What is Basic Attention Token (BAT) How it Works & Where To Buy It?

The Basic Attention Token (BAT) is a blockchain-based system that is utilized to capture data regarding how much time and attention media users spend on websites. The system captures this information from websites that are listed on the Brave web browser.

The BAT token is the native token of the blockchain-based system – BAT is currently the 79th largest cryptocurrency by market capitalization.

How Basic Attention Token (BAT) Works

BAT positions itself as a platform that can address some of the biggest advertising and credibility issues in the advertising space. The project aims to accurately and transparently improve advertising services through blockchain technology.

All the information that is captured is stored in a distributed ledger – digital advertising is also revolutionized for advertisers, users, and publishers. Essentially, users experience fewer ads, and the ads they see are more aligned with them.

Publishers will also be able to find fresh sources of revenue, and advertisers will be able to curate campaigns that can target users more effectively. Subsequently, this will also dramatically reduce the amount of fraud that plagues the industry.

BAT is the native token for the protocol and plays an integral role in the functionality of the Brave browser. BAT is also the token distributed to users who watch advertisements and engage on the platform.

Brave browser is a privacy-oriented browser that blocks invasive cookies and blocks malware. Users’ privacy is prioritized and the methods utilized to capture the user attention are especially beneficial for publishers, who receive more rewards based on user attention.

The system used to track users’ attention ensures that the privacy of the user is always upheld and that the user’s private data is only stored on the user’s device.

Essentially, publishers will receive more BAT rewards in correlation with the amount of user attention they generate. Advertisers are also rewarded in this process because their investment is being utilized more effectively than traditional methods.

Sustained user attention is the main priority for publishers and advertisers because it indicates that their advertisements are being seen by users, and whether the advertisements are effective or not.

A more in-depth description of the project and its aims can be found in the Basic Attention Token whitepaper.

What Is Basic Attention Token (BAT) Used For?

Brave browser is employed by users, publishers, and advertisers. The browser is privacy-centered and aims to solve issues that currently plague the industry.

The BAT token is utilized throughout the entire experience and BAT tokens are distributed to Brave browser users for participating in various digital advertising.

Online marketing content is often ineffective but the Brave software aims to bolster ad revenue congruently with user attention. Advertising money is effectively put to use in this way, and advertisers can generate more effective engagement and insights on their ad campaigns.

Digital advertisements are at the forefront of people’s everyday lives, that’s why it’s essential to curate the simplest and most accurate experience for both users and advertisers alike.

Where To Buy Basic Attention Token (BAT) Tokens

BAT tokens are commonly traded on most of the popular cryptocurrency exchanges. The unique model that BAT creates makes it one of the more appealing blockchain projects – in recent months BAT tokens have seen a surge in trading volumes.

Before purchasing BAT tokens, users will need to deposit fiat money onto an exchange, sequentially, BAT tokens will be credited to their relevant BAT digital wallet on the exchange.

The following crypto exchanges below are some of the safest places where you can buy, sell and store BAT tokens.

1. Gate.io
2. HTX
3. KuCoin
4. Binance
5. Crypto.com

The safest option to store tokens would be in a digital wallet or hardware wallet. Some of the most popular wallets used by people are Trust Wallet and MetaMask.

About Basic Attention Token (BAT)

How long has Basic Attention Token (BAT) existed?

The Basic Attention Token initial coin offering was one of the most successful ICOs in the history of crypto. The BAT ICO managed to raise $35 million and sell out all the tokens on offer in 30 seconds.

Around 67% of the total token supply was allocated for the ICO – the remaining allocations were for Brave and the user pool.

What’s controversial about Basic Attention Token (BAT)?

There are thousands of emerging projects entering the crypto space. Unfortunately, many projects take advantage or exploit retail investors that lack fundamental knowledge of the crypto space.

Most crypto companies have some sort of controversy surrounding them, so let’s take a look at the top controversy surrounding Basic Attention Token (BAT):

• Adoption of Brave browser – The success of the Basic Attention Token is heavily reliant on the adoption of Brave Browser. There are several competing browsers such as Google Chrome, that have already amassed millions of daily users.Many individuals believe that the Brave browser simply won’t be able to compete with the other giants in the industry. The success of BAT is, therefore, more restricted due to the significantly low market share that the Brave browser has.

How many Basic Attention Token (BAT) Tokens tokens are there?

At the time of writing, Basic Attention Token (BAT) has a circulating supply of 1.50B BAT.

The total supply of Basic Attention Token (BAT) is 1.50B BAT.

The max supply of Basic Attention Token (BAT) is 1.50B BAT.

Can Basic Attention Token (BAT) be mined?

Basic Attention Token (BAT) is not a mineable cryptocurrency. Basic Attention Token is an ERC-20 token but mining is not possible.

Many websites claim that they can offer users BAT mining services, sites like unmineable.com post bids on advertisements for ”BAT mining” but aren’t able to facilitate these services.

However, BAT rewards can be obtained for participating in the Brave browser – this is among the easiest ways to accumulate BAT tokens.

There a few centralized exchanges also offering staking rewards for BAT holders that stake their tokens for a certain duration.

What is the market cap of Basic Attention Token (BAT)?

You can work out the Basic Attention Token (BAT) market cap by multiplying the total amount of coins in circulation by the current market price of BAT.

Basic Attention Token (BAT) Market Cap = 1.50B BAT x $0,40 = $603 million (79th largest market cap).

Basic Attention Token has maintained its spot on the list of the top 100 cryptocurrencies by market capitalization, although the BAT price is currently trading at more than 4x below its October 2021 all-time high of $1.76.

The market cap fluctuates according to circulating supply and market price.

Biggest Competitors Of Basic Attention Token (BAT)

There are a lot of competitors in the browser sector that have already grown enormous communities and generated billions in advertising revenues. Historically, advertisers have opted for browsers that have the largest amounts of traffic but more recently there has been a shift towards projects like the Brave web browser. Projects that prioritize real, accurate, and transparent data can improve user attention.

Braves’ biggest competitors are:

• Google Chrome
• Mozilla Firefox
• Safari

What Are The Future Plans For Basic Attention Token (BAT)

The BAT team recently announced its roadmap for the year to come. Some of the most notable plans are the Brave DEX aggregator which will help bring DeFi access to more people. The DEX will be able to facilitate standard token swaps but will be customized to incentivize BAT holders.

The team also mentioned their intention to explore the incentivization of liquidity providers, mainly to grow the BAT ecosystem. The BAT team also plans on exploring layer-2 solutions which will make participating in DeFi more affordable.

Pros And Cons Of Basic Attention Token (BAT)

Pros:

• The system rewards users and advertisers – The model built by Brave is mutually beneficial – both users and advertisers are fairly rewarded. The novel model also allows users to earn a share of ad revenue from participating in the Brave browser. The BAT token plays a key role in the sustainability and efficiency of the project and has been a driving factor for the project’s growth.
• Growing user base – Brave already has more than 10,000,000 active users.
• Real use case – Brave web browser is addressing some of the most critical issues that affect internet users. The ad experience is polluted by multiple bad actors, and this has a negative impact on the user’s experience and decreases the efficiency of advertisers’ campaigns. Brave aims to solve these issues by providing accurate and transparent advertising services and a privacy-oriented platform for users, advertisers, and publishers.

Cons:

• BAT relies on Brave browser – The success of the BAT token is directly linked to the adoption of the Brave browser. Essentially the Brave web browser built a community and market for BAT tokens but if the growth of the browser doesn’t continue it will very likely result in the decline of the BAT token.This is particularly concerning because several major competing browsers have much larger user bases.