What Is Basic Attention Token Coin (BAT) & How It Works: Full Review Of A Web3 Coin In 2022

What is Basic Attention Token (BAT)? & How does it work

Basic Attention Token (BAT) is a critical component of the Brave browser ecosystem. The main motive behind this project is to create an equitable and rewarding system for stakeholders — including advertisers, publishers and internet users — in the digital advertising industry. The creators of this project believe that this approach will eliminate issues relating to privacy, monopoly, security and online experience. 

In this guide, we will explore the workings of Basic Attention Token and highlight other crypto projects looking to optimize the digital advertising industry.

What is Basic Attention Token (BAT)?

WHAT IS Basic Attention Token

Basic Attention Token is an open-source, decentralized advertising platform (Web3) built on the Ethereum blockchain with the token BAT. BAT’s mission is to improve on the current environment of digital advertising, where users are tracked and producers find it difficult to monetize content as advertisers are often victims. frequency of fraud.

BAT’s ICO took place in May 2017 and raised about 35 million USD within 30 days.

Background of Basic Attention Token:

Basic Attention Token (BAT) is a cryptocurrency token that is designed to be used on the Brave web browser. The token can be used to tip content creators or to make purchases on the Brave platform. The token is based on the Ethereum blockchain and was created by Brendan Eich, the co-founder of Mozilla and the creator of JavaScript.

How Does Basic Attention Token Work?

How Does Basic Attention Token Work

The token is divisible into smaller units of ad impressions, and can be used to purchase ad space on websites and apps. The Basic Attention Token is traded on a number of exchanges, and can be used to purchase advertising on the Brave browser.

On the public blockchain Ethereum, which enables developers to build and use unique cryptocurrencies and applications, all BAT transactions are settled.

Browser Brave

The Brave web browser, produced by the group behind the coin, is used by BAT. Free browser Brave claims to load web pages three to six times faster than rival products because it only displays adverts to users who have chosen to see them.

Users of the Brave browser can enroll in the Brave Rewards program, which enables them to contribute BAT to content producers whose work they want to support or to get payment in BAT in exchange for seeing advertisements.

Trackers and advertisements are blocked by default in Brave. Ads are only activated if the user agrees to them. After that, users that see native advertisements from reliable partners are rewarded with BAT by Brave.

Ledger for Brave Micropayments

The Brave Micropayments Ledger is how Brave keeps track of the movement of BAT. The Ledger is designed to enable smart contracts between marketers, publishers, and readers in order to transfer payments. For its blockchain, Brave is looking into using zero-knowledge proofs in an effort to provide participants in online media transactions anonymity.

The Basic Attention Token Team:

BAT TEAM

Advisor team:

BAT'S ADVISORS

Partnerships

The crypto advertising startup TAP Network has partnered with the Brave Browser and Basic Attention Token (BAT) product, claiming an incredible 250,000+ brand associations, including some heavy hitters like Amazon, Starbucks, Apple, Red Bull, Paramount Pictures, and even charities like the Red Cross, Habitat for Humanity, and the World Wildlife Fund.

What Is BAT Token?

WHAT IS BAT TOKEN

BAT is the native token used in the Basic Attention Token platform. This token is built according to the ERC-20 standard on the Ethereum blockchain platform and was released to the market on July 31, 2017 through the form of ICO funding.

Read more: IDO Vs ICO Vs IEO: What Is An IDO In Crypto And How To Invest It 2022?

Basic Information About BAT

  • Toke Name: Basic Attention Token
  • Symbol: BAT
  • Contract: 0x0d8775f648430679a709e98d2b0cb6250d2887ef
  • Blockchain: Ethereum
  • Standard: ERC-20
  • Token Type: Utility Token
  • Total Supply: 1,500,000,000 BAT
  • Supply of Circulation: 1,491,879,440 BAT

Read more: BEP2 vs BEP20 vs ERC20: Which Is The Best Choice For You 2022?

Token Allocation:

1.5 billion BAT tokens have been allocated by the development team into 3 specific components as follows:

  • 20% is used as a budget for user development.
  • 13.3% is used for BAT development budget.
  • 66.7% was sold at the ICO.

TOKEN ALLOCATION

Token Sale

Over 66.6% of BAT tokens were sold at $0.036 on May 31, 2017 and earned BAT more than $35 million within 30 seconds.

Price of BAT Today (13/08/2022)

Today, the live price of a Basic Attention Token is $0.468874 USD, and $55,331,009 USD is traded in 24 hours. In the last 24 hours, Basic Attention Token has gone up by 1.23%. With a market cap of $701,799,401 USD, CoinMarketCap ranks it as #69 right now. It has 1,496,776,945 BAT coins in circulation and a maximum supply of 1,500,000,000 BAT coins.

What is BAT Used For?

What is BAT Used For

Token BAT has the role of:

  • For Advertisers: Advertisers will trade in BAT tokens to place ads on web spaces.
  • For website content publishers: They will receive revenue and contributions from users in BAT tokens.
  • For users: They will receive BAT tokens from ad views.

How to Store BAT Coins?

The BAT token belongs to the ERC-20 standard. Therefore, you can use compatible wallets for storage such as: MyEtherWallet, MetaMask, Trust Wallet or Ledger Nano S or Trezor cold wallets.

In addition, if you are a trader, you can keep them in exchange wallets to facilitate transactions.

How to Buy BAT Tokens?

Open a web account.

To begin trading BAT, you must create an account with an online broker. Since BAT’s inception in 2017, there are only a few brokers that offer buying and selling services. On the website of your chosen broker, you can open an account.

Check that the platform’s payment options are secure and safe before registering. For each trade you make on the platform, certain brokers may charge you a tiny commission.

The top online brokers for trading BAT are listed below.

Purchase an electronic wallet (optional).

In order to start trading cryptocurrencies, you must first create a digital wallet. Your private and public keys can be stored in this software wallet. Your electronic wallet allows you to transfer and receive digital currency and can communicate directly with different blockchain platforms.

You can pick from a variety of digital wallet options.

  • Computer wallet. You download the wallet application to your computer or laptop. It can only be accessed from one internet-connected machine.
  • Web wallet Web wallets function through the cloud. Their owners can access them on any digital device, such as a laptop, a smartphone, or a tablet.
  • Mobile wallet For your smartphones, there is an application called mobile wallets. With a mobile wallet, you can trade cryptocurrencies and manage your digital assets while on the road.
  • Hardware wallet Your private keys are kept on a physical device called a hardware wallet. Hardware wallets, as opposed to web wallets, can be kept offline for increased security.
  • Paper wallet Your private and public keys are physically printed on a paper wallet. You can request that the public and private keys be given to your location for storage once the money has been transferred.

Read more: Hot Wallet Vs Cold Wallet: Which One You Should Choose For Your Crypto 2022?

Best Crypto Wallets For Storing Coins In 2022: Hot Wallets & Cold Wallets

Purchase What You Want.

Digital transactions are now quick and simple thanks to online brokers. You must fund your trading account before you can start trading cryptocurrencies. Credit cards and bank transfers are typically accepted payment options by cryptocurrency brokers.

Before making a trade, review the list of cryptocurrencies that online brokers are offering. BAT may be purchased and sold on a number of exchanges, including Coinbase, Kraken, and Binance. Before making the deal, you might think about evaluating the cost and commission fee of BAT on several platforms.

In particular, Binance is an exchange that is considered reputable and has a fast transaction speed.

Read more: Binance Vs BinanceUS Guide 2022: Which Exchange is Best?

Goals of Basic Attention Token:

The goal of Basic Attention Token is to solve the problem of online advertising by giving the consumer back both choice and money.

  • Misleading ads with trackers that send malware to people who click on them
  • Everyone in the advertising agency didn’t like the way things were going in advertising right now.
  • Using blockchain technology to make sure that digital advertising is safe, fair, and effective.

Prospect Of BAT

The value of the online advertising market is huge, estimated to reach $518 billion by 2023.

In particular, BAT will compete with traditional giants such as Google, Facebook and some other Blockchain projects such as AdEx, DATA, Steem…

FAQs

FAQs

How to earn BAT tokens?

If you use the Brave browser, you can earn money in the form of Basic Attention Token just by choosing to watch ads. BAT is Brave’s own currency, and users can earn it when they choose to see ads that protect their privacy and anonymity.

Users can choose not to use this service, and ads are sent to them as push notifications instead of being shown on the page. When you get BAT tokens this way, they are stored in a wallet that is built into your browser. You can trade these tokens for other cryptocurrencies or cash.

Should you invest in Basic Attention Token?

Basic Attention Token is considered a pretty solid long-term investment that you can consider. Because this project has overcome the disadvantages of digital marketing by accurately identifying user behavior, while complying with the privacy and anonymity of users.

However, because it must directly compete with giants like Safari, Firefox or Google Chrome, etc., Brave will need to create more relationships of major strategic partners to facilitate this platform’s integration. into the daily user’s browsing experience.

Is investing in BAT risky?

Based on its position on the risk gauge, the BAT token is currently a moderate-risk investment. Traders who focus on risk assessment will use the gauge most to avoid (or add) investments that are risky.

The design of Basic Attention Token is so good that it could change how digital advertising works. The ideas behind Brave’s BAT could one day have a huge impact on the digital advertising market. This is because it rewards consumers, gives advertisers and publishers more opportunities, and keeps you safe.

Is it the right time to buy BAT?

With fierce competition from giants Google Chrome, Safari or Firefox, BAT’s Brave needs an even bigger strategic partner to integrate BAT into browser platforms with a large number of users and bring great experiences. great experience for them.

In general, BAT is considered a stable and long-term investment that investors can consider. However, the cryptocurrency market always has risky fluctuations that investors cannot anticipate. Investment value can increase or decrease at any time.

Read more: Day Trading Cryptocurrency: The Best Strategies for Success

What can I buy with BAT?

Users can either hold the BAT, exchange it for cash or other cryptocurrency, or pay it to support their favorite content creators.

How is Basic Attention Token different from other blockchain projects?

Brave stands out from other browsers thanks to its privacy shield and user interest measurement system. By blocking ads and trackers, Brave also loads pages faster than other competitors.

The BAT token creates an efficient marketplace for the opportunities it offers advertisers looking to reach valuable users – while empowering users with a share of ad revenue as they view they.

Although there are other projects with similar goals, so far, Basic Attention Token has achieved certain success. As of October 2020, there are a total of 20.5 million monthly active users at the Brave browser, and Basic Attention Token is also holding more than 368,000 independent wallets.

Can I convert Basic Attention Token coins to other currencies?

Yes, you can. As of now – 13/08/2022, 1000 BAT is worth $467.00. That’s -$313.00 less than the same amount of BAT 1 year ago.

How can I find more information about Basic Attention Token?

You can follow the Basic Attention Token project at:

Conclusion

BAT is, in general, a reliable long-term investment that investors should think about. By precisely identifying user attention, upholding user privacy and anonymity, and creating a new digital advertising model for publishers, advertisers, and users, BAT solves economic disadvantages.

Due of the fierce competition it faces from other industry titans like Google Chrome, Safari, Firefox, etc. It will be up to Brave to establish a significant strategic alliance that will enable BAT to be integrated into users’ browsing experiences. daily use of the internet. This currency still has a lot of potential for the foreseeable future, though.

Disclaimer: The information provided in this article is not investment advice from Cove Markets. Cryptocurrency investment activities are yet to be recognized and protected by the laws in some countries. Cryptocurrencies always contain financial risks.

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