03.08.2023
Origin of Basic Attention Token
BAT — it is a digital currency with a unique history that began in 2017 when Brave Software, founded by Brandon Ike, co-founder of Mozilla Firefox and creator of the JavaScript language, introduced an innovative concept to revolutionize online advertising and rewards for attention.
At the heart of BAT is a desire to correct the inherent flaws in the traditional online advertising model. Bat cryptocurrency uses blockchain technology, specifically the Ethereum blockchain, to create a decentralized ecosystem where users, advertisers and content creators can interact more transparently and mutually beneficially.
The history of the Basic Attention Token begins with the creation of Brave Software, which aims to develop a browser that prioritizes user privacy and security. In 2015, Brandon Icke founded Brave Software, laying the foundation for what would become a transformative force in digital advertising.
In 2017, Brave Software held an Initial Coin Offering (ICO) to raise funds for the development of the Basic Attention Token. The ICO attracted significant attention and successfully raised around $35 million, making it one of the most significant ICOs of that year.
BAT crypto features
BAT is built on the Ethereum blockchain and serves as a utility token in the Brave browser ecosystem. Its main purpose — facilitate fair and efficient transactions between users, advertisers and content creators. Users are incentivized to view ads that respect their privacy and are rewarded with BAT tokens. This innovative approach allows users to take back control of their attention and data while being fairly rewarded for their engagement.
BAT can be used for various purposes within the Brave platform. Users can support their favorite content creators by tipping them in the form of BAT tokens, as well as use BAT to purchase premium content and services. This seamless integration of BAT into the Brave browser enhances the overall user experience and promotes a more equitable relationship between users and the digital advertising ecosystem. Since its inception, this token has gained significant recognition and popularity among users and advertisers. Its unique offering, based on privacy, fairness and reward for user attention, has resonated with a growing community of people who are committed to a more ethical and user-centric approach to media.
Difficulties of advertising online, which eliminates BAT Token
The online advertising market is huge and dynamic. By 2018, about $230 billion was spent in America on online advertising, exceeding print, TV and outdoor advertising spending. Around 2021, Google alone has earned about $210 billion from advertising campaigns. However, there are significant problems in online promotion that need to be solved:
- Inconspicuousness: often people ignore advertising because of its flashy, intrusive nature, which irritates and interferes with viewing content.
- Non-privacy: Online advertising often uses the collected data about the user without their consent. Searching for a specific product or service can lead to social media being flooded with promotional posts on a specific topic. This can create a feeling of intrusion into users' privacy.
- The existing chaos in the advertising system is a serious problem. Sources that are content providers receive only a small fraction of the money from all advertising, while advertisers pay high percentages to platforms that mediate advertising.
The challenges facing the modern advertising industry need to be solved immediately. The creators of the new Brave browser and the Basic Attention Token cryptocurrency offer an innovative approach that aims to overcome these problems. Brave — is a revolutionary browser that gives the user full control over their online advertising and ensures their privacy is protected. This approach allows users to manage their advertising experience and choose what information about themselves to share with advertisers. Brave is setting new standards for transparency, data protection, and engagement in PR, paving the way for a fairer, more efficient advertising ecosystem.
BAT Token — it is a cryptocurrency that is integrated into the Brave system. It allows the user to receive rewards in the form of tokens for viewing ads and participating in bonus campaigns. Customers can use BAT to pay for their ads, and users can use BAT to access premium content and services.
With Brave, everyone can decide for themselves which ads they want to see and what information about themselves to share with advertisers. Thanks to the built-in ad blocker and the possibility of receiving BAT rewards, users can control their advertising campaign and receive monetary rewards for watching a video.
This approach to advertising not only offers a new level of transparency and fairness, but also sets the stage for a more harmonious interaction between users, content creators and advertisers. In this model, users can fully trust that their personal data is protected and only used with their explicit consent. In turn, content creators are rewarded for their creative efforts and providing valuable content. Thus, this approach stimulates the growth of quality advertising and mutual benefit for all participants.
Thanks to Brave and the Basic Attention token, the advertising industry is getting an innovative solution that helps overcome the current challenges, ensuring that members of the advertising ecosystem interact more fairly and effectively with each other.
How many BAT tokens are there?
At the moment, the exact amount of BAT in circulation is subject to change according to transactions and user activity.
However, it is worth noting that the Basic Attention Token has a limited total supply of 1.5 billion tokens. According to the established rules and parameters of the token, this is the maximum amount that cannot be increased without switching to another smart contract.
During the Initial Coin Offering (ICO) in 2017, 1 billion BAT tokens were sold to investors. The remaining 200 million tokens were locked in the development pool, and 300 million BAT were allocated to the User Growth Pool (UGP). However, according to the latest data related to November 2020, the addresses of the development pool and the UGP pool are almost completely empty.
Thus, we can conclude that almost all BAT tokens included in the general offer are already in circulation. This indicates the widespread use of the Basic Attention Token in the crypto-currency field and confirms its popularity among users.
What use cases does the BAT coin have?
The Basic Attention Token digital currency has several unique and varied use cases. First, BAT can be used as a tip for content creators. This means that users have the opportunity to reward and support the authors of the materials they like by sending them BAT as a thank you for their work. This functionality allows you to directly connect your audience with creative people and provides new ways to reward quality content.
At the moment, anyone can tip with BAT coins both to individual users on the Twitter platform and to individual websites that provide interesting and useful content. This opens up additional opportunities to recognize and support those who contribute to the digital realm and share valuable information.
However, the use of BAT is not limited to tips. Users of the Brave system, created by the team behind the creation of the BAT coin, can also receive monetary rewards for agreeing to watch commercials. As opposed to traditional browsers that simply show ads without reward to their customers, Brave offers a scheme where users get a share of the profits from ads with the BAT cryptocurrency. This allows users to actively engage with ads, earn rewards for their engagement, and selectively share those rewards with content creators they are interested in.
In addition, BAT can be used by traders for personal speculative purposes. They buy the BAT coin at a price below the market with the hope of its subsequent growth and sale at an increasing price. Such operations allow traders to take part in changes in the value of BAT on crypto exchanges and profit from such purchase and sale operations.
How and where can I buy and sell BAT?
There are several ways to buy BAT coins. Firstly, anyone can install the Brave browser and gradually accumulate BAT tokens by viewing ads that appear. However, if you want to earn a large amount in this way, we hasten to warn you that this can be a rather slow process. In this case, it is better to resort to the services of cryptocurrency exchanges and exchangers.
BAT cryptocurrency is bought and sold on many well-known exchanges such as: BingX, SoFi, Kraken, Coinbase, BTCEX, CoinW, Binance, Huobi Global and Upbit. These popular crypto exchanges have a reliable reputation and comply with all the necessary rules for cryptocurrency trading.
Basic Attention Token can be easily purchased on various cryptocurrency exchanges. Cryptocurrency exchanges provide an easy and convenient way to purchase BAT for users who want to own this digital currency.
On cryptocurrency exchanges, you can buy BAT using other cryptocurrencies or fiat money. For example, you can exchange Bitcoin (BTC) or Ethereum (ETH) on BAT. Some exchangers also offer the possibility of buying BAT using bank cards or electronic payment systems.
When using a cryptocurrency exchange to buy BAT, you usually need to follow a few simple steps. You need to register on the exchange platform, create an account and possibly go through the verification process if required. You must then select a trading pair such as BTC-BAT or ETH-BAT and enter the amount of BAT you wish to purchase. After that, you must complete the purchase by following the instructions of the exchanger.
BAT cryptocurrency forecast
At the time of this writing, the BAT cryptocurrency rate is $0.2195, which allows us to observe a downward price trend. However, such drawdowns in value are absolutely normal for many cryptocurrencies, for example: The Sandbox (SAND), Synthetix Network Token, Monero (XMR) and others.
The development of a cryptocurrency depends on a variety of factors, including market conditions, technological innovation, regulation, and user acceptance. As the Basic Attention Token evolves and expands its influence, it represents a promising step towards transforming the digital advertising landscape. It provides a glimpse of a future where user privacy is respected, online advertising becomes more relevant and engaging, and content creators are fairly rewarded for their contributions.
It is important to note that cryptocurrencies, including the Basic Attention Token (BAT), are subject to significant market fluctuations. Their rate and cost may vary depending on many factors, such as the general market situation, news and development of the project, competition and changes in the legal regulation of cryptocurrencies.
If you are interested in investing or trading BAT, it is recommended that you do your own research and be well informed. It is important to follow the latest news and analytics related to BAT and the cryptocurrency market in general. It is also recommended to consult with financial and cryptocurrency experts to get additional insights and advice.
Investments in cryptocurrencies are highly risky operations, therefore, decision-making should be based on your own analysis and assessment of personal financial capabilities. It is important to be aware of the potential risks associated with investing in cryptocurrencies and be aware that the market can be volatile and unstable.
