What is Basic Attention Token (BAT)?

Basic Attention Token (BAT) is the digital currency that underpins an innovative blockchain-driven advertising platform aiming to equitably reward users for their attention while offering advertisers enhanced returns on their advertising expenditures. Operating within the Brave Browser, this platform enables users to view privacy-preserving advertisements and earn BAT rewards in return. Advertisers, in turn, can deliver targeted ads, optimizing engagement and mitigating losses due to ad fraud and abuse.

Within this advertising ecosystem, BAT serves as the primary unit of reward, facilitating exchanges between advertisers, publishers, and users. Advertisers conduct their campaigns by paying in BAT tokens, a fraction of which is allocated to publishers, while 70% is directly distributed to users. This approach eliminates intermediaries, enhancing cost efficiency by reducing the typical factors that inflate advertising expenses.

Launched in 2017, Basic Attention Token gained rapid momentum with one of the swiftest sell-out initial coin offerings (ICOs) in history, securing $35 million in under a minute. Since then, BAT has extended its attention-centric advertising experience to users globally through the Brave Rewards program. As of November 2020, countries such as the United States, the United Kingdom, and Canada witnessed the most active advertising campaigns on the platform.

Who are the founders of Basic Attention Token?

Basic Attention Token (BAT) was founded by Brendan Eich and Brian Bondy, both highly accomplished individuals in the realm of internet browsing software.

Brendan Eich assumes the role of CEO at Brave Software, Inc., the parent company overseeing both the Brave browser and Basic Attention Token. Eich's illustrious career includes founding and serving as the Chief Technology Officer (CTO) of Mozilla, a pivotal role in the creation of JavaScript in 1995, and contributing to the launch of the widely-used Mozilla Firefox browser in 2004.

Brian Bondy, the Chief Technology Officer for Brave and Basic Attention Token, brings substantial engineering expertise to the team. Bondy's prior experiences encompass senior software engineering roles at Mozilla, software development responsibilities at Corel Corporation, and a leadership position in software development at Khan Academy. Collectively, Eich and Bondy contribute over 50 years of valuable software development experience.

The Basic Attention Token project is supported by a team of 16 individuals, many of whom boast backgrounds in development, engineering, and research. This collective expertise forms the foundation for the innovative approach taken by Basic Attention Token in revolutionizing the digital advertising space.

What makes Basic Attention Token Unique?

Basic Attention Token (BAT) stands out for its primary utility as a payment token within the innovative advertising framework of Brave Ads. Advertisers, with a minimum monthly commitment of $2,500 as of November 2020 (although a self-serve platform with potentially lower limits is in development), exclusively use BAT for their advertising budgets. This distinct approach positions BAT as a critical element in running campaigns through Brave Ads.

Adopting BAT involves advertisers acquiring tokens from various third-party exchanges, paying the entire budget in BAT. From this expenditure, Brave deducts a small commission, with the remainder distributed to publishers and users within the ecosystem. Notably, BAT and the Brave Browser ecosystem introduce a unique feature where users, including websites and individual Twitter users, can receive rewards or tips, even if they are not initially part of the network. These users can securely register to collect accumulated tips.

The success of Basic Attention Token and Brave Browser is underscored by substantial user adoption. As of October 2020, Brave Browser boasts 20.5 million active monthly users, and BAT is held across more than 368,000 unique wallets, indicating the significant impact and appeal of this innovative approach to digital advertising and user reward systems.

Network Security in Basic Attention Token.

Basic Attention Token (BAT) operates as an ERC-20 token, meaning it is constructed on the Ethereum blockchain. Being an ERC-20 token, BAT leverages the Ethereum network's robust infrastructure for security. The security of BAT is anchored in the Ethereum blockchain's proof-of-work (PoW) consensus algorithm, a thoroughly tested and widely adopted mechanism within the cryptocurrency space.

As an integral part of the Ethereum ecosystem, BAT transactions are subject to validation through the PoW consensus algorithm. This algorithm ensures that only legitimate and valid transactions are confirmed on the blockchain. The decentralized nature of the Ethereum mining network plays a crucial role in supporting this consensus mechanism. Ethereum miners, distributed across the network, collectively contribute computational power to validate and secure transactions.

Once a BAT transaction is confirmed through the Ethereum network's consensus process, its irreversibility is essentially guaranteed. The robustness of the Ethereum blockchain, coupled with the widespread participation of miners in the PoW consensus, enhances the overall security and reliability of the Basic Attention Token network. BAT users can have confidence in the integrity of their transactions within the Ethereum blockchain, benefiting from the established security measures of one of the leading blockchain platforms.

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