The Basic Attention Token (BAT) is a cryptocurrency token that Brave Inc. created for their web browser, Brave, allowing users to earn $BAT for viewing ads. The goal of BAT is to improve the way advertising is conducted on digital platforms by addressing issues that negatively impact users, advertisers, and publishers.
One of the main issues that BAT aims to solve is the overabundance of ads and the risk of malware on generic browsers. Additionally, advertisers struggle with proper targeting methods and delivering essential information on monopolized online platforms. Publishers have also seen a decline in ad revenue due to high fees charged by platforms like Google and Facebook.
BAT is a utility token that acts as a unit of account between advertisers, publishers, and users on the Brave platform. The token is powered by a blockchain-based digital advertising approach and is used as a payment system within the platform. The primary component of BAT is the Brave browser, which is fast, privacy-focused, and open-source. It blocks third-party ads and trackers and has a built-in ledger system that measures user attention for ads and rewards publishers accordingly.
Users can earn BAT by viewing ads in their browser settings, while advertisers must buy ads with BAT. The budget is distributed among publishers and users, with a small commission going to Brave. Token holders can also use their BAT tokens for premium content and services on the Brave browser or tip them to publishers of their choice.
Publishers must be verified before they can receive tips. There are a number of verified Brave publishers, including The Washington Post, The Guardian, Nomics.com, Archive.org, SourceForge, and many others. Additionally, the system rewards users outside the network, such as those on Twitter, and allows them to sign up to the platform to collect their rewards securely without any hassle.
Built on the Ethereum Blockchain
BAT is an ERC-20-based token built on the Ethereum blockchain. BAT can be acquired by purchasing, viewing ads on the Brave browser, acquiring random BAT rewards, and joining the Brave Rewards Creators program. To withdraw BAT, one will need to sign up with Uphold, a custody service of Brave that acts as the token wallet of BAT.
$BAT Total Supply
BAT has a maximum total supply of 1.5 billion tokens, with almost all of this supply in circulation currently. Basic Attention Token can currently be traded on many popular cryptocurrency exchange platforms, including Coinbase and Coinbase Pro.
The creators of BAT are Brendan Eich, CEO of Brave Software, Inc. and founder and CTO of Mozilla and Mozilla Firefox, and Brian Bondy, CTO of Brave and Basic Attention Token. The Basic Attention Token team consists of 16 members, many from the background of research, development, or engineering.
Brave Software was founded in 2015 and the Brave browser was launched in 2016 with its key feature of blocking ads and trackers. The Basic Attention Token was officially launched on May 31, 2017, when it became one of the fastest sell-out initial coin offerings (ICOs) of all time. Since then, it has gained popularity through its Brave Rewards program. The platform is supported by numerous investors, including Propel Venture Partners, Founders Fund, Pantera Capital, Foundation Capital, and Digital Currency Group.
