January 29, 2021
Basic Attention Token
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Basic Attention Token

Advertising is one the most important parts of all kinds of businesses, especially for those are online. Advertises create in all forms and it became a huge industry in these years. But, this huge industry needs an overhaul to get revolutionized in order to be able to stay in the competition. The traditional strategies and advertising methods are not as useful and effective as before. This is where the cryptocurrency called Basic Attention token (BAT) is looking to change the game completely. In fact, it’s looking to monetize attention by paying users in return for watching ads.

Although giant companies such as Google and Facebook created and could make changes in advertisement industry by targeting the audience, still Digital Marketing could not be compelling enough to hold someone’s attention. In point of fact, most of the advertisements consist of annoying pop-ups which no one clicks on it.

In this situation Brendan Eich the co-founder of Mozilla and Firefox and also JavaScript came along with an idea and created Basic Attention Token (BAT) to improve the efficiency of digital advertising.

 

What is Basic Attention Token (BAT)?

The Basic Attention Token (BAT) is an ERC-20 token, which means that it utilizes Ethereum blockchain and have a specialized web browser named Brave. The BAT token uses as a currency on Brave platform and is capable to obtain different advertising services. In fact, it designed in order to exchange between users, advertisers and publishers. It works on the concept, which called user attention, which is critically important to advertisers.

The BAT token created to revolutionize advertising industry in the digital age. The issue is that advertising industry is facing with problems and disadvantages. All the parts involved in the industry, including users, advertisers and publishers are struggling with. Users usually overloaded by ads and trackers and in some cases they are subjected to malwares. Publishers, which are not consist as giant companies in the industry has low income revenue and advertisers are facing with the lack of sufficient targeting methods and information to deliver their content efficiently.

 

Why Basic Attention Token created?

In such this situation BAT came in order to change the game. The team behind this project believe that they can bring a revolutionized advertising experience for all the parts involved in and all the three groups, including users, advertisers and publishers can benefit from it. But the question here is, how do they do that? The answer, which developers came with, is that by tracking the user’s interaction to digital advertising content and then store that information in a distributed ledger, they can achieve this goal.

In fact, in the new method users will interact with less advertisements and the content is better suited for them in order to be more efficient. Publishers will have a new source of revenue. Advertisers also can take the advantage to target their users more efficiently base on documented user content preference and interests and also will be able to fight frauds.

How does it help advertisement industry?

To make it short and clear, the users, who use Brave browser get paid in BAT tokens in return of watching ads. Publishers also rewarded by BAT tokens and make more income revenue by getting more targeted users attention. Advertisers also could make sure that their ads are delivering efficiently to the right targeted users and earn better return on their investment.

The Basic Attention Token specifically designed to use within the Brave network only. So, in order to convert to cash, it should be converted to Ethereum first and then into fiat currency. But, it’s also could use outside of the Brave network to use for other settings as well.

What is Brave browser and how does it work?

Brave is the browser that developed by BAT. It’s an open-source, privacy centered browser that designed in order to utilize blockchain technology. It blocks trackers and malware by tracking users’ attention anonymously and securely. It means that they identify the users’ focused mental engagement on digital advertisements, which will translate to reward for publishers. All the data including the user’s private data and tracking information stored only on the users’ device. It is to make sure that all the users’ activities will be anonymous and private.

Regarding of fraud and privacy issues, the developer team of Brave and BAT token have built multi-layers of security into the browser and digital token system. The developers indicate that they “plan to mitigate possible ad fraud through the use of cryptography, better client-side-integrity and transparency achieved through open source.”

Why Brave Browser and Basic Attention Token are revolutionary?

Advertisements slow down the website, decrease battery life and use up mobile data. According to the Basic Attention Token website, up to 50% of users’ mobile data used on ads and trackers. So by using the services which Brave provides, users can choose to view a small ad and get paid for their time.

For example, you can earn around 0.10 BAT by watching a notification style ad. Although it’s not that much, it could not possible to get paid by simply watching ads before. But, this income is limited to only $2500 per year. It means that users on Brave browser can make only $2500 in a year by watching ads.

Furthermore, people who will to be a publisher can take the advantage of it and increase their income. The new income would be aside from YouTube monetization revenue and etc.

Final Thoughts

Basic Attention Token is one of the few cryptocurrencies, which could have a potential to get mainstream attention and mass adoption. Its white paper dated January 7, 2018. It shows that the project is still in development. BAT could get around 5.5 million monthly active users just in a month after its official launch, which is a significant user growth only in a month. It expected that Basic Attention Token will become a household name in the next years.

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