Basic Attention Token is a cryptocurrency that works in conjunction with the Brave browser. Its purpose is to bring advertisers, content creators and users together.
The content creator is rewarded in BAT for his effort, the advertiser pays in BAT to advertise on a website that meets his target audience and the user earns BAT by watching advertisements in his area of interest. He can then give this earned BAT back as a tip or as a premium content fee for the content he has read or enjoyed.
The vision of the creators of this cryptocurrency is to make crypto and DeFi accessible and usable for everyone.
The digital advertising industry is worth $330 billion. This revenue is largely pocketed and users, content creators and advertisers get the crumbs that are left over.
With Basic Attention Token and the Brave Browser, this team wants to be both fairer in rewards as well as solve privacy violations in the ad industry.
Brave aims to protect your privacy online with privacy tools within their browser and search engine, preventing you from being tracked as you browse.
If you want to use Brave, you can switch within a minute, according to their then, by importing all bookmarks, extensions and saved passwords. 50 million people now use the Brave browser, doubling in a year.
Brian Bondy is the co-founder of Brave and BAT. He is lead developer at Brave and BAT. Previously, he worked at Khan Academy, Mozilla and Evernote. He received his bachelor's degree in mathematics and computer science from the University of Waterloo.
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BAT wants to introduce DeFi into the BAT ecosystem. One can use the Brave Wallet. This is a multi-chain cryptowallet that does not require an extension in your browser because it is built into the Brave browser. This prevents phishing, fake versions and theft. The usual operations are possible with it, such as buying, selling and swapping with the best price match. It also lets you connect to a Web3 dApp and buy and sell NFT.
You can import other wallets into it and invest smartly with CoinGecko data thanks to insight into the growth potential of crypto assets.
Features of the Brave Wallet:
The basics of large-scale crypto and DeFi usage;
Support for DeFi and NFT;
Buy crypto with credit and debit cards, crypto assets and more;
Manage fiat and crypto payment options on desktop and mobile.
DeFi for everyone;
Support multi-chain and best price with lowest cost;
Stake BAT and save. Receive discounts when you use BAT for transaction fees.
BAT utility for search engines;
Use BAT with eCommerce ;
Rewards for IPNS (InterPlanetary Name System) verified content;
Use BAT for content pinning and file sharing with IPFS (InterPlanetary File System).
Users earn BAT for their attention. For example, they watch an advertisement for chess pieces on a chess server and get BAT for it. The advertiser is connected to the BAT ad ecosystem and chooses where to advertise. Thus, supply and demand come together and you get ads that you could possibly respond to, because chess players are much more likely to buy chess pieces than people who like soccer. Users maintain privacy when they get BAT for viewing ads.
Developers get paid for creating great content. They earn revenue from ads, user fees and can get BAT as a tip. When the content, game or whatever is appreciated and the user or consumer has BAT in their Brave Wallet, it is a small step to express your appreciation by rewarding the content creator with BAT you got for free by watching targeted ads.
Advertisers get a better return. Brave's anonymous accounting shows advertisers how effective their campaigns are without violating privacy. They pay only for real attention. For example, it tracks how many people saw an ad, but more importantly, how long they looked at it. This is vital information for an advertiser and is highly valued.
A brief journey through their white paper (explaining what a coin does).
Digital advertising has gone to the dogs. Intermediaries and companies are now calling the shots here. Your privacy is no longer worth anything and your mobile is being drained by slower loading pages due to tracking cookies and ads.
There needs to be a new system for this. Brave and BAT offer this through a decentralized and transparent digital ad exchange, based on blockchain.
In this process, Brave blocks all advertisements except those you choose. Both the content creator and the user are rewarded for this with BAT. In this way, ads will be much more targeted and generate more revenue for the advertiser, while the user only sees ads within their interests.
Attention, or attention, has been a new commodity since radio that can be mined by smart advertisers. Those who attract attention will have higher sales.
Other forms of attention focus on information. The best information will get the most attention, or so the theory goes. As we all know by now, this has not happened.
In fact, scientific pieces will get far less attention than an advertisement for dog food. And opinion pieces will get much more attention than substantiated stories.
Attention can be broken down into AIDA: Attention, Interest, Desire, Action. A classic example of advertising. You hear about a product, you're interested, you want it, and then you go to the store and buy it.
Nowadays, content creators have to incur so many costs in publishing their pieces that it hardly makes any money. The middlemen, such as Google and Facebook and a whole battery of other companies are making money off this content, while the owner of the content wonders if it is still profitable. Furthermore, adblockers cause them to earn next to nothing.
When visiting a commercial website, you sometimes get up to 100 or so trackers on your roof, usually because you click accept all at that cookie notice that is prominently displayed.
A lot of money also clings to the coffers of fraudsters who create fake websites full of malware for which they sometimes charge money.
Information in the modern world is very cheap. You used to have to buy books or read newspapers. Nowadays you can find almost anything for free. Herbert Simon commented, "in a world full of information, attention becomes the scarce commodity." BAT allows this scarce attention to be monetized by bringing the advertiser or content creator together with the interested user.
With anonymous tracking of all that someone does on a page, Brave can determine what compensation a content creator gets for their contributions, or how much an advertiser should pay for views. This way, good content and genuine attention will stand out and get the appreciation it deserves. Premium content (paid services) can be paid for with the BAT tokens earned.
BAT launch: May 31, 2017. 1.5 billion tokens will be issued hereby and none will be added. Per Ethereum, you could obtain 6400 BAT at the public sale.