Basic Attention Token (BAT), built on the Ethereum blockchain, is a utility token used by digital marketers to pay for ads on the Brave browser, a privacy-focused rival to Google’s Chrome and Mozilla’s Firefox browsers.
Most internet users go out of their way to avoid online advertisements, but what if they were paid to view them?
Basic Attention Token is a cryptocurrency that aims to create a virtuous loop of digital advertising that benefits both content creators and consumers.
BAT, which is based on Ethereum (ETH) and is natively integrated on a custom web browser called Brave, can be exchanged between advertisers, publishers, and internet users based on their web activity, and is intended to streamline commerce between all three groups.
Users are rewarded with BAT for viewing ad content, publishers can deliver more impactful ads, and advertisers can be confident that their messaging is reaching the right demographic. Users can keep the BAT, exchange it for cash or other cryptocurrencies, or pay it to their favorite content creators.
How does BAT work anyway?
All BAT transactions are settled on Ethereum, a public blockchain that enables developers to create and deploy their own cryptocurrencies and applications.
Brave
BAT runs on the Brave web browser, which was created by the same team that created the token. Brave is a free, privacy-focused browser that claims to load 3-6 times faster than competitors because it only displays advertisements if users opt in.
Users of the Brave browser can sign up for the Brave Rewards program, which allows them to be paid in BAT for viewing advertisements or to send BAT to content creators whose work they want to support.
The default setting in Brave is to block trackers and ads. It only displays advertisements if the user opts in. Brave then serves trusted partners’ native ads, which users are rewarded in BAT for viewing.
How to Purchase BAT
Once the Brave browser is installed, you’ll be able to purchase Basic Attention Token (BAT), a cryptocurrency that allows you to receive rewards from media outlets and content creators you enjoy, all while avoiding advertisements.
That’s the big idea behind BAT, a cryptocurrency launched by Brave, the startup behind the Brave browser, on Ethereum (ETH).
Users are rewarded with BAT when they view ad content in the Brave browser, publishers gain a new revenue stream, and advertisers can be confident that their ads are being seen by the right demographic.
Of course, you don’t have to buy BAT to use the Brave browser, but doing so is critical to Brave’s goal of creating a new type of digital advertising model.
Should you buy BAT?
Popular websites can be cluttered with ads and pop-ups, making it difficult to read and interact with content you enjoy. BAT is banking that people will continue their current browsing behavior, albeit while using the Brave browser and reaping rewards while also not having their personal information mined and sold.
How much BAT do you need?
Exchanges like Kraken have a minimum order size of 30 BAT to help newcomers gain exposure to a wide range of assets. At any rate it’s always best to go slow and test the waters before making large buys, regardless of the coin you’re interested in.
Where should you keep your BAT?
Once you’ve purchased BAT, you’ll need a secure location to keep your cryptocurrency.
Although exchanges such as Kraken, Coinbase, and Gemini are secure, it is always best to keep your BAT in a wallet, which is a software or hardware device that stores the public and private keys required to make crypto transactions.
BAT wallets come in a variety of styles. Mobile and web wallets can facilitate transactions, whereas hardware wallets may be best suited for secure, long-term storage.
Final thoughts
BAT is seeking to create a win-win-win scenario for advertisers, publishers, and users – and they may be onto something. Users gain privacy and are compensated for viewing advertisements; advertisers receive someone’s relevant and unique attention; and, most importantly, publishers earn the lion’s share of ad dollars without having to be tech savvy.
Brave ads aren’t necessarily a new model from what is used on Web 2.0. (except for user rewards, of course). Yet, BAT and the Brave browser seem to be a way to efficiently connect advertisers, content creators and customers-to the benefit of all. Google and Meta have surely taken notice.
I write about blockchain, crypto, NFTs and other disruptive technologies and innovations.
