Basic Attention Token: Everything You Need To Know

in #bitcoin7 years ago (edited)

basic-attention-token-logo.png

Basic Attention Token (BAT) is a digital currency used to compensate users, digital advertisers, and content publishers using the Brave web browser. See: https://brave.com/

BAT rewards users for their attention and pays advertisers and publishers based on the attention given to their content by the user. While this is unique in and of itself, what makes BAT even more unique is that the "middleman" is removed from the equation. Traditionally, between the user, advertiser, and publisher, there is another organization (or organizations) collecting their share of profits based on ad exchanges, user tracking functions, and data sharing.

Here, the user's privacy suffers and the advertisers and publishers receive less attention, lower conversion rates, a lower quality user experience, and less profit. Basic Attention Token was introduced to eliminate these woes -- increasing efficacy and profits of advertisers and publishers while protecting user privacy and giving users the opportunity earn rewards for their attention.

Brave Web Browser: More Security

The Brave browser is based on security. Its primary goal is to block everything that can harm a user's browsing and undermine his or her privacy. Brave allows users to browse faster by blocking trackers and ads that slow down page loads. This goes hand-in-hand with Brave's focus on making browsing safer because trackers can't infringe on user privacy. Additionally, malvertising is blocked so malware can't be installed on a computer by ads which has become a recurring problem. Furthermore, Brave automatically redirects sites to HTTPS to ensure users are always in the most secure online environment possible.

What makes Brave unique is that its ad blocking capability is built in rather than an extension or add-on. Other browsers have seemingly treated ad blocking and privacy as a lower priority whereas Brave sees it as its chief focus. As a result of this, Brave's superiority comes by killing two birds with one stone -- with the ability to positively affect the user experience by simultaneously making browsing faster and safer compared to other alternatives.

Brave and subsequently $BAT were founded by its CEO, Brendan Eich. Eich's extensive history within the tech industry has given him the experience to understand the challenges faced by all types of content users -- whether they're writing it, advertising on it, or simply consuming it. Prior to starting up Brave, Eich co-founded the Mozilla project, Mozilla Foundation, and the Mozilla Corporation and is credited as the co-founder of Firefox. In addition to this, Eich is also the creator of the JavaScript programming language. Therefore, it only makes sense that he be the leader of vision and strategy at Brave.

Eich's BAT leadership team consists of ten other individuals who bring extensive experience from other leading online organizations including Evernote, Yahoo, Khan Acadmy, and Kerf Software. Brian Bondy, BAT co-founder, is the Brave Browser Engineering Lead. Responsible for security and privacy engineering is Yan Zhu. Scott Locklin oversees BAT Smart Contracts & Economics. All-things marketing are handled by Bradley Richter, Catherine Corre, and Brian Brown who are responsible for design, communications, and go-to-market, respectively. Marshall Rose and Aubrey Keus oversee Ledger, Automation, and Wallet Systems while Brian Johnson takes care of Electron & Chromium Integrations. Luke Mulks rounds out the team as the much-needed Ad-Tech Expert.

Basic Attention Token reduces digital advertising fraud in a few different ways. First, it eliminates third-party traffic sourcing. In doing this, unsourced traffic and bots are substantially reduced. Secondly, fraud entry points are removed by BAT's Basic Attention Metrics (BAM) system. BAM measures a user's attention directly on the device being used to browse using Brave. In doing this, cross-platform discrepancies are reduced making data more reliable and less likely to be over-reported.

Being that BAT is based in the blockchain and its code is open source, there will be nowhere to hide fraud. Not only will the code be able to be audited, but so will all transactions. Furthermore, Brave plans to develop additional rules to support the integrity and transparency of its ad-tech. Remote tracking and third-party ads that depend on tracking for campaign measurements will be prohibited and blocked from all angles.

In short, Brave has ensured that bots and invalid third-party ads and traffic cannot enter their legitimate ecosystem thanks to their BAM system and other specific BAT-enabled apps. The very nature of the design of their system and the flow of information from publisher to advertiser to user without any middleman also helps eliminate fraud.

Basic Attention Token: Investment Opportunity

Brave's official whitepaper on the BAT highlights many reasons why the Basic Attention Token and blockchain-based digital advertising is needed and will be a success. The paper argues that digital advertising is broken thanks to the middlemen that have designed a system that hurts stakeholders and the user experience. The solution, according to Brave, is an open, clear ad exchange that compensates based on attention and values privacy. Hence, the BAT and its platform were developed.

White paper: https://basicattentiontoken.org/BasicAttentionTokenWhitePaper-4.pdf

Basic Attention Token is being introduced in phases: first, the launch of the Brave browser which is built specifically to block third-party ads and trackers and enable the transparency of BAT platform advertising; second, the launch of the decentralized ad exchange.

The Initial Coin Offering (ICO) for Basic Attention Token was May 31, 2017. Within 30 seconds of the offering, BAT was sold out and generated about $35 million. The quick sale can be attributed to a handful of buyers that purchased about half of the BAT available. A total of roughly 130 people were able to buy tokens, leaving many people disappointed that they were unable to purchase any. However, this hasn't diminished Eich's positive outlook for BAT and Brave. After the speedy sale, Eich expressed being pleased and having excitement over the future of company and the disruption it seeks to make on digital advertising.

More Attention on $BAT: Research & Explanations

Being a new product, platform, and concept, there are many frequently asked questions about BAT. For some, it may be unclear what Basic Attention Tokens represent. These tokens are intended for use on the BAT platform for digital advertising and services. They are not intended to be digital currency.

Though they are not digital currency, many wonder whether BATs are transferable and the answer is yes. BATs can be transferred amongst users of the platform and also between different wallets held by a single user. ERC20 compatible wallets should be used.

Many have asked how the user base will be grown. There is a pool of 300 million BAT reserved specifically for this purpose. It is anticipated that users will be incentivized to join the BAT platform in a variety of ways, including earning tokens when they initially download the Brave browser. Once in the platform, users will use their BAT to spend and earn more tokens with publishers, advertisers, and app creators, thus fostering the growth of the platform.

BAT is appealing for digital advertisers and publishers alike. Advertisers pay publishers in tokens to display ads which are selected by Brave based on data collected on the user. Ads are targeted and deliver higher click rates, therefore earning publishers more BAT and advertisers more traffic and in turn, more customers and revenue.

BAT can be purchased from many exchanges including Bittrex, BTER, Liqui, EtherDelta, and Mercatox. Additional tokens are not anticipated to be sold directly by Brave/BAT. Given the promise demonstrated by the expeditious sale of the initial billion tokens sold, buying BAT is a good investment. While the bright future of Bravo and BAT is speculative, it seems inevitable given the purpose of the platform and the success and experience of the management team.

Basic Attention Token can be used to buy advertising through Brave this fall. Until then, BAT should be stored in wallets that support ERC20 tokens.

In a time where online privacy is of increasing concern and spending on digital advertising increases year-over-year, it is no wonder Basic Attention Token has already seen success and will surely continue to. Users want to be protected online, advertisers want greater return on their investment in digital advertising, and publishers seek a better means to earn compensation and not turn their audiences off with invasive, sometimes malicious advertising. Brave and $BAT deliver what all three off these communities desire and have the leadership and interest to create a revolution in the digital advertising ecosystem.

Sort:  

The browser is great, especially on mobile. However, the success of the token is somewhat decoupled from the browser. The token relies on advertisers purchasing advertisements using BAT which is a long shot.

I'm an Internet marketer and I'm loading up on $BAT so down the road I can purchase advertising. Many digital marketers are seeing the value having a war chest of $BAT to compete against those who are late to the party and would be buying $BAT at a much higher price. Beyond $BAT being a solid investment as it stands now, the greater return for me will come through the exchange of purchased ads down the road.

good to know, i wasn't thinking about it from that perspective. 1% of BAT tokens = 1% of all advertising on the platform, which could be a massive reach.

I invested a bit on the back of the 100 mil brave browsers that might be introduced to crypto, could be big

You should try downloading Brave and compare browsing speeds on other browsers. Pick a site like eBay that's littered with ads which really slows down the user experience. Compare Brave to Chrome, Safari, Firefox, etc. Major difference in terms of speed, it's fantastic.

I'm not a fan of using ad blockers, I think sites have a right to monetize, if you don't like it as a user you have the right to not go to the site.

Why don't they use fiat currency instead of their own cryptotoken? It's less volatile so not as much risks for users of the platform. I feel like this is keeping companies away from using bat

I've been using Brave for about 2 weeks now and I love it. The only problem I have is with the token. I still don't understand too much of the logistics of it, especially in terms of withdrawing BAT. Hopefully, in the near future, the company can resolve this issue.

I've invested in the token. I think it's a wonderful idea. Downloaded the browser but failed to find the way to watch the ads and get BATs.

Congratulations @nickypapers! You have completed some achievement on Steemit and have been rewarded with new badge(s) :

You got your First payout

Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here

If you no longer want to receive notifications, reply to this comment with the word STOP

By upvoting this notification, you can help all Steemit users. Learn how here!

Interesting article. I was about to start a similair discussion. It's surprising how much uneducated investors the crypto space has. You still see people invest in this shady and scammy coins. We really need more insights in the market and previous investment results. I really advice people to take a look at: https://www.coincheckup.com They give great insights in the team, the product, advisors, community, the business and the business model and other techincal insights. Check for example: https://www.coincheckup.com/coins/Basic Attention Token#analysis For the Basic Attention Token Research report.

Ho scaricato brave e a primo sguardo credo sia velocissimo mi informerò di piú sui Bat $

Nice article. I was about to start a similair discussion. Sell the coins that you know nothing about. Do proper research on any coin you buy. If the market falls at least you can hold your coins knowing they have a long term future. Does anyone know about: https://www.coincheckup.com I'm using this site that gives in depth reports on every tradable cryto in the market. Check: https://www.coincheckup.com/coins/Basic Attention Token#analysis To check Basic Attention Token Indepth analysis

Coin Marketplace

STEEM 0.20
TRX 0.13
JST 0.030
BTC 64741.88
ETH 3457.21
USDT 1.00
SBD 2.55