You know that all cryptocurrency projects have a specific purpose, and the most successful ones are those with the most functional purposes. Basic Attention Token or BAT is a cryptocurrency with a practical aim. Stay with us up to the end of this article to figure out what this aim is and how it is realized.
What is Basic Attention Token or BAT?
BAT was created to offer some solutions for the challenges that exist in the world of digital advertisements. The emergence of the Internet completely revolutionized the world of marketing and advertisement, but it brought about its own problems. The biggest problem digital advertisement suffered from was the growing number of intermediaries and the insecurity of users’ data. As this world expanded, giants like Facebook and Amazon gained control over the whole market and appropriated a great share of this market. This is while we have repeatedly heard news regarding users’ data being sold to different campaigns and companies by Facebook and other centralized giants. Users spend nearly 50% of their internet on advertisements without being unformed or having any other choice. There is also the risk of malwares that always threatens users’ devices.
This process finally harms the owners of these advertisements since users gradually tend to ignore all advertisements, even the useful ones. In other words, owners of the advertisements have no way to find their target community in this system. A cryptocurrency project like Basic Attention Token has come to solve these problems.
How does BAT work?
Basic Attention Token removes intermediaries and connects advertisement publishers to the users directly. This project works based on the level of attention and avoids “electronic pollution”. The BAT team has developed a native browser called Brave. Brave is an open-source browser focused on preserving users’ privacy, securing their personal data, and blocking bothering advertisements. Brave uses machine learning to detect the level of your attention to different advertisements. For example, it uses data like how much time you have spent on an advertisement and the number of pixels having been shown for achieving this purpose. However, we should note that this data is completely anonymous and will never exit your device.
Another interesting feature of BAT is that all users are paid for watching advertisements. These payments are done through BAT tokens. Publishers of these advertisements lock a certain amount of BAT. A part of these BAT tokens goes to the one who watches advertisements, and a part goes to the network itself. Users who receive BAT tokens can use them to access pro articles, download high-quality images, or even reward the content creators. In general, this ecosystem works in favor of advertisement publishers, content creators, and end users all at the same time.
The BAT token; market cap and price history
At the time of writing, each unit of BAT is being traded at $0.34. This token’s all-time high goes back to November 2021 when its price went over $1.7. BAT is the seventy-eighth-largest cryptocurrency by market cap at the time of writing. Its market cap is more than $519B. BAT has a maximum supply of 1,500,000,000 units. 1.49B units have been issued and are in circulation now.
BAT is an ERC-20 token, so you can use all Ethereum wallets to store it. Some of the best options you can consider include:
- Trust Wallet
Basic Attention Token attracted the attention of cryptocurrency lovers through its unique functional purpose. It exactly aimed at a big problem the current centralized version of the Internet (Web 2.0) is suffering from. For this reason, it gained huge popularity in a relatively short period of time. Have you ever used the Brave explorer? Do you think you will use it in the future? Share your opinions with us.