Digital advertising is becoming increasingly important. At the same time, however, the problems of this type of marketing are becoming more and more apparent. Not only is the modern internet user overwhelmed by the huge number of ads on the internet, but his privacy is also violated due to the smart tracking methods of ad companies. The Basic Attention Token (BAT) tries to solve this issue.
- BAT was developed by Mozilla co-founder Brendan Eich.
- BAT is designed to improve the security, fairness, and efficiency of digital advertising through the use of blockchain technology.
- BAT is the native token of the Brave web browser and is built on the Ethereum blockchain.
- BAT aims to revolutionize internet advertising by solving the endemic inefficiencies and privacy violations in the digital ad industry.
- The Brave browser lets the users select which ads they would like to see and rewards them for watching certain advertisements
Also, it is the first crypto application with more than a million users.
Users maintain privacy as they earn BAT for viewing ads.
The communicated objective of Basic Attention Token is to revolutionize the way advertising is done via its digital advertising platform. The foundation of the cryptocurrency is Ethereum. For the first time, users can decide whether they want to see ads or not. As a result, users now view fewer, more targeted, and desired advertisements. This means they become more valuable to advertisers.
In addition, the privacy of users is improved. Since users can actively choose to view an ad, only very relevant ads are allowed. The user is paid BAT for viewing the ad.
But website operators’ revenues also increase as users see much more relevant content. By using Basic Attention Token’s digital advertising platform, advertisers and website operators can trade directly with each other without an expensive middleman like Google taking a cut of the profits.
In 2017, the ICO took place, which sold out more quickly than almost any other project. Accordingly, Basic Attention Token was able to collect 35 million US dollars in just half an hour. Almost all of the 1.5 billion tokens have now been distributed. Meanwhile, BAT is making its digital advertising platform available worldwide via the Brave Rewards program.
Basic Attention Token is based on the Ethereum blockchain, which is integrated with the Brave browser. The protocol relies on three parties to function: Users, Creators, and Advertisers, to allow businesses to access users’ attention:
- Users earn for their attention: Users maintain privacy as they earn BAT for viewing ads.
- Creators get paid for making great content: Publishers and creators earn ad revenue and user contributions as well as tips.
- Advertisers get a better return: Brave’s anonymous accounting lets advertisers know their ads’ effectiveness without violating privacy. (Source: basicattentiontoken.org)
The idea is pretty smart.
The Brave Browser
Brave is an open-source browser that blocks all unnecessary ads and trackers by default with Brave Shields. It also anonymously measures users’ attention with an integrated ledger system to improve users’ advertising experience. It achieves this by calculating how long each ad is visible to a user, as well as the number of pixels they can see.
Brave matches content with advertisers that are truly relevant through the use of machine learning in the device, while feedback mechanisms ensure that users receive ads for the products they are most likely to buy. All of this data is encrypted and stored only on the device. And Brave protects the identity of its users.
BAT has seen stunning results since its integration into the Brave browser’s first global private ad platform: 55 million monthly active users, 16 million daily active users, 1.5 million verified creators accepting BAT, millions of wallets created, thousands of ad campaigns with leading brands, and growing utility in the most innovative names in blockchain gaming. The results make BAT one of the most, if not the most, successful alt–coin projects to date. BAT is now bridged across Ethereum and Solana blockchains, and offers utility to both ecosystems. — basicattentiontoken.org
The tokens store all user data in a secure and private format while providing specific personalized advertising to advertisers. This is only possible with the end user’s consent.
The platform rewards website publishers for user attention by paying out BAT. However, users also receive a reward in the form of BAT if they view certain advertisements from Brave Creators.
Users can always decide which advertisements they would like to see. If an advertisement is interesting to them, they can decide to display it and are paid for it in the form of BAT.
First crypto application to have more than 1 million users
BAT is the utility token for the Brave browser. It is an ERC-20 token secured by Proof-of-Work (PoW).
The token is the unit of reward in this advertising ecosystem. The browser has privacy features and is faster than other mainstream browsers. In February 2021, the Brave browser passed the 25 million monthly active users mark.
The main benefit of BAT is to run advertising campaigns through Brave ads. Since last year, advertisers have had to spend at least $2,500 per month to launch a campaign. However, a more comprehensive self-service platform is in the works.
Ad budgets require BAT tokens, which can be purchased on various exchanges, in exchange for which Brave takes a commission that is redistributed to publishers and users.
A special feature of the Basic Attention Token is the ability to tip users who have not yet joined the network, providing an incentive for ongoing use.
The Basic Attention Token (BAT) proved to be promising with its very successful ICO and a talented and experienced team led by Brendan Eich. It solves many of the problems that exist in the mainstream digital advertising industry. Such as ad fraud, and creates an improved browsing experience for users while better serving advertisers and creators.
The Brave Browser implements several useful features to block malicious ads, target users with relevant ads, and distribute ad revenue fairly between creators and users
Building a digital advertising platform that makes middlemen like Google obsolete offers enormous potential. After all, the market for online advertising is gigantic. If the project can gain traction in this market, then Basic Attention Token could become extremely valuable.
BAT already offers solutions to these problems with its platform and integration with the Brave browser. Moreover, BAT’s team consists of very capable developers. Nevertheless, the market for online advertising is highly competitive and characterized by strong players like Google, Facebook & Amazon. BAT offers potential but first has to prove itself against the big FAANG companies and hold its position in the long term.
If the developers succeed, BAT could be a front-runner in the Web 3.0 space. Fun Fact: I am currently writing this blog post with the Brave Browser 😉 Finally, a crypto project with a proper use case.
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