Basic Attention Token Cryptocurrency
Basic Attention Token (BAT) is a cryptocurrency that aims to create a constructive advertising cycle that benefits both creators and consumers. Brave tracks a user’s attention, or their focused mental interaction with digital material such as adverts. BAT’s creators claim that the user’s private information and monitoring data is only stored on the user’s device, guaranteeing anonymity and privacy. Users receive BAT for consuming ad content, publishers may deliver higher-impact advertising, and advertisers can be confident that their messages are being seen by a willing audience.
As a result, Basic Attention Token (BAT) has created a new type of digital advertising platform with the support of Brave. BAT is Brave’s Native Token.
A Native Token is the built-in digital currency of a blockchain. In the case of Bitcoin, its main purpose is as a cryptocurrency; consequently, Bitcoins are the native crypto for Bitcoin. The primary cryptocurrency of the Ethereum blockchain is Ether, however, Ethereum also hosts other cryptocurrencies in the form of tokens. BAT is the native currency of That Brave Browser. We’ll learn more about Brave and BAT in this article.
Basic Attention Token (BAT): About and Background
The Basic Attention Token (BAT) is a cryptocurrency designed by Brendan Eich, the co-founder of Mozilla and Firefox, to produce and build consumer attention in the digital age. The BAT platform was created to make DeFi and crypto accessible to the general public. BAT is the Brave web browser’s native coin, created on the Ethereum network (ETH). The Brave browser was created to address the challenges in the crypto advertising industry.
The Basic Attention Token is a cryptocurrency that can be used to purchase a variety of advertising services on the Brave platform. It’s made to be shared across users, marketers, and publishers. It’s based on an uncommon concept that’s crucial to advertising organizations in the digital realm: user attention. BAT’s creators want to change the way advertising is done in the digital today’s age.
According to recent trends, they believe that this digital marketing and advertising space is extremely disadvantageous to users, publishers, and advertisers equally. Users are bombarded with adverts and trackers, as well as malware that is becoming more aggressive and powerful.
While services like Google and Meta (previously Facebook) push down the cost of information while taking a large portion of advertising revenue, legacy publishers have been seeing their ad revenues plummet. Furthermore, bots and malware can cause increasing massive damage each year, and platforms have already had reputation issues. Additionally, because these platforms dominate in these areas, advertisers lack appropriate targeting strategies and information to convey their content effectively.
BAT’s creators think that by measuring how consumers engage with digital advertising content and preserving that data in a distributed ledger, they can improve the digital marketing experience for marketers, publishers, and users. Users will see fewer advertisements and material that is more relevant to them. Publishers will develop new revenue streams.
Many popular cryptos like Dogecoin as the finest example – serve no purpose except to be publicly traded. This means that, while they may have come to popularity previously, there is no guarantee that they will continue to do so. The BAT token, on the other hand, has some real-world value. This could give it a much longer life lifetime than many other ‘meme currencies’ that are currently highly valued (Maybe Over-valued).
What is the role of Brave browser in this?
BAT is used with the Brave web browser, which was built by the same company that produced the token. Brave is a free browser that promises to run 3-6 times faster than rival options since it only shows ads to users who have chosen to see them.
Users of the Brave browser can join the Brave Rewards program, which allows them to get paid in BAT for seeing advertisements or to contribute BAT to creators whose content they want to support.
The default setting in Brave is to block trackers and advertisements. It only shows advertising if the user agrees with them. Users are compensated in BAT for seeing native advertisements from partner organizations, which Brave serves publishes.
Brave employs the Brave Micropayments Ledger to track BAT movement. The Brave Micropayments Ledger is designed to allow marketers, publishers, and consumers to enter into smart contracts for transferring funds amongst them. With the purpose of offering anonymity to stakeholders in online media transactions, Brave is looking into using zero-knowledge proofs for its blockchain.