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Monday, October 3, 2022

What is Basic Attention Token?

Hello crypto fam, I’m Kris with Exodus. and we’re going to dig deep into the Brave ecosystem and their native utility token, Basic Attention Token, perhaps more commonly known to most as simply BAT or the BAT token. BAT is an Ethereum-based token used to power the Brave platform, which is both a private Internet browser and a digital advertising platform.

We’ll share more about how this works in detail later. But first, here’s the lowdown on the BAT coin statistics. BAT flew out of its roost on May 31st, 2017 and in just 6 months, achieved its all-time high of almost one dollar on January 9th, 2018 at $0.98.

What makes BAT different from a lot of other ERC20 assets is that it’s a utility crypto token that is already in use, demonstrating a real-world application of cryptocurrency and blockchain technology. I know you’re saying, “Other ERC20 tokens have already achieved this.” and you would be right but the club is pretty exclusive at the moment and the BAT token has earned this status right from the beginning.

BAT is also supported on multiple DeFi platforms such as Compound and MakerDao, where BAT holders can use BAT as collateral to generate loans and earn interest. Recently, according to a report from Dapp.com, BAT was the most used coin in DeFi in Q2 2020 by generating the best return on Compound. BAT’s volumes in DeFi came to $931 million, over $300 million more than Ethereum.

However, borrowing of BAT has since calmed down and in July this year, $67 million worth of BAT loans were made on the Compound Finance platform. Let’s go ahead and dive deeper into the BAT cave. What is the Basic Attention Token and how is it used on the Brave platform? The Brave company is founded by Brendan Eich, none other than the creator of JavaScript and co-founder of Mozilla and its Firefox browser.

Brendan has used his experience to create a new web browser that is set to revolutionize the whole online digital advertising space. How? Brave is a new kind of web browser that is open-source, decentralized and private. Do you hate pop-up ads and trackers? The Brave browser blocks it all by default.

This gives users back their privacy and also makes the Brave browser impressively fast by reducing mobile data consumption and saving battery drain from loading ads. How fast? In a speed test, it was found that Brave actually loads web pages 2 times faster on desktop and 8 times faster on mobile! Besides protecting your privacy, another problem Brave is out to tackle is the digital advertising industry.

The digital advertising space is filled with bots, fraudsters and middlemen such as Google and Facebook taking a lion share of 73% of all ad dollars and 99% of all growth. In just the last year alone, bots caused $7.2 billion in advertisement dollar fraud. This is where BAT comes in to create an innovative digital advertising marketplace between users, publishers and advertisers.

This is how it works: · Advertisers buy and pay publishers in BAT coins to have their ads viewed by users · Users earn Brave browser rewards in the form of BAT coins for viewing customized ads · Users can also tip their favourite content creators in BAT · Publishers receive BAT coins based on user attention. · Advertisers achieve greater ROI results thanks to better user targeting and no fraud As you can see BAT creates a win-win-win situation between users, publishers and advertisers.

Seriously, the great thing about BAT is that you can download the Brave browser now, click on the ads and start being rewarded in BAT tokens for your attention right away. Earn crypto by doing something that you regularly do every day. Surf the web. Brave locally matches ads to users using a machine learning algorithm without any tracking or data collection required. No hint of your browsing activity ever leaves your device. You can adjust how often you see ads or choose to opt-out of ads entirely. It’s up to you.

By using Brave, you earn up to 70% of the ad revenue in BAT coins, which you can then use however you’d like. You can pass it on and tip your favourite content creators on Twitter, Reddit, YouTube, Vimeo, Github and many more, or use it to purchase gift cards for Amazon, Walmart and Uber among others through the TAP Network. So how many people are already turned on to Brave? In terms of adoption, the statistics look promising.

As of May 2020, Brave has over 15 million monthly active users and 5.3 million daily active users. To date, Brave has over a half a million verified publishers and content creators earning BAT tokens including popular sites such as Wikipedia, The Washington Post, The Guardian, NPR, and many more. Brave Ads has also brought in 1,530 campaigns since their launch with campaigns for well-known brands such as Verizon, PayPal, Amazon, Logitech, Quickbooks and Evernote to name a few.

So now that we all know a little more about Brave, will you switch browsers to start earning some BAT coins…right off the bat? Let us know in the comments below. Here’s how you can start earning BAT: 1. Download the free Brave Browser for your mobile or desktop 2. Click on the triangle BAT logo to open Brave Rewards settings 3. Toggle Brave Rewards on That’s it! You will now be rewarded in BAT simply for viewing ads.

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