TL;DR
Basic Attention Token (BAT) seeks to fix the advertising industry. It aims to do that by rewarding people’s attention in advertising and giving back to content creators. Not a bad trade-off.
The token uses the Brave Browser. The idea is simple: advertisers pay in BAT to advertise while rewarding the user for their attention. Further, the content creator is rewarded based on the retention of the users. This new idea can benefit users, content creators, and advertising companies.
Introduction To Basic Attention Token(BAT)
BAT was created by Brendan Eich. If the name sounds familiar it's probably because he is also responsible for the creation of Javascript and co-founder of Mozilla.com. Not bad for a founder. He aims to tackle one of the biggest problems facing the internet, advertising.
Their aim is to reward users for their attention as well as content creators on their ability to retain user attention. The amount of reward for the user is based on their online activity while the content creators receive rewards based on the amount of time they are able to retain the attention of the user. Let's dig deeper into the mechanics of this coin.
What exactly is Basic Attention Token (BAT)?
BAT is an ERC-20 token. It is built on the Ethereum blockchain. Its purpose is to reward the attention of users and content creators for the amount of retention they hold. This token's sole purpose is to reward attention. It seeks to expand and become part of the “attention economy.”
BAT uses Brave Browser to reward its users. Brave Browser blocks 3rd party ads and trackers by default. With BAT, you could purchase ad space and tip content creators within the Brave Browser.
It is important to understand that you don’t need a Brave Browser in order to trade BAT. You buy and hold it on any exchange. Nonetheless, using Brave Browser, you are able to unlock the full potential of this token.
How does BAT work on Brave Browser?
When users download the Brave browser, they can opt-in for Brave rewards. This is how users are able to earn BAT tokens. Users earn these tokens by browsing Brave and viewing ads.
Minute Crypto, how do content creators earn BAT? Simply, creators earn BAT based on the amount of attention their content attracts. Users can also tip any amount to content creators they like.
Another cool thing about Browser is that advertisers could buy advertising space on Brave with BAT. This gives the token more demand and will allow it to appreciate in value as more advertisers begin to use it in order to fund their advertising space in the browser.
Signing up for Brave rewards on the Brave Browser allows you to earn BAT tokens. Tokens are awarded after a certain period, usually about a month. It tracks your online activity and rewards you based on your activity on the browser.
You can transfer your rewards from Brave to Uphold or Gemini. Uphold also covers the gas fee for the transfers. This means you can store your BAT tokens on Uphold if you like. It is important to note that you don’t need id verification to use Brave rewards. However, you do need KYC verification to use the exchanges like Uphold or Gemini.
Why BAT is crucial for the advertising economy?
Basic Attention Token aims to solve the problem of ads. It seeks to reward all parties involved. Needless to say, the browsing experience for ad users may oftentimes lead to unwanted outcomes. For instance, BAT conducted a study in which they concluded that advertisements cost users up to $23 a month in data and used up to 21% of users’ phone batteries. Talk about waste.
Nevertheless, BAT aims to solve the issue by introducing a new way online content creators, users, and advertisers interact. It is a way to transform the industry entirely. Instead of paying ads to display and track the user's every move, they reward content creators for the amount of retention.
This new landscape also helps online advertisers since they are also losing money due to the way online advertisement is conducted.
Basic Attention Token (BAT) benefits
Much like Facebook, Google, and other platforms that require USD to purchase ads, ad companies can do the same using BAT on Brave Browser. These ad companies can also see metrics such as clicks, click conversions, and views, among other things. What other benefits does BAT have? Here is a couple:
Metadata:
Metadata is digital gold for advertising companies. However, users were never rewarded for their metadata. Brave and BAT want to change that by rewarding the user for their metadata.
Content Creators:
Individual content creators on Youtube, Twitch, and other websites can sign up to allow users to tip them in BAT. They will need to sign up as content creators and will be rewarded for their content.
Defi:
Users can also use BAT as collateral on MarkeDAO in order to mint DAI. Not bad for a token whose purpose is to reward users’ attention.
Passive income for browsing:
It is no secret that users use the internet to browse their favorite websites or do work online or create content. This could be an excellent way for users who browse the internet or content creators who create content, to receive rewards and passive income.
How to buy BAT
Users can buy BAT on multiple exchanges. For this tutorial we will use crypto.com:
Create an account with Crypto.com
Head over to crypto.com and create an account. Users must provide the proper I.D credentials as requested by this exchange.
Fund your account
Once you create your account you want to add a payment source. You can add your bank account, credit/debit card, or fund your account with another cryptocurrency.
Search for Basic Attention Token (BAT)
Once you are on the platform, search for Basic Attention Token on the search bar. You can use the ticker symbol BAT to search for the token.
Select the amount and click Buy BAT
After you do, select the amount you want and your funding source. Select amount of Basic Attention Token (BAT)
Once you have done that select Buy BAT. Click Buy!
Final Thoughts
Basic Attention Token (BAT) seeks to build upon its goal of fixing the advertising industry online. As more users continue to opt-in for Brave rewards, this token will be at the centerpiece in disrupting the advertising industry.
The move to make the internet more transparent and efficient for users has helped Brave browser and BAT gain significant attention. As more individuals jump ship and join the community, BAT will seemingly only get stronger.
What are your thoughts about this project? Drop it down below.
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