Welcome back to another episode of Crypto Classroom. This article will be covering Crypto 101: What is Basic Attention Token (BAT)? On average people spend more than 3 and a half hours on our phones and computers. Nowadays, with people staying inside all the time, the usage of technology has spiked up even more. I’m sure that many of you guys out there are looking at social media, knowing or unknowingly watching thousands of ads per day. 

Most of these ad revenues go to Google and Facebook, attributing for 70% of global digital advertising revenue. The BAT token is a native cryptocurrency issued by Brave Inc. for their Brave Web Browser. This browser was first founded in 2015 by Brendan Eich (creator of Javascript and former CEO of Mozilla corporation). Following, the ICO of BAT token was first issued back on May 31st 2017. All BAT tokens created during the ICO have a fixed supply of 1.5 billion tokens. By downloading the Brave Browser, users will gain 40 BAT tokens and for every referral, users will get 35 tokens. The BAT token will help reshape the current industry by rewarding users’ attention to ads AND distributing the majority of ad income to content creators. 

How does BAT work?

So now you may ask, how does it work? Great, let me answer that for you. The BAT is an ERC20 utility token, ( if you haven’t yet seen our video on ERC20, be sure to check it out before watching this one!). It connects advertisers, publishers and users with their blockchain-based digital advertising and service platform. The usage of this token occurs only on the Brave Browser which is a web browser specially created by the BAT token development team. On this website, advertisers can publish their ads by locking BAT tokens in the Smart Contracts. Users that view the ads will then receive the locked tokens. Afterwards, based on the user’s attention, the content creators will also be given a portion of the tokens. 

By removing the middleman from the equation, the BAT ecosystem will provide content creators with a higher ad fee. Furthermore the platform provides compensation for users for their attention and a general lower cost for advertisers. Think about it like this, for every extra ad that you watch. Instead of just sitting there and wasting precious time in your life, you can get paid. Isn’t that a pretty amazing deal? 

Brave Browser

Anyways, let’s move on to the open-source web browser known as Brave Browser that was developed specially by the BAT team to focus on security, speed and privacy. The design of the website successfully blocks ads and website trackers. This allows users to watch ads that they wish and if they hope to support their content creator (bloggers, vloggers), they can do so by donating tokens through micropayments. Additionally, if you just really hate ads, you can also opt-out of the option and not watch ads. 

Another problem with the traditional ad system like Google and Facebook is that they have a record of all of your information and browsing history. That’s pretty scary if for instance if one day a hacker hacks Google/Facebook’s accounts receiving all your information. Wouldn’t you want to keep it all safe? Well, Brave does not store any record of users’ browsing history and users data will only be available if they switched on Brave Rewards or the sync function. The browser also has fingerprinting protection preventing sites from identifying users and tracking them across the web. 

Similar to traditional digital ads, Brave will also learn the user’s preference in ads so that only the most relevant ads will be shown to the user. All browsing history and preferences of the user will be kept completely anonymous. Leave a comment below if you think you will use this system!

Token Supply

All BAT tokens were created during the ICO with a fixed supply of 1.5billion tokens. The ICO of BAT token was issued on May 31 2017 and one billion BAT tokens were sold for 156,250 ETH at the time. At the time of this article, there are 200 million BAT tokens in the development pool and 300 million tokens in the user growth pool. The system grants 40 BAT tokens to users when they download the Brave browser from the user growth pool to encourage usage and users will also receive 35 tokens for each referral.

Thanks for reading our article Crypto 101: What is Basic Attention Token (BAT)? If you have any questions, do not hesitate to email us at info@genesisblockhk.com.

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