What Is Basic Attention Token (BAT)?
Basic Attention Token (BAT), or BAT, is the token that powers a new blockchain-based digital advertising platform designed to fairly rewarding users for their attention while providing advertisers with a better return on their ad spend.
Check out our deep dive of Basic Attention Token to learn more about this project.
This experience is delivered through the Brave Browser, where users can watch privacy-preserving adverts and receive BAT rewards for doing so. On the other hand, advertisers can deliver targeted ads to maximize engagement and cut losses due to ad fraud and abuse.
The Basic Attention Token itself is the reward unit in this advertising ecosystem and is exchanged between advertisers, publishers and users. Advertisers pay for their advertising campaigns in BAT tokens. Out of this budget, a small portion is distributed to advertisers, while 70% is distributed to users —. In contrast, the intermediaries that typically drive up advertising costs are cut out of the equation to improve cost-efficiency.
BAT launched in 2017 following one of the fastest sell-out initial coin offerings (ICOs). The platform raised a total of $35 million in under a minute. Since then, it has rolled out its attention-based advertising experience to users in most countries through its Brave Rewards program.
As of November 2020, the United States, the United Kingdom and Canada had the most active advertising campaigns.
Who Are the Founders of Basic Attention Token?
Basic Attention Token has two founders: Brendan Eich and Brian Bondy — two highly distinguished individuals in the internet browsing software industry.
Likewise, Brian Bondy joins as Brave’s and Basic Attention Token’s CTO. Bondy is a heavily experienced engineer with previous experience working as a senior software engineer at Mozilla, software developer at Corel Corporation and software development lead at Khan Academy. Eich and Bondy have a combined 50+ years of software development experience.
The Basic Attention Token website lists 16 team members, many of whom have a development, engineering or research background.
How Many Basic Attention Token (BAT) Coins Are There in Circulation?
Basic Attention Token has a maximum total supply of 1.5 billion tokens. This cannot be increased without switching to a new token smart contract.
Almost all of this supply is in current circulation. As a result, the Basic Attention Token can be considered almost fully diluted.
In its 2017 ICO, 1 billion BAT tokens were sold to investors. In contrast, the remaining 200 million tokens were locked in a development pool, and 300 million BAT was reserved for the user growth pool (UGP). As of November 2020, both the development pool and UGP pool addresses are nearly empty.
How Is the Basic Attention Token Network Secured?
Basic Network Token (BAT) is an ERC-20 token. As such, it is built on the Ethereum blockchain. Like any ERC-20 token, BAT is secured by a rigorously tested proof-of-work (POW) consensus algorithm supported by an extensive Ethereum miner network.
This consensus algorithm ensures only valid transactions are confirmed, while the combined work of the Ethereum mining network ensures BAT transactions are essentially irreversible once confirmed.
Where Can You Buy Basic Attention Token (BAT)?
Basic Attention Token can currently be traded on the most popular cryptocurrency exchange platforms and has excellent liquidity. Binance, Coinbase Pro and Huobi Global count among the most reputable exchanges for BAT trades. Like many cryptocurrencies, BAT can be purchased directly using fiat at various brokers or can be traded against fiat assets on platforms like Kraken and Bithumb.