Hey, guys welcome back, first off I want to thank everyone who’s been liking subscribing and sharing my content you guys rule and I appreciate all the constant love and support that I always get. Today’s video will be about $BAT or basic attention token and the brave browser some of you have seen my tweet where I’d forgotten that I downloaded the program ages ago and then decided recently to start using it because I saw other people talking about it on Twitter.
Due to the fact that I knew very little about the backstory, I opted to do a review video on it. Quick disclaimer, I’m not a financial advisor, all investments have inherent risk, please do your own research. I currently have about 235 $BAT, which equates to around 50 US dollars. But that’s only because people were watching my content from the browser and I was rewarded.
I haven’t personally purchased any. lastly, I like to shout outbrave for sending me swag, they sent me a sweatshirt, a t-shirt, and a water bottle I like to wear project swag in the video if I can I just think it makes it more fun for me.
So thank you brave for sending me some cool stuff. If you’d like to support my channel, you can become one of my Patrons. I will leave the link for everything down below in the description. First up is the project history and the ICO. The basic attention token team began working on their project in the fall of 2016. They held the ICO in May of 2017, which successfully raised thirty-five million in US dollars.
The ICO price of the coin was three cents and you could participate using ETH. Fun fact, the entire sum of their 35 million was raised in just 30 seconds. Part of the reason bat found itself in the spotlight so early on, is that the team has garnered a lot of attention.
So, if none of those names rings a bell to you you’ve been living under a rock. On to their technology. $BAT is a utility token, and I want to explain what that means in the crypto space. A utility token is a type of cryptocurrency that provides users with future access to a product or service for example.
If you create a utility token for music you’re promising those who purchase the token through the ICO, that in the future that they will be able to use your currency to purchase music exclusively through your platform or your marketplace. let’s get into the basic attention token or $BAT in itself. It’s a digital advertising platform that’s based on the Ethereum blockchain making it an ERC-20 token.
Their total supply is 1.5 billion tokens and their circulating supply is 1 billion tokens. Their tokens sale resulted in an immediate distribution of 1 billion tokens. They have since then given out about a million or more $BAT tokens in the user growth pool that works with a brave browser and as a payment system that connects advertisers publishers and users while creating a new marketplace. As well as rewards and protects the users while giving them a better conversion to advertisers and higher yield to the publishers.
Basic attention tokens may be used within the brave ecosystem to purchase digital goods such as high-resolution photos, data services, or publisher applications. Which are only needed on a one-time basis If publishers create content that many users are interested in watching, interacting with, or reading, they’re earning basic attention.
The token is a measurement of that attention. Publishers are rewarded with $BAT when their content platforms do well and are useful to users. On the other end of the spectrum users can also be rewarded with $BAT for giving publishers their attention and the ability to market directly to them through brave ads, should they choose to turn on that feature.
Users can either hang on to that $BAT that they’ve accumulated in their $BAT wallets, or they can opt to use $BAT to reward publishers for content that they enjoy on the browser. Brave ads are not currently a part of the browser, but the team states they are hoping to release them in the near future.
Alright, so I’ve talked about $BAT but what are the details about the brave browser? Brave is an open-source privacy-focused web browser. The brave browser returns users to a pure and faster online experience by automatically blocking ads and trackers.
In order to publish sponsored content on brave, publishers must complete a verification process, agreeing to Brave’s terms and conditions even then brave users can choose whether or not that they want to see sponsored content from their verified publishers.
The brave browser is available on Android iOS Windows Mac OS and Linux. It’s worth noting the brave is a web browser that integrates $BAT into the platform but that is not limited exclusively to the brave browser.
Next up is brave payments. So brave payments is a program that allows users to support their favourite publishers and content creators with a monthly backed contribution. By default brave payments divides monthly contributions among websites and channels based on the time spent viewing the content.
Users can also pin specific amounts to each of their favourite websites and/or their creators much like patrons. Backed contributions to publishers who have not yet been verified with the platform will be stored in a wallet that can be claimed upon verification.
At the present time, users who enable the brave payments in their brave browsers will generate a unidirectional in browser $BAT wallet with multiple funding options which are, $BAT, Bitcoin, Litecoin and Ethereum. That brings us to the present day, $BAT sits at number 55 on Live Coin Watch.
For the record, I’ve switched to using them instead of coin market cap because I feel they are more honest. Perfect example, they don’t have BitConnect listed on their site anymore. Anyway, their market cap value was 233 million and their price per coin at the time recording this video is 23 cents in USD.
The project made headlines recently with their announcement that they are giving away 1 million dollars in tokens to users of the brave browser. Existing users need simply to open the brave browser and accept the prompt offering $5 in free tokens. New users must install and open the browser on their personal computers in order to see the same prompt.
This is apparently the second giveaway that they’ve done, the first one was extremely successful. They recently added twitch implementation so creators can become verified on that platform as well. There’s also the ability to link personal websites. So for myself, I have my twitch verified as well as my two of the YouTube channels and cryptocandor.com, it’s a pretty neat feature.
Some brave stats they currently have over 2.7 million monthly active users. 24.5% of that is on desktop users and 75.5% of that is on mobile. The majority of the users reside in the US or the EU. Their user growth remains strong and they’re stating that they anticipate millions more by the end of 2018.
As far as publishers and creators go, they have over 3,500 websites that are now Brave verified. Meaning the owners of those sites are getting rewarded when people view them. They have over 10,400 YouTube creators and Twitch streamers who are verified with Brave.
Notable news, Brave partnered with Dow Jones Media Group Town Square and two very large YouTube content creators, Bart Baker, and Philip DeFranco. Between the two creators, they have a total of over 16 million YouTube subscribers. Apparently, they’ve been pretty vocal in the community about their dissatisfaction with YouTube, which honestly isn’t that surprising.
Like many creators, they’re looking for new ways to fund their activity and both have enthusiastically adopted Brave and the basic attention token platform. this is great exposure for the project and will likely cause other creators to make the leap as well. I know I certainly have. So, what do we have to look forward to in the future? Eventually, creators will be able to publish premium content available through backed payments.
It will be a more democratic, one-to-one world on Brave. And it promises to have a huge impact on internet use. We also have $BAT ads to look forward to. Users who opt into $BAT ads will see privately matched advertisements for which they receive a share of the ad revenue in $BAT. Since ad matching and delivery is entirely client-side, with local machine learning algorithms on local data that requires absolutely no user data collection or tracking and can achieve superior ad targeting.
Considering the state of social media that we’re in with Facebook taking all of our data and all kinds of other really important information from us, this is a very nice concept and I do think that it’s gonna be quite successful. There are two kinds of advertisements in the $BAT ad system, there will be user ads and these will be delivered directly to the user in separate ad tabs rather than on the publisher content at a specific moment in a user’s browsing.
User ads can take the form of push notifications, full-page content, video, landing pages, and more. Users will earn 70% of the ad revenue for user ads. Publisher ads are viewed by the user on publisher content.
Such as a banner advertisement on a publishers web page. Publishers will earn 70% of the ad revenue and users will earn 15% for the publisher ads.
Attribution for ad campaign analytics will be performed behind a zero-knowledge proof protocol. Similar to Brave payments anonymous contribution system. This will mathematically guarantee user privacy, anonymity while providing insightful statistics for campaigns. Other future updates will include a multi-directional wallet upgrade that will allow users to transfer $BAT such as the $BAT that they’ve earned from the $BAT ads program out of the wallet.
On to the pros! The first one which I think is the most obvious is improved internet privacy. Online privacy particularly when it comes to browsing history is very difficult to come by. Brave offers a browsing platform that maintains no records of your online activity to third parties. They use the ANONIZE protocol and a VPN to further mask location and other user details.
ANONIZE is an anonymization process that allows the client and the Brave Ledger to agree without linking user interactions to personas, browsers, or wallets. You’re going to have a more enjoyable browsing experience there is going to be no ads, no pop-ups, sites are going to load faster because they’re not loading ads. You can see the content you actually want to see. Integration with the cryptocurrency world, that may be the answer for those looking for a tangible reason to invest in a new cryptocurrency with immediate use.
Not only can fiat be converted into $BAT, using the exchange such as uphold but other cryptocurrencies can be converted into $BAT as well. Bookmarks transfer, don’t laugh this is actually a big one. When I switched it over this was something that I was more specifically worried about so you don’t have to go through and manually add all of your old bookmarks off of Chrome which is what I was worried I was gonna have to do.
Brave has an import option and that’s a big deal because the amount of time that you can save having an import having something do something for you without needing to do it manually is gonna make people more apt to switch over. They also have a plug-in option.
There’s a handful now that are available and I’m sure they’ll be adding more but you can take a look on the website and see if what they have available you can use. Alright, on to the cons. The first one would obviously be competitors, people are creatures of habit and they like to use what they’re comfortable with and accustomed to.
I’ll be honest, and I use myself as an example, I downloaded the Brave browser months ago opened it, it looked foreign, and that was it I didn’t use it again. Then recently I had been seeing people talk about it and I’m more loyal to the crypto movement as a whole so I felt obligated to download it and try to actually use it and get used to it.
I’m glad I did because I do like it a lot and I feel better about supporting crypto projects that I’m utilizing on a daily basis. But for the average person, I can see the mainstream adoption being a hurdle. Not because the browser isn’t good, because it’s great, but because people just don’t like change.
Now let’s say I finally convinced my grandmother to download Brave. I have to try to explain to her what crypto is, and what Brave is, and convince her to want to use both. Bitcoin is just recently really getting mainstream media coverage, and the need to adopt entirely new crypto to use the browser is gonna be a big hurdle. The team states their goal is to make using Brave and unison with $BAT effortless, to the point which the average user won’t even necessarily need to know a ton about crypto in order to get the most out of the platform.
Change isn’t going to happen overnight if it’s likely to happen at all it’s gonna be in no small part to the people who are early adaptors like us and the crypto community who feel a sense of loyalty to use crypto-based platforms or applications. Final thoughts, I genuinely love the project and the idea and as a content creator, I can tell you right now that YouTube does not care about its creators.
My channel has been eligible for monetization 30 days after I started it which is almost 7 months ago and even when you finally get to getting over and getting through all of the backed applications that they need to approve I’m likely still not to get monetized on the majority of my videos because of the topics that I talk about.
We as creators are in dire need of a platform like this that wants to empower all of its users whether it’s the publisher, the advertiser, or the average viewer. But as I said earlier adoption starts with us the crypto community, which is why I put the brave browser on my computer, my laptop, and my phone. And I’m officially using Brave across the board.
If any of you fine people decide to make the switch and want to join with me I have a link at the bottom that you can sign up through me I think I get like 5 bucks it would be pretty cool if you did it even if you don’t use my link you should still sign up and try Brave. Anyways, that’s all I have for you today guys I hope you liked my review of Brave and $BAT, I have a bunch of stuff coming up this week so keep your eyes peeled on my channel and I will see you all soon.
Read More: Guide to Investing in Verasity