Blog Crypto An overview of Basic Attention coin (BAT), Brave network

An overview of Basic Attention coin (BAT), Brave network

date February 22, 2021 time 6 min read 659 views

Basic Attention is a blockchain created in the hopes of revolutionizing internet-based advertising, incentivizing better quality ads, and better customer engagement with the BAT token. With the Brave browser steadily gaining popularity, the Basic Attention Token could also be surging in value. Here’s all you need to know about it today in our Basic Attention coin review.

BAT is the native cryptocurrency of the Brave Network
BAT is the native cryptocurrency of the Brave Network

The problem with online advertising is that if you’re like most of us, you don’t particularly want to watch ads. 

Many of us actively avoid doing so using browser tools like ad blockers. This, in turn, forces advertisers to get more intrusive – even abusive – on many apps and platforms using every trick in the book just to get you to view their ads.

And if reaching uninterested viewers wasn’t enough of a problem, companies are hemorrhaging ad dollars to other sources as well. The digital advertising space today is filled with bots, fraudsters, and middlemen. In just the last year alone, marketing losses due to ad fraud were estimated to cost advertisers some $35 billion. 

The creators of the Brave browser believe we use an outdated model of advertising online that benefits no one. That’s why they set out to build a network for ads using the core virtues of blockchain technology to build better incentives.

Here’s what you should know about Brave and their native token, BAT before investing today.

What is Brave?

Brave was founded by Brendan Eich, the creator of JavaScript and co-founder of Mozilla and its Firefox browser.

Drawing upon his personal experience, Eich created a new web browser that was open-source, decentralized, and private. The goal was to efficiently, securely, and fairly distribute advertising money between advertisers, publishers, and readers of online marketing content and ads.

Basic Attention coin serves as the Brave browser’s unit of exchange between advertisers, content platforms, and publishers and as a reward for making ads that customers like.

What is Basic Attention Coin?

Brave’s incentive mechanism, the Basic Attention Token (BAT) is built on top of Ethereum as an ERC20 coin.  BAT was introduced to the public in May 2017. Within six months of launch, BAT achieved its all-time high, gaining 380% in value on January 9th, 2018.

How does Brave browser work?

Brave’s biggest selling point is that it’s designed to block trackers, invasive cookies, and malware on your browser. It utilizes blockchain technology to anonymously and securely track how much attention you pay to ads, which translates into rewards for publishers. 

While the Brave browser blocks all ads and trackers by default, it gives you the option to turn on Brave rewards which will pay you for seeing certain ads. The amount you get paid varies depending on how large the ad is, how long the ad is, how you’ve interacted with the ad and a bunch of other criteria.

The objective of Basic Attention is for readers to experience fewer and better ads tailored to their interests
The objective of Basic Attention is for readers to experience fewer and better ads tailored to their interests

By tracking the way that you interact with digital advertising content and storing that information in a distributed ledger, Brave hopes to enhance the digital advertising experience for advertisers, publishers, and users by:

  • Giving users content that is better tailored to them. Brave uses local machine learning with the browser profile to only deliver ads in optimal conditions when users aren’t distracted or focused on something else.
  • Making ads better matching opportunities. Advertisers will be able to better target particular users based on documented user content preferences and interests.
  • Giving users an online experience with fewer ads. Brave provides users the option to control ad frequency, scheduling, and how much or little information they provide to brands. They incentivize viewership by rewarding it with BAT.
  • Brave’s anonymous-but-accountable attribution model confirms user activity online, without exposing or identifying the user.
  • Through Brave, publishers have new sources of revenue. Users receive 70% of the revenue share in BAT, which can be contributed to content creators or redeemed through Brave Rewards.

As an advertiser on Brave, you can obtain several options to promote your products and services. 

  • Text ads (headlines and CTAs)
  • New tab sponsored images
  • Ads via mobile and desktop notifications
  • Widget gallery (for app-like functionality)

How does Basic Attention Token work?

The Brave browser utilizes blockchain tech to track your time and attention on websites and reward you for it in BAT.

Anyone can then start earning Basic Attention coins today by surfing and viewing ads on the Brave browser.

Here’s how the system works:

  1. Advertisers buy and pay publishers in BAT coins to have their ads viewed by users.
  2. Users earn Brave browser rewards in the form of BAT coins for viewing ads.
  3. Publishers receive BAT coins based on user attention.
  4. Advertisers achieve greater return on investment and ad data thanks to better user targeting.

How much is a BAT coin worth?  

The Basic Attention Token reached its highest price on January 9, 2018, when it was trading at its all-time high of $0.999568. It has a circulating supply of 1.36 billion BAT with a total supply of 1.50 billion BAT.

As of this writing, the BAT is worth $0.6115 a unit. The Basic Attention coin spent most of the last three years hovering around the $0.20 mark. In 2021, the BAT opened strong, going up 298% between January 01 and February 18.

How to earn Basic Attention Token

A screenshot of the Brave browser home page
A screenshot of the Brave browser home page

Brave uses a proprietary machine learning-powered algorithm that measures key Basic Attention Metrics (BAM) which then keeps tabs on your activity on a page or ad.

As mentioned earlier, publishers of higher-quality content are rewarded for user attention with BAT. The more efficient their content is at generating sustained user attention, the greater the publisher’s revenue becomes. 

By using Brave, you earn up to 70% of the ad revenue in Basic Attention coins, which you can then use however you’d like. You can pass it on and tip your favorite content creators on Twitter, Reddit, YouTube, Vimeo, Github, and many more, or use it to purchase gift cards for Amazon, Walmart, and Uber among others through the TAP Network.

And as a user, the more you browse the internet or interact with ads on Brave, the more you are rewarded. As of right now, you can earn a modest sum of around $70 a year from viewing advertisements.

Is Basic Attention Coin a good investment?

As of February 2021, Brave had over 25 million monthly active users and 8.5 million daily active users. While this is just a small fraction of what major search engines have, these figures represent a more-than-double growth compared to last year. 

Brave also has over half a million verified publishers and content creators earning BAT tokens including popular sites such as Wikipedia, The Washington Post, The Guardian, NPR, and many more.

Brave Ads has brought in 1,530 campaigns since its launch including campaigns from well-known brands such as Verizon, PayPal, Amazon, Logitech, Quickbooks, and Evernote.

Meanwhile, in addition to the Brave web browser, BAT is also supported on multiple DeFi platforms such as Compound and MakerDao, where coin holders can use BAT as collateral to generate loans and earn interest.

Recently, according to a report from Dapp.com, BAT was the most used coin in DeFi in Q2 2020. BAT’s volumes locked in DeFi protocols came to $931 million, over $300 million more than Ethereum.

Where to buy Basic Attention Token without selling your crypto

You can purchase BAT without selling your crypto on MyConstant
You can purchase BAT without selling your crypto on MyConstant

If you already have some crypto but want to purchase BAT and get in on the action, you may want to get Basic Attention Tokens with a crypto-backed loan on MyConstant

With 70+ cryptocurrencies on the MyConstant platform, you can borrow against more options than almost any crypto-backed lender. We even let you pool your crypto portfolio for loans as well as provide:

  • 24/7 customer service
  • Early repayments for lower rates
  • The best prices on any exchange
  • Repayment in collateral or USD

Interested? Sign up for a free account on MyConstant today.

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