- Basic Attention Token (BAT) is an ERC-20 crypto developed over the Ethereum blockchain.
- The BAT crypto was initiated to build blockchain-backed transparent and decentralized digital advertisements.
The BAT (Basic Attention Token) was introduced by Brendan Eich, co-founder of Mozilla and Firefox. This Ethereum network-based ERC-20 token was designed to build a fair, secure, and efficient digital endorsement industry that can leverage the benefits of blockchain technology. This revolutionary idea not only offered decentralization across the digital advertisement sector but also introduced a token that measures and rewards the attention of the users. Across the wide spectrum of cryptocurrencies, BAT emerged as a unique niche that offers utilities that make it more than a mere cryptocurrency.
What is BAT Token?
BAT crypto (Basic Attention Token) was introduced to redefine the security concerns, platform fairness, and efficiency of digital endorsement via the benefits of blockchain technology. BAT is the native utility token of the Brave web browser based on the Ethereum blockchain’s Ether (ETH). This project was in the development stage in the year 2022 while Brave Browser was globally accessible to download.
In July 2023, Brave reported more than 59 million active monthly users across the globe with over 22 million daily active user base. The Basic Attention Token provides a decentralized ecosystem for tracking the time and attention of consumers on a particular website using Brave Browser. A blockchain-based tracking system helps in monitoring a website’s reach and traffic including time spent on it.
How Does it Work?
This technology is developed on Ethereum to distribute money earned by digital advertisement among publishers, advertisers, and readers of on-chain marketing ads and content. It strives to provide a seamless experience with fewer ads. It provides data privacy rights with content that is well-tailored to the users’ interests.
At its core, this crypto is also used as a utility token that helps to leverage a type of user exchange, including publishers and advertisers, across the Brave Browser. Its simple operating methods are still innovative in many ways. When users access the Brave browser, they can select the option of viewing non-invasive advertisements. As user engagement increases, the users are more likely to earn BAT tokens as a reward.
These tokens can be further used by an individual to tip their favorite sites or content creators, to create a direct or value-based relationship between a creator and a user. Another aspect of this equation includes utilizing BAT tokens to pay for the ads being viewed by preferred users.
Publishers then receive the major part of that ad’s revenue. This system ensures access control over a user’s browsing experience with complete data integrity and fair compensation.
Unique Use Cases of BAT
The operating methods of the BAT ecosystem facilitate a wide range of use cases that set it apart from traditional digital advertising systems:
User Privacy
This crypto places user privacy as the top priority. All user data is locally stored and this ensures non-disclosure with intermediaries.
Incentivizing User Attention
Unlike existing digital advertising models, where users are preferred as products, Basic Attention Token incentivizes its users for their engagement.
Facilitating Content Creators
BAT crypto provides features that directly tip content creators. This helps to foster a more empowered relationship with the audience and their favorite creator.
Integration of Blockchain Technology
BAT harnesses the core tenets of the blockchain technology: transparency and security. This reduces the need for third parties to eliminate the risks of fraud and cyber threats.
Conclusion
Blockchain’s emergence led to the transformation of several sectors. However, for a long time, the advertising industry remained an untouched sector. The Brave browser unveils the vast potential of digital endorsement with the help of blockchain integration and addresses the needs of a wide spectrum of users with its advanced reward and monitoring system.