokens to the newly registered users. Some referral programs and giveaways were organized as well. However, the BAT user base started growing as the Brave browser was launched and enhanced.
You need to store any crypto coin in some hardware or digital wallet, eventually and BAT is no different. BAT wallets are termed Brave wallets and they are hosted in the browser. Setting up the wallet after installing the Brave browser on your PC or mobile is a smooth and quick process. You may add other types of cryptocurrencies to your BAT wallet. Using the wallet is much like using other crypto wallets.
How BAT benefits the users?
BAT can be used by various types of users and the end result is satisfying.
- Advertisers- They get incentives for using BAT in their ads. They receive specific data and analytics. They get to learn about performance of their ads and so they are able to develop ads are user-friendly and more personalized.
- Users- The Brave web browser users get a give-to-receive scenario. They view advertisements while using the browser and for the time spent they receive BAT tokens. They can use the token for using various services on the ecosystem or donate to the content publishers.
- Publisher- The ad publisher gets compensated by both the users and advertisers. They also get user feedbacks and understand which ads work the best.
So the publishers get rewarded for their content while the users are paid for giving time and attention. The advertisers also get more for ads they make. Everything takes place through a privacy-oriented, Open source web browser.
What about safety?
The three-way BAT ecosystem deployed in Brave browser is safe. The token gathers all information locally. Third parties are not involved. There is no risk of any scam or fraud. The Brave browser comes with various privacy settings and these can be tweaked to ensure you get what you want in terms of data safety and privacy. Your data is stored in your device and not sent to any external entity, says the company.
How BAT is different from popular crypto tokens?
The creators of BAT had a specific purpose in mind. They did not just want to create yet another crypto token-serving as an alternative to the likes of Ethereum and Bitcoin. The token was conceived and made as a means of promoting decentralized, digital ad exchange powered by Blockchain technology.
BAT cannot be mined and that is where it is different from Bitcoin, Ethereum, and many other cryptocurrencies. This is a utility token. The token is used as a measurement tool and reward. It is used for assessing user attention.
Should you use BAT?
BAT introduces a radical concept of a Blockchain tech-powered, customized digital advertising revenue system. When you use the Brave browser, you get rid of pesky and unwanted ads, and instead of those, you get to watch ads that fulfill your interest. Additionally, you earn tokens for watching these ads. You need not worry about data privacy and safety as the entire ecosystem has measures to ensure user privacy is maintained. Along with that, you get a fast web browsing experience.
So, you can use BAT when you want to be an enhanced and fast web browsing experience coupled with a means of earning profits. It is also ideal when you put more emphasis on privacy while using the web. However, keep in mind that for trading BAT tokens or using them outside the ecosystem, you will have to use mainstream crypto exchanges and wallets. This will bring down the level of privacy for sure. Besides, earning through BAT can be a long-term process and you cannot expect to be rewarded with a huge amount of token just after joining the ecosystem. It is better suited for people with some experience in the crypto sector even though a beginner can start using the ecosystem without hiccups.
Summing it up
BAT token has become a hit with web users for its flexibility and ease of usage and the adoption is expected to go up in the future. The digital ad-based revenue model with tripartite distribution is a unique concept. However, certain glitches in the ecosystem have to be addressed to ensure faster growth. The Brave browser user percentage is still not great and developers must find means to get access to more users. To use BAT outside the Brave ecosystem, users have to rely on third-party wallets and exchanges. This is an issue that can irk privacy-aware users.