Brendan Eich, the co-founder of Mozilla and Firefox, created Basic Attention Token in 2017. BAT focuses on digital advertisements, their fairness, and their security-related issues. BAT is the primary token used in Brave, an Ethereum-based web browser. Basic Attention Token is a blockchain-based system that tracks consumers’ time and attention through web and web-based advertisements. The idea is to make digital advertising more efficient and personalize ads even better than before. Basic Attention Token aims to distribute the advertisement money fairly between publishers and readers of the digital market content.
Basic Attention Token; a deeper dive
Basic Attention Token is built on Ethereum, and it utilizes a specialized web browser called “Brave.” Inside Brave platform, Basic Attention Tokens are used as currency and exchanged between advertisers, publishers, and readers. It measures user attention, which is of utmost importance in today’s digital marketing.
Conventionally, users risked their security and data privacy when exposed to ads. Basic Attention Token seeks to transform how advertising is conducted digitally. Publishers have constantly seen a drop in their ad gains since big platforms like Google and Facebook have been cutting down prices on user information. However, instead, they take a significant cut from advertising revenues. Web security is also another issue, as every year, millions of computers worldwide are infected with malware through advertisements.
Furthermore, conventional ads lacked sufficient targeting methods to deliver their content, resulting in decreased advertising efficiency. Basic Attention Token aims to track how various users interact with digital advertisements. All that information is stored in a distributed ledger, making it possible for advertisers, publishers, and users to experience better results.
Brave is a privacy-centered browser that uses Basic Attention Token as its native token. It blocks tracking mechanisms, invasive cookies, and malware. Using blockchain technology, Brave follows user attention, and it translates this information into rewards for publishers.
A user’s attention is described as a mental engagement on digital content, recorded as a Brave system log. Developers of Basic Attention Token claim that this log is only stored on the user’s device, remaining completely private and anonymous. BAT is the token that makes the whole process possible. Reward amount is calculated based on several factors such as pixel and digital content duration. Basic Attention Token is planning to extend its reward criteria to user reaction. Brave also takes part in the targeting method of the ads because it tailors the ads to user interests using machine learning algorithms.
Users of Brave are rewarded with Basic Attention Tokens. TheseThese tokens can be used for several services on the platform and specific premium content.
Brave and Basic Attention Token developers have taken extra steps to ensure security issues with their browser and the digital token. The developers claim that they could reduce the risk of fraud in digital content through cryptography.
Brave Wallet is directly built in the browser. It is much more secure than other browser wallets because it’s not an extension. There’s no installation process required, which reduces the risk of installing fake application versions. Furthermore, extensions take up a significant part of the CPU, and they tend to slow down the browser. With the built-in Brave Wallet, users can find the best prices in a list of providers, sell, buy, store or grow their crypto portfolio.
Brave Wallet is free to use, but transactions demand gas fees, and swaps might also contain an extra transaction fee.
Basic Attention Token has been around since 2017, but its technology is slowly catching up. Many companies are working with Brave and already seeing results. Some of BAT’s partners are as follows:
Verizon achieved 23.8 ad views and a 10+ second landing page view duration for more than half of users.
Nexo reached more than 500.000 clicks and saved 20% in acquisition costs.
BlockFi reduced costs by 75% and doubled earnings per user compared to Google.
Etoro experienced a sharp rise of 240% in new customer registrations.
Upland achieved triple revenue per user compared to Facebook since it partnered with BAT.
Basic Attention Token Roadmap
Basic Attention Token is looking to expand and develop in the future. Some major areas in which BAT will change are related to search engines, particularly Brave. Basic Attention Token plans to introduce various utilities for Brave and other mainstream search engines. Furthermore, Basic Attention Token will step into e-commerce and digital merchandise. A specific type of IPNS verified content would have the chance for better BAT rewards in the future. Finally, the Basic Attention Token will be used in content pinning and file sharing using IPFS.
Basic Attention Token is currently active on Youtube and other mainstream content bases and social media. It is the first crypto application to surpass one million users worldwide, and it has just started its journey.