Understanding Basic Attention Token (BAT)
Surfing through the information on the Internet is something we all are familiar with. It doesn’t matter what information we are seeking, there is one thing in common for everyone — watching ads.
Showing advertised content is rather common for YouTube users. We all have some favorite content creators, or we just seek tutorials or other types of information. But most of the time we watch ads whether we want to or not. It rarely matches your preferences even if you have switched on the personalization of ads.
But what would you say if you find out that watching ads can be not just enjoyable but profitable? That’s exactly what you can expect from the Brave Browser and Basic Attention Token!
The Basic Attention Token (BAT) is a cryptocurrency created thanks to the availability of a public blockchain you are already aware of — Ethereum. Developers actively use Ethereum to build various applications and systems with unique cryptocurrencies. BAT is one of such currencies.
BAT was integrated into the Brave Browser. When users utilize Brave to watch their favorite content, they see ads. But the difference from YouTube is that you have to agree to watch an ad. If you opt to agree, then you are awarded a Basic Attention Token.
Users who get BAT can use it as they wish. It’s possible to exchange BAT for fiat money or other cryptos on exchanges. They can hold it on their private wallets, or even award favorite publishers.
This ecosystem was created specifically to help content creators, advertisers, and their audiences. As a result, you can see a more balanced and fair system sharing value with all its users. But how exactly does BAT work and what to expect from the utilization of Brave? Check the article to learn more details about this exciting ecosystem.
How does Basic Attention Token Work?
To understand how BAT works, you need to know more about the overall concept behind the creation of the platform. BAT uses Ethereum’s blockchain, but the cryptocurrency is implemented into a specifically created Brave browser. Overall, BAT is money, Brave is an economic system. Participants of this ecosystem are:
- content creators
Ecosystem participants can exchange BAT with each other. The most important idea of the project is based on a simple factor — the attention of users. Today’s advertising is rather flawed, at least when it comes to big companies like Google or Meta (Facebook).
The bigger part of advertising revenue is held by these mentioned platforms. The audience at this point has to “enjoy” annoying ads and trackers that sometimes even contain malicious software. Content creators are not getting what they deserve either.
That’s why the idea of BAT is so interesting. It is based on distributing value among three main participants. Instead of giving a bigger share to the platform hosting content and advertisements, it offers a more fair distribution.
Moreover, BAT offers access to valuable information. Advertising should be more personal and useful. Big advertising monopolists hold this information and most of the time users don’t even give consent to gather information about their preferences.
Developers of BAT think that analyzing what ads users prefer can help improve advertisement in this digital age. The data gathered will be consensual and open to be utilized to create targeted content. It is stored on a distributed ledger within the Ethereum blockchain.
As a result, users see fewer ads, and when they do, it’s targeted content based on their preferences. Content creators get a new platform where they get rewarded for their work. Moreover, the bigger share of profit won’t be taken by the platform as in the case of big monopolists. And advertisers can finally get free access to valuable information that will help them improve their ads.
Brave is an open-source browser that is capable of blocking malicious trackers and other types of harmful software. It stores valuable data about the attention of users on the blockchain to prevent its theft. Private data is stored securely, so no one can ever access it. To achieve privacy, Brave doesn’t store data on their servers, but only on the user’s device.
When advertisers on Brave manage to keep users’ attention, they get rewards in the form of crypto BAT. The idea is to award advertisers depending on the value of their ads. If they manage to consistently keep users’ attention, they get better rewards in BAT. To achieve success, advertisers simply need to use anonymous data from users to make their ads targeted.
The bigger share of the revenue goes to advertisement creators. It’s a different and more effective model than the existing ones utilized by platforms monopolizing the advertising market. Users get AT for watching ads, even though the revenue isn’t significant.
BAT can be used to get access to content, pay favorite creators, or exchange for fiat money or other crypto tokens. Currently, the cost of BAT is $1.1096 as of December 22, 2021.
Can You Earn Profit by Using the Brave Browser?
Yes, it’s a possibility. You definitely can’t expect a lot of profit from using the Brave browser, but you can get at least some rewards while doing things you are already used to, for example, watching videos.
Brave users claim it is possible to earn around 5 dollars a month. It sounds like no profit at all, and it might be the case. Most users of the Brave browser claim that at least they get some profit for things they never got paid for when using YouTube or other types of platforms.
The idea of BAT seems to be promising and interesting since it has the potential to improve the world of advertisement. Currently used models are inefficient and benefit mainly big monopolizing enterprises like Google or Meta that earn millions if not billions.
The new ecosystem promises to share revenue more equally. New and old brands can benefit from using Brave, and users can finally be awarded for watching ads they never liked watching before.