What is Basic Attention Token?
Details about Basic Attention Token
The Basic Attention Token utilizes the ethereum blockchain and a specialized web browser named Brave. The token is used as currency on the Brave platform and can obtain many different advertising services. It is designed to be exchanged between users, advertisers, and publishers, and it is based on a concept that is critically important to advertising companies operating in the digital age: user attention.
The creators of BAT aim to revolutionize the way that advertising is conducted in the digital age. They see current trends as disadvantaging users, publishers, and advertisers alike, users are inundated with ads and trackers, and they are subjected to malware that is increasingly aggressive and powerful.
Publishers (aside from Google and Facebook) see little by way of incoming revenue, although bots are able to inflict increasing damages in fraud each year. Advertisers lack sufficient targeting methods and information to deliver their content sufficiently.
The developers of BAT believe that by tracking the way that users deal with digital advertising content and recording that information in a distributed ledger, they can enhance the digital advertising experience for all three of these groups. Users will experience fewer ads and content that is better tailored to them. Publishers will find new sources of revenue. And advertisers can target particular users based on documented user content preference and interests, and they will also be able to avoid fraud more efficiently.
BAT is focused on the Brave browser. Brave is an open-source, privacy-centered browser built to block trackers and malware. It utilizes blockchain technology to anonymously and securely track user attention, which translates into rewards for publishers.
A user’s attention, meaning his or her focused mental engagement on digital content like advertisements, is logged through Brave. The makers of BAT indicate that the user’s private data and tracking information is recorded only on the user’s device, ensuring that it is anonymous and private.
Publishers of digital advertisements are rewarded for user attention with Basic Attention Token or BAT. The more efficient their content is at generating sustained user attention, the greater publisher revenue becomes. At the same time, advertisers earn better profit on investment. Brave also utilizes anonymous user attention data to assist advertisers with targeting and fraud reduction.
BAT is the cryptocurrency which facilitates the entire process. It is linked with attention value, which is calculated based on both incremental duration and pixels in view for any relevant advertising content. The BAT system wants to further quantify and monetize user action related to digital advertisements in the future. Brave also helps to match up advertisements with customers based on machine learning algorithms to determine customer interests.
Users of the Brave browser also rewarded with BAT for their participation in the project too. BATs can be exchanged for different services on the platform as well as for select premium content. Nonetheless, publishers will receive the “lion’s share” of the ad revenue, according to the BAT website. It is not clear at this time what the premium content on the Brave network will consist of. Similarly, it’s not clear what the services related to the platform might be, or how the payment system for those services will work exactly.
In anticipation of concerns regarding fraud and privacy issues, the developers of Brave and BAT have built some security measures into the browser and digital token system. The developers indicate that they “plan to mitigate possible ad fraud through the use of cryptography, better client-side integrity, and transparency achieved through open source.”
BAT’s white paper is dated January 7, 2018. As of early 2018, the project is still developing, although prototype versions of the Brave browser are available to be downloaded. The creators of the system state that portions of the browser and system are “code complete” and ready for public use.
According to the white paper, the Basic Attention Token launch aimed to raise a total of $24 million USD. The total token distribution available to the public at launch will be 1 billion BAT. The exchange rate for BAT is set at 6,400 BAT per ETH, meaning that as the price of ETH climbs or falls, the price of BAT will be adjusted proportionally as well.
The Basic Attention Token is initially designed to be used just within the Brave network, meaning that it will have to be converted into ETH tokens and then into fiat money from there. Finally, however, it is likely that BAT may be transferable outside of the Brave network and usable in other settings as well.