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What Is a BATcoin (Basic Attention Token)?

What Is a BATcoin (Basic Attention Token)?

  • 16 May 2021
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The Basic Attention Token (BAT) or (BATcoin) was made by Brendan Eich, the co-founder of Mozilla and Firefox, to develop the equality, security, and efficiency of digital advertising over the Blockchain platform. They constructed it on the Ethereum blockchain and is the innate token of the Brave web browser. They published the token’s white paper on January 7, 2018. The BAT project is still being evolved and a beta version of the Brave browser is accessible.

Since blockchain technology and cryptocurrencies continue to flourish, firms have sought new ways to apply this pioneering know-how to existing issues, for instance, web browsing and web-based advertising.

The BATcoin itself is the component of reward in this advertising network and amid advertisers, publishers, and users trade. Advertisers recompense for their promotion campaigns using BATs. Including in this budget, a minor cut circulated to advertisers, while 70% allocated to users — meanwhile, the mediators that usually escalate advertising expenses taken away from the equation to increase cost-efficiency.

Basic Attention Token launched in 2017 following one of the fastest sell-out initial coin offerings (ICOs) in history, raising an entire capital of $35 million in just a minute. From that time, it has rolled out its attention-based advertising experience to users in almost all countries through its Brave Rewards program. As of November 2020, the United States, the United Kingdom, and Canada had the most active advertising campaigns.

What Is a BATcoin (Basic Attention Token)?

BATcoin

Who Are the developers of BATcoin?

Basic Attention Token has two creators: Brendan Eich and Brian Bondy — two vastly renowned folks in the internet browsing software industry.

The CEO of Brave Software Inc. is Brendan Eich, — the parent entity above the Brave browser and Basic Attention Token. Before his role at Brave, Eich was the founder and CTO of Mozilla and also created JavaScript in 1995. He also assisted launch one of the world’s most common web browsers in 2004 — Mozilla Firefox.

Meanwhile, Brian Bondy joins as Brave’s and Basic Attention Token’s CTO. Bondy is a profoundly skillful engineer with former experience functioning as a senior software engineer at Mozilla, software developer at Corel Corporation, and software development lead at Khan Academy. Together, Eich and Bondy have a pooled 50+ years of software development experience.

On the whole, the Basic Attention Token website announced 16 team members, many of whom have a development, engineering, or research background.

How does the Basic Attention Token work?

The Basic Attention Token (BAT) uses the ETH platform and a particular web browser called Brave. Brave browser applied the BATcoin token as money on the and can get numerous diverse advertising facilities. It is designed to trade amongst users, promoters, and publishers, and is created as an infrequent idea, while one that is so significant to advertising service providers working in the digital phase on the core of user attention.

The inventors of BATcoin are looking for improving the means which marketing accompanied in the digital era. They view the current tendencies similarly as disappointing users, publishers, and promoters. Users are overwhelmed with ads and trackers, and they expose to malware which is progressively forceful and commanding.

Legacy publishers have seen their ad incomes waning intensely as platforms like Google and Facebook downgrade the expense of information though winning a large number of advertising profits. Furthermore, bots and malware are imposing cumulative harm each year, and platforms have suffered from reliability disasters. Besides, advertisers lack adequate targeting approaches and data to deliver their content satisfactorily, again, as these utilities are controlled by platforms.

The creators of BAT token have faith that by chasing the technique that users cooperate with digital marketing content and storing that data in a distributed ledger, they will be able to improve the digital advertising understanding for advertisers, publishers, and users. Users will experience fewer ads and content that is better custom-made to them. Publishers then will discover new sources of income. And advertisers will be able to better target specific users relying on accepted user content preferences and interests. They will also be capable of avoiding deception more proficiently.

How does the Basic Attention Token work?

BAT diagram

How is Privacy-Center Browsing functioning using Brave?

As mentioned, BAT is the native token for the Brave browser which is an open-source, privacy-centered browser aimed to block trackers, disturbing cookies, and malware. It exploits blockchain technology to anonymously and securely track user attention, which is exchangeable to prizes for publishers.

A user’s attention, meaning their concentrated mental commitment to digital content such as ads, is noted through Brave. The developers of BAT specify that the user’s private data and tracking information can store merely on the user’s device, guaranteeing that it is secret and private.

In fact, the digital advertising publishers rewarded user attention with Basic Attention Token. The more well-organized their content is at producing continued user attention, the more the publisher’s income will be. Meanwhile, advertisers make a better return on investment (ROI). Brave also employs anonymous user attention information to support advertisers with targeting and fraud reduction.

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BAT is the cryptocurrency that eases the whole procedure. The creator associated it with attention worth. And they evaluated it based on both incremental duration and pixels in view for any related advertising content. The BAT structure plans to quantify and monetize user action connected to digital advertisements in the future. Brave also tries to match up advertisements with customers based on machine learning algorithms to define customer interests.

The Brave browser users also accept BAT for their contribution to the project. BATs can trade for several services on the platform, as well as for select the finest content. Nevertheless, publishers will obtain the “lion’s share” of the ad income, along with the BAT website. It is not clarified till now what the quality content on the Brave system will make of. Likewise, it’s imprecise what the services linked to the platform might be. Or how the payment structure for those services will work accurately.

In expectation of concerns about fraud and confidentiality subjects, the designers of Brave and BAT have made many security procedures into the browser and digital token system. The developers specify that they “plan to decline probable ad fraud by using cryptography, better client-side honesty, and transparency achieved through open source.”

How Is the BATcoin Network Security?

The Basic Network Token (BAT) is base on the ERC-20 algorithm and is fabricated on the Ethereum blockchain. Similar to other ERC-20 tokens, the security of BAT is by a severely tested proof-of-work (POW) consensus algorithm reinforced by a widespread Ethereum miner setup.

This consensus algorithm confirms merely valid transactions allowed, whereas the joint labor of the Ethereum mining system safeguards BAT transactions fundamentally irretrievable once confirmed.

How Is the BATcoin Network Security?

BATcoin Network Security

What is BATcoin Token Value

As stated by BAT’s white paper, the Basic Attention Token presentation meant to raise a total of $24 million. According to Coincodex, “The Basic Attention Token touched its maximum price on January 9, 2018, once it was trading at its greatest price of $ 0.999568. It has a circulating supply of 1.36 billion BAT with a total supply of 1.50 billion BAT.”

The creator set the exchange rate for BATcoin at 6,400 BAT per ETH. It means that as the price of Ethereum hikes or drops, the price of BAT will in tune consistently as well.

The live BAT price today is $1.18 with a 24-hour trading volume of $535,955,886. The asset decreased 3.34% in the previous 24 hours. Its ranking in the CoinMarketCap website is #74, accomplishing the market cap of $1,759,048,351 USD. Its circulating supply is 1,495,731,132 BAT coins and the maximum supply is 1,500,000,000 tokens.

If you interested in buy BAT token and you want to know where to buy Basic Attention Token, the best exchanges for trading in BAT are currently Binance, Huobi Global, OKEx, FTX, and Upbit.

What is BATcoin Token Value

What Makes BATcoin Unique?

The chief usage of the BATcoin is as a payment token for running advertising campaigns through Brave Ads. As of November 2020, advertisers must commit to a minimum ad spend of $2,500 per month to be able to launch their campaign, however, a self-serve platform with possibly lower bounds is presently in the pipeline.

Until now, this advertising budget must be provided completely in BATcoin units. Advertisers can provide from a variety of third-party exchange platforms. From the capital, Brave takes a tiny commission, and it circulated the rest to publishers and users.

One of the core distinctive structures of Basic Attention Token and the Brave Browser network is the ability to reward (tip) users. Users who are not yet part of the system — this comprises both websites and individual Twitter users. These users can then securely register to the network to collect any tips they allocated.

Both Basic Attention Token and Brave Browser have achieved substantial user commitment since their launch. As of October 2020, Brave Browser has a total of 20.5 million active monthly users. And the BAT is now held by more than 368,000 unique wallets.

How Many Basic Attention Token (BAT) Coins Exist in Circulation?

BAT’s maximum total supply is 1.5 billion tokens. This cannot be enlarged without swapping to a different token smart contract.

Almost the entire supply is in existing circulation. Therefore, we can see Basic Attention Token as an almost fully diluted asset.

In its 2017 ICO, it sold several 1 billion BATcoin tokens to investors. While the remaining 200 million tokens latched in an expansion pool. And 300 million BAT set aside for the user growth pool (UGP). As of November 2020, both the development pool and UGP pool addresses are approximately empty.

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