Opinions

Understanding Basic Attention Token (BAT) & Its Features

Advertising is one of the key strategies in marketing products. In recent times, we’ve seen big companies spend more money on advertising just to get their products seen by the entire world. In almost every TV station, your favorite program will be interrupted by a ‘commercial break’ which usually entails adverts from different companies.

With this digital world, we spend more time on phones and laptops lurking through the internet. This has provided a new platform for advertising. Ads pop up on your phone almost every time you try to access the internet. Well, as much as this is a way of advertising, it is very annoying and is in inaccurate. The industry is full of flaws and inefficiency. That is why a new blockchain has been introduced; Basic Attention Token (BAT).

In this article therefore, we are going to discuss in detail the history of the Basic Attention Token, its founders and some of its key features.

History of Basic Attention Token

The company is based in San Francisco. It has a big team of about 30 employees who work to achieve the best out of the token. The team began working on this project in 2016. The company was first founded by Brian Bondy and Brendan Eich who have experience in the cryptocurrency world. Brendan is also a co-founder of the Firefox browser and he was the creator of JavaScript. Brain Bondy on the other hand worked with Evernote and Khan Academy.

They both decided to make a web browser that is new and iterative and is specifically designed to change the approach we have on advertising. The coin made a whopping $35 million on its initial coin offering. The remarkable part of their ICO is that they were able to make the money in just 30 seconds. Additionally, the company also raised $7 million for the creation of the Brave browser. This was an amazing start and the investors are hopeful of its success.

Understanding Basic Attention Token

The Basic Attention Token is based on the blockchain of Ethereum. The basic idea is that this token will work as an exchange unit for users, advertisers and publishers. The token was created on the fact that consumers are bored of the countless advertising on the digital network. The team believe that the current advertising is harmful to the publishers, users and advertisers and that is why ad blockers have raised to about 600 million users with phones and other devices.

This is because the team believe the users are paying a large amount in poor performance of the battery, an increase in data cost and a sub-standard internet experience. Additionally, the intermediary platforms are charging significant amounts of fees hence making the whole experience costly. This is the reason why Basic Attention Token tries to give the users an alternative that is less expensive.

Tokenizing the User Attention

How BAT Works

The answer to the expensive experience will be their new Brave browser. It is available to all windows and Mac OS. The Browser is able to block trackers and ads, while giving its users the liberty to contribute to the website they value more directly. This might be a quick solution to the ever growing problem. This is because our websites have led us to believe that the experience we get is free of charge while in the real sense is that the experience is supported by advertising.

All in all, the browser is creating a slightly different option where the users are able to monetize their experience by the attention and time they spend viewing the adverts. The publishers are given an option of integrating the platform while the users can disagree or agree to view the ads. The users will then be given compensations in the form of the Basic Attention Token which they have the choice of contributing it to the platform they enjoy using.

This plan is more of a reality since the users will not be compelled to paying just to view their favorite web page. This changes the game since users now have the chance to support the platform they want instead of the web pages pushing the adverts to the users. So far, just over a hundred and fifty publishers have applied to be incorporated into this browser. Additionally, the platform already has ten thousand publishers who have been verified.

Since the content creators are receiving less compensations for their work on platforms for instance YouTube, Brave has received a high number of requests. This is because most of the content creators see brave as an alternative method of raising capital. For instance, the content creator on YouTube is able to join to this platform and receive Basic Attention Token as compensation they get from their viewers. More to that, Basic Attention Token offers an ad free YouTube experience that most people would love.

This routine will allow direct monetary relationship for the audience and the content creator. The end effect will be a less costly internet experience to the users and a direct relation between the content creators and their audience.

Basic Attention Token Community

The community is composed of a niche and a social media platform. The platform has about 15,000 Reddit followers and sixty thousand Twitter followers who discuss about the token. The audience is clearly reaching a significant number.

Basic Attention Token and its Brave browser is a glimpse of the future and what to expect from this platform. The platform has made major advances which includes a successful ICO, an ever growing user platform and the best brains in the business as team members. These are some of the reasons why most cryptocurrency enthusiasts are optimistic about the platform. We hope to see a future of more successes for the BAT.

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Noor Najam

Contributes guest posts to BlockPublisher with industry analysis & news in the blockchain space. Email: editor.opinions@blockpublisher.com

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