What is Basic Attention Token (BAT)?

What is Basic Attention Token (BAT)?

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The Basic Attention Token (BAT) is the native token for a project that is the driving force behind reinvented blockchain-based advertising. The project aims to compensate consumers for their attention while simultaneously providing advertisers generous returns on quality advertisements and ad spending.

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This experience is given through the innovative Brave Browser, where users may view privacy-preserving advertisements while earning BAT incentives. Advertisers, on the other hand, can provide personalized advertising to optimize engagement and reduce the losses incurred from ad fraud and misuse.

BAT tokens are the reward given through Brave and the overall marketing ecosystem. Basic Attention Tokens can be distributed among publishers, users, and advertisers who form part of a massive ecosystem.

Advertisers who participate in this ecosystem must pay for their marketing using the BAT Token. A small fraction of this fee is distributed to advertisers, while 70% is given to users of the browser.

This means that traditional intermediaries, those who typically hyperinflate advertising prices, are subsequently removed, and this increases overall cost-efficiency. BAT was launched in 2017, and the project is well-known for having one of the fastest ICOs that sold out completely in less than a minute, raising over $35 million in this time.

Since then, it has expanded its interest-based advertising experience to consumers in most nations through its Brave Reward scheme.

 

Component Basic Attention Token (BAT)
Technologies Proof of Work, 
Market Capitalization $1.4 Billion+
Open-Source Yes
Consensus Mechanism Proof of Work (PoW)
Smart Contracts Yes
Founders/Authors Brendan Eich, Brian Bondy
Launch Date 2017
Circulating Supply of Coins 1,494,004,919 BAT
Maximum Coin Supply 1,500,000,000 BAT
Mining-based Coin? No
Is Basic Attention Token a Stablecoin? No
Does Basic Attention Token have a burn rate? No
Does Basic Attention Token have a Whitepaper? Yes, the white paper can be viewed here

 

Evolution and Development of Basic Attention Token

The creators behind Basic Attention Token are Brandan Eich and Biran Bondy. These individuals are two experts in the sector concerned with internet surfing.

Brendan Eich is the Chief Executive Officer of Brave Software, Inc. It is the company that is responsible for the Brave browser as well as its native cryptocurrency, the Basic Attention Token (BAT).

Before he joined Brave, Eich founded Mozilla (and became its CTO). Eich is also the creator of JavaScript, which debuted in 1995. Furthermore, in 2004, Eich assisted when Mozilla Firefox was introduced, soon to become one of the world's most popular web browsers.

Brave executed an initial coin offering (ICO) for BAT in 2017, collecting $35 million in 30 seconds by selling one billion BAT. The white paper for Basic Attention Token was published on January 7, 2018.

At the time of writing, Brave Browser has over 50.2 million monthly users, 15.5 million daily users, and 8.6 million BAT wallets that have been created, with over 3.63 million on-chain transactions.

 

What makes Basic Attention Token unique?

The Basic Attention Token's principal use is as a compensation token for conducting advertising campaigns via Brave Ads.

Advertisers must pledge to a minimum ad expenditure of $2,500 per month to begin their campaign as of November 2020, although a self-serve system with lower limitations is now in the works.

This advertising budget is now required to be paid solely in Basic Attention Tokens, which marketers may get from several third-party exchange systems. Brave receives a little commission, and the remainder is dispersed to authors and users.

One of the key differences between Basic Attention Token and the Brave Browser environment is the ability to reward (tip) people who are not yet members of the network, which includes both websites and individual Twitter users.

These individuals may then safely register on the site to collect whatever tips they have amassed. Since their first releases, both Basic Attention Token and Brave Browser have seen tremendous user adoption.

Brave utilizes the Brave Micropayments Ledger to monitor the movement of BAT. The Brave Micropayments Ledger is intended to enable marketers, publishers, and readers to join into smart contracts to transfer payments amongst each other.

Brave is investigating the use of zero-knowledge proofs for its network to provide stakeholders with anonymity in online media transactions.

 

What are the main uses for Basic Attention Token?

The BAT token is used as a medium of exchange on the Brave network and may be used to purchase a variety of advertising services.

It is intended for usage by users, advertisers, and publishers. It is predicated on an odd idea that is vital for advertising firms functioning in the digital era: user attention.

 

What is the future potential for Basic Attention Token?

According to the development team, Brave is aiming to launch wallet features for the Solana blockchain. This will be integrated into the Brave desktop and mobile browser applications in 2022.

This integration will activate the Solana DEX aggregator, which can be used with swaps in the Solana network. In addition, it will also accommodate NFTs, the sending of SPL tokens, and account creation.

Furthermore, this integration will enable the Themis protocol, which has been created by Brave on the blockchain of Solana. This is one of the most critical milestones in the roadmap for BAT 2.0 and will promote the token on DApps designed, created, and launched on Solana.

 

Price analysis on Basic Attention Token

Basic Attention Token was initially launched in 2017, and its price analysis over the past five years are as follows:

 

  2017 2018 2019 2020 2021 to date
BAT Price High $0.29 $0.89 $0.44 $0.40 $1.76
BAT Price Low $0.07 $0.14 $0.10 $0.11 $1.25
Market Cap $406.46 $891.61M $555.34M $588.63M $2.29B

 

Price prediction on Basic Attention Token

According to an algorithm-based forecasting site, the average BAT price would increase to $1.629 in May, then fall to $1.427 in July before returning to $1.698 by the end of 2022. By 2025, most experts anticipate that the price will have increased to $3.261.

 

Where can you buy Basic Attention Token?

BAT tokens can be bought, sold, and exchanged on these crypto exchange trading platforms:

  1. Gemini
  2. Coinbase
  3. Kraken

 

1. Gemini: Based in the United States, Gemini is a large and reputable crypto exchange trading platform with a high review rating and trust score.

Gemini offers a range of crypto assets in addition to several unique features. The exchange has some of the lowest minimum deposit amounts, bonus offers, an advanced trading platform, and an innovative mobile trading app.

 

PROS CONS
There is a diverse cryptocurrency selection offered Linked debit cards are not offered
There are low minimum deposits The platform needs some of the most prominent crypto coins
There is an innovative and advanced trading platform offered The fee structure is expensive where low volume trades are concerned
The exchange is based in the United States; thus, it welcomes US clients  
The exchange offers traders the chance to earn interest on their balances  
The mobile app is highly rated  

 

2. Coinbase: Coinbase is a comprehensive cryptocurrency trading solution that provides a wide range of digital currencies. The trading platform of the exchange offers clear competitive pricing.

Users have custody of their private keys and their funds, allowing users to earn staking rewards.

 

PROS CONS
The commission structure is transparent and competitive The fees are not transparent for the basic platform
There is a wide range of digital currencies offered The basic service tier has high commissions
Users have custody of their funds Customer support is lacking
There are staking rewards that can be earned from the platform  

 

3. Kraken: Kraken is a crypto exchange that supports the purchase, sale, and exchange of a range of digital currencies. Kraken offers competitive trading fees in addition to supporting spot trading and futures.

Kraken is one of the most popular choices for beginner and experienced traders. Kraken also offers margin accounts, and the platform caters for new crypto investors who want to start trading.

 

PROS CONS
There are more than 50 alternative coins offered The fees are much higher for users who do not use Kraken Pro
The interface is simple and easy to navigate The selection of coins is limited when compared to competitors
The exchange is known for its high liquidity Users have reported some losses

You can buy Basic Attention safely from these cryptocurrency platforms.

What is Basic Attention Token’s largest Competitor?

The largest competitor of Basic Attention Token is Syscoin.

Syscoin Platform is a complete Layer-1 and Layer-2 blockchain framework designed to integrate industry-proven technology with innovative applications.

The project's objective is to create a protocol that revolutionizes the blockchain experience by fusing the greatest features of Bitcoin and Ethereum.

Syscoin converts Bitcoin's Proof-of-Work protection and decentralization into a workable and scalable solution using Bitcoin merge-mining.

Syscoin's Layer-1 features include unique Z-DAG technology enabling near-instant transaction processing, ultra-low transaction fees, taproot, and a token platform, as well as interoperability with Bitcoin's developing Layer-2 capabilities.

Syscoin's token platform presently supports custom notary APIs, Fungible Tokens, Network Function Tokens, and Fractionalized Network Function Tokens.

A Masternode network on the Syscoin Platform offers a scalable service layer and additional protection through ChainLocks.

Building on the Syscoin Platform enables potential access to Network Enhanced Smart Contracts (NEVM), which use the most of Ethereum's processing power to enable the execution of larger and more complicated applications with ultra-low costs.

 

Is Basic Attention Token a Good Investment?

No, Basic Attention Token is not intended to be a token used as a store of value or for speculative reasons, according to the whitepaper of the project.

The price on BAT tokens is connected to the price on Ethereum at an exchange rate of 6,400 BAT per 1 ETH.

 

What is the supply and distribution of Basic Attention Token?

Most of BAT's token supply is in circulation currently, 1,494,004,919 BAT of 1,500,000,000 BAT. This means that the Basic Attention Token is close to being completely diluted.

A total of 1 billion BAT tokens were sold at the company's 2017 initial coin offering (ICO), with the remaining 200 million tokens locked in a development pool and 300 million BAT earmarked for the user growth pool (UGP).

 

What are the differences between Basic Attention Token and Bitcoin?

Basic Attention Token is an innovative way to quantify the amount of time and attention is spent on websites when the Brave Browser is used. BAT was built on Ethereum to effectively distribute advertising revenue amongst marketers, publishers, and viewers of online marketing material and advertisements.

Bitcoin facilitates borderless transactions that are made freely and without censorship from intermediaries. Bitcoin transactions are much faster and cheaper than conventional transactions. There are thousands of merchants and retailers that accept payments in BTC today.

 

  Bitcoin Basic Attention Token
Price change 20/21 +400% +320%
Market Cap $800 Billion+ $1.4 Billion+
Past Hacks None None
Popularity Very High Very Low
Altcoin Rank #1 – Original Crypto #74

 

What are the differences between Basic Attention Token and Ethereum?

The difference between Ethereum and Basic Attention Token refers to their objectives and for what they are used. Ethereum allows smart contracts and apps developed on its blockchains, such as Basic Attention Token and Brave Browser, to operate without corruption, interruption, censorship, or third-party influence.

 

  Ethereum Basic Attention Token
Price change 20/21 +880% +320%
Market Cap $460 Billion+ $1.4 Billion+
Past Hacks None None
Popularity Very High Very Low
Altcoin Rank #2 #74

 

What are the differences between Basic Attention Token and Dogecoin?

BAT is a utility token in addition to being an innovative all-inclusive ad exchange mechanism for the Brave browser. Basic Attention Token is a decentralized open-source project built and launched on Ethereum's blockchain.

The idea behind BAT is to create a separate ad zone where users can quickly turn off advertisements. Advertisers reward consumers with BAT tokens for watching commercials. Users may either give or utilize BAT tokens on the site.

Dogecoin is a meme coin that was initially created as a joke during the hype after Bitcoin's release. However, Dogecoin has gained a significant amount of attention and popularity. Dogecoin is a medium of exchange that is used to tip users on platforms such as Twitter and Reddit.

 

  Dogecoin Basic Attention Token
Price change 20/21 +7,300% +320%
Market Cap $22 Billion+ $1.4 Billion+
Past Hacks None None
Popularity High Very Low
Altcoin Rank #12 #74

 

What are the differences between Basic Attention Token and NEO?

When a real object is linked with a digital avatar on the NEO network, it is possible to connect the two. Asset security is another NEO priority. There is a verified digital identity and legal protection for assets registered on its network.

Brave's Basic Interest Token (BAT) is a blockchain-based mechanism for measuring media users' time and attention on various websites.

The Ethereum-based platform's purpose is to effectively divide advertising funds among marketers, publishers, and digital marketing content and ad consumers.

 

  NEO Basic Attention Token
Price change 20/21 +160% +320%
Market Cap $1.70 Billion+ $1.4 Billion+
Past Hacks None None
Popularity Medium Very Low
Altcoin Rank #69 #74

 

What are the differences between Basic Attention Token and NFTs?

Nonfungible tokens (NFTs) are digital assets that each have a unique value, with no two NFTs holding the same characteristics or value as another. Basic Attention Token, on the other hand, is fungible, which means that one BAT has the same value and characteristics as another BAT.

 

Does the number of users equate to the success of Basic Attention Token?

Yes, BAT has a limited supply of 1.5 billion BAT tokens. However, when the number of users on Brave Browser increases, the number of content creators and advertisers will subsequently increase.

This will lead to an increase in demand for BAT tokens, which will drive up its price because advertisers must pay BAT to advertise on the browser.

Brave and BAT use unique technology to match advertisers to users as follows:

Users' attention is gauged in real-time when they read advertisements and information in the browser's current tab. Before any direct contact with the ad, the Attention Value of the ad will be estimated according to incremental time and pixels in view regarding the related content.

As the system evolves, they will design more anonymous cost-per-action models. Then, using local machine learning algorithms, ads are anonymously matched to client interests. This results in fewer irrelevant advertisements.

Brave will collaborate with publishers and marketers to develop industry-standard methods for determining user attentiveness. One such statistic is the total number of seconds spent viewing advertising material. Alternatively, points are allocated based on the duration of a view.

 

Which wallet supports Basic Attention Tokens?

The best digital wallets for BAT tokens are as follows:

  1. Exodus
  2. Guarda
  3. Brave Wallet
  4. MyEthereumWallet
  5. Ledger Nano X

 

1. Exodus: Exodus is a pc wallet that has an intuitive user interface. It enables users to manage their BAT tokens easily. It runs on Linux, macOS, and Windows operating systems.

Exodus not only accepts the BAT token but also over a hundred other cryptocurrencies. Exodus debuted officially in July 2016 and has been steadily growing its user base ever since.

It has three primary components: a portfolio, the native wallet, and exchange integration.

 

2. Guarda: Guarda accepts a vast array of tokens and coins. It is a web-based wallet that is compatible with a variety of operating systems, including Linux desktop, Macintosh, and Windows.

In addition to a comprehensive web-based wallet, there is a comprehensive smartphone app available for iOS and Android users. Banking cards are not only accessible inside the wallet but also on the internet.

 

3. Brave Wallet: Brendan Eich, CEO of courageous, designed and introduced the wallet publicly. It is one of the best BAT token cryptocurrency wallets available. The Brave is completely free to use, which means that users are not charged for receiving or keeping BAT tokens.

Brave partners with reputable publications to inspire users and assist them in earning more cash than they would via conventional advertising.

 

4. MyEtherWallet: Where ERC20 tokens like BAT and a slew of others are concerned, MyEtherWallet is the most secure way to store cryptocurrency. MyEtherWallet enables users to establish new wallets and manage ERC-20-compliant tokens.

 

5. Ledger Nano X: Ledger wallet is one of the finest hardware wallets available in the crypto market today, despite the number of competitors in the space. It is meant to securely store cryptocurrency and has a slew of security measures. Crypto traders and investors enthusiastically use ledger wallets for their cryptocurrency, which they also commend.

The business that created this wallet has experience developing security solutions for cryptocurrency and blockchain. Ledger Nano X features robust security features, easy set-up and use, and more. In addition, this hardware wallet is also compatible with a wide range of software wallets, ensuring that users can add additional security to safeguard their funds.

 

Best Bitcoin Wallets are the same as DEX wallets.

What is a DEX Aggregator?

DEX is an acronym for decentralized exchange, which refers to a cryptocurrency trading platform based on blockchain technology that enables users to maintain custody of their assets while exchanging one token for another.

Decentralized exchanges (DEXs) provide more security and anonymity than their centralized equivalents, which explains their rapid growth in recent years.

However, the difficulty with decentralized exchanges is that most of them lack enough liquidity — particularly for smaller tokens — making it impossible to join and exit bigger holdings without incurring significant slippage.

DEX aggregators often referred to as liquidity aggregators, provide several advantages that have contributed to its popularity among active traders.

The benefits of DEX aggregators are as follows:

  • DEX aggregators expand the pool of liquidity available to traders looking to trade large quantities of digital tokens.
  • Typically, users will obtain a better execution price via a DEX aggregator than they would through a single DEX. Aggregators are designed to assist traders in filling transactions at the optimal price across a variety of liquidity pools. Thus, for price-sensitive traders and investors, using a liquidity aggregator rather than a single decentralized trading platform makes sense.
  • DEX aggregators provide an additional degree of security to cryptocurrency trading that is not available on centralized exchanges.
How can using a DEX Aggregator benefit Basic Attention Token?

The BAT Roadmap 2.0 was released in February 2022, and it covers development for a year and a half until June 2022. During this, BAT will launch the Brave DEX Aggregator, bringing Decentralized Finance (DeFi) to everyone.

The Aggregator will allow token exchanges that will have certain benefits in addition to increased value for Brave and BAT users, including:

  • Discounts for users when they pay transaction costs using BAT
  • Discounts for users who have BAT balances in their digital wallet
  • Support for a wide range of digital assets as well as blockchains
  • Liquidity providers can earn rewards for their participation in growing the Basic Attention Token.