Basic Attention Token is an ERC-20 standard coin operated by Ethereum Blockchain. The token is a key element of the advertising platform integrated into the Brave web browser. The new algorithm allows not only to track the portals to which the transitions were made, but also improves the effectiveness of advertising, starting from other user actions.
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The history and purpose of creation
BAT token is not a standalone digital currency; rather, it is another asset created based on Ethereum Blockchain. However, a certain project stands behind each crypto-coin, and Basic Attentation Token is no exception to this rule.
The coin was created to pay for advertising services in the Brave browser, which was developed by Brendan Eich - the creator of Mozilla and the Java Script programming language.
On May 31, 2017, ICO Basic Attention Token was held. All available coins were sold out in half a minute - this is the fastest fundraising in history. It was possible to buy digital currency for Ethereum, since the token was developed based on this project. In total, only 130 people participated in the ICO. One of the users invested about $ 5 million in the project.
The developers launched one and a half billion tokens into circulation. In the future, new coins will not be issued. 1 billion tokens sold out. The balance will be used to reward developers and to attract new users. Tokens can be obtained for free for downloading the browser.
Basic work principles
The BAT token was developed for complex solution of the problems of the advertising industry. At the same time, this project will create the most comfortable conditions for viewing web-pages for users. Brendan Eich has developed a special system in which statistics of user actions are generated based on a new algorithm. The interests of advertisers and ordinary users are considered.
Brave Browser gets accurate information that allows advertisers to offer their product or services only to those users for whom they are of real interest. Anyone can completely get rid of advertising, if it is not important. Thus, comfortable conditions for Internet surfing are provided.
Advertisers will use BAT coins to pay for the exchange of advertisements with those who use the Brave browser and at the same time is the target audience for a particular ad.
The main feature of Basic Attention Token is that users are directly involved in the workflow. The browser automatically collects information about what exactly the user is interested in, so the advertiser will be able to determine the circle of the target audience with minimal error and make a mailing for it.
Special attention is paid to privacy. Personal data users reliably protected.
In the overall rating, the project takes the 55th position. The current cost of cryptocurrency is 40 cents, and the capitalization is 400 million dollars. Now, the price has passed the correction and the uptrend will continue again soon.
On the stock-exchanges, the coin arrived on June 1st, 2017. Initially, it was trading at 16 cents per 1 BAT. Two days later, the cost doubled, and capitalization amounted to a little more than $ 300 million. Then the downward trend began, which lasted for almost 3 months.
As noted earlier, the BAT token is not a full-fledged digital currency; rather, it is a coin created according to the standard based on the ERC-20 on the Ethereum Blockchain. Most of the coins were sold during the ICO, and the balance was divided among the developers and is used for the development of the project, respectively, there is no traditional mining concept within this system. However, tokens can still be obtained for free.
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Where to store BAT?
The official cryptocurrency wallet is integrated into the Brave browser. This solution is optimal for effective interaction between different web-portals. However, to work with digital currency, you can use any other wallet that supports the standard ERC-20. The most popular alternatives are the Ledger Nano S hardware wallet and the MyEtherWallet program.
Experts and analysts are optimistic about the potential of Basic Attention Token cryptocurrency, even though the Brave browser is becoming an intermediary, although it has struggled with the mediation.
Editor: Yulia Krasnaya