Basic Attention Token Full Review
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Digital advertising is one of the fastest growing niches in the online space. Unfortunately, smaller companies and individuals are not really getting what they deserve since middlemen carry away a huge piece of the profit. Google and Facebook are some of the biggest digital firms who control almost 70% of digital signals. Basic attention Token aka BAT is looking to overhaul these moguls and let the common folks take the helms.
What is Basic Attention Token?
BAT is a blockchain-based token that aims to revolutionize how digital advertising space works. Its mission is to fix some of the setbacks this niche is experiencing like users being unknowingly tracked, advertisers being constantly scammed and publishers having a hard time monetizing their content.
The company behind BAT hopes to make its token influential enough and be able to improve the overall efficiency of the digital advertising. To achieve the objective and goals of the publishers, users and those who are advertising something need to make transactions and exchanges through the BAT. The utility of the token is highly related to the attention of the users, which mainly involves the mental engagement of the users within the platform.
The reason for which the company has decided to tackle this specific sphere is that the users are abused with fraud advertisements, even if some advertisements are legit they are taking people’s time away, along with the battery, privacy and so on. On the hand, the publishers are hurting as they do not have a chance to monetize the services that appear to be value-added. Finally, even the advertisers are losing in the whole process as they have a lack of quality information about the service they are paying for, they are facing various marketing issues such as wrong target and so on. All in all, BAT hopes to turn this lose-lose game into a win-win one.
How does it work?
BAT blockchain operates in two ways; through smart contracts and Brave browser. At the moment, the platform supports Brave browser only. According to its Roadmap, other browsers will soon be supported.
Through self-executing smart contracts, advertisers will be able to send ads and some tokens to users in a locked state. When a user clicks on the ads, he or she will be able to receive a portion of the BAT tokens while the rest is taken up by the Brave browser and the publisher hosting the ad.
So where do you take those coins? You can use them in the Basic Attention Ecosystem to pay for articles, products, data services or even donate to content creators. Furthermore, this platform allows dispatching of micropayments to facilitate minute but essential web activities like upvoting/downvoting and commenting in forums.
As one of the best digital advertising technologies, BAT is useful in the following ways:
- Users can surf the web privately and securely while still getting paid.
- Publishers no longer lose money to bots and middlemen.
- Advertisers get accurate and relevant data which helps them form reliable judgments
Features of Basic Attention Token Coin
BAT Advertising platform
BAT advert platform connects three clients; publishers, users, and advertisers. This ecosystem shuns out intermediaries like Google who take home money for something they never had a part in. The platform is focused on mental engagement and rewards individuals based on the time spent viewing an ad. Through machine learning, the advert platform finally curates the ads that users want to view.
Brave web browser
Being a decentralized project, Brave is an open source browser created with speed and privacy in mind. Unlike ordinary browsing software programs that rely on adblocks to block out unwanted adverts, Brave is inherently designed to keep anything unsolicited at bay. It doesn’t allow any ad or tracker to monitor your browsing behavior as well.
Brave can upgrade any site to HTTPS thus providing that extra layer of security that is vital for safe browsing. Its internal ledger records every site you visit and the ads you clicked so the publishers can be compensated fairly.
Does the browser snoop on your browsing habits? Not at all. Brave merely keeps track of everything for fair payment. Your information is kept private, and all personal details like passwords or anything of value don’t leave your device.
As the name “Attention” suggests, BAT’s browser calculates your attention value on each ad based on how long you viewed it. This is how essence is achieved. After that, the blockchain’s intelligent system will decipher the kind of ads you like to see and thus be able to serve you with relevant info in the future. This creates a win-win scenario for both advertisers and users.
Basic Attention Token Team
Basic Attention Token is a solid project backed by heavy-hitting individuals with programming and management accolades. This is an indication that the project is not a scam but something meant to improve current digital advertising techniques. Here is a dropdown list of the top officials:
Brondy is a lead developer with over 18 years of experience working on new software programs. Together with Eich, he helped to make Brave a reality. This software guru is also credited with making Mozilla what it is a today-an avant-garde browser.
BAT team is also made up of reliable advisors like Ankur Nandwani, Coinbase’s product manager, and Zcash’s founder, Zooko Wilcox.
Basic Attention Token ICO
BAT’s ICO rolled out in March 2017, and a total of 35 million dollars were raised in mere seconds from the issuance of the green light. The ICO was wrapped up in a day leading to many people missing out. The team considered the process a success despite the short trading duration.
The ICO stats reveal that about 130 individuals were able to get the tokens. Out of that population, 5 individuals are said to own the biggest share of the total 1.5 billion tokens in supply. The ICO was partially hyped considering the reliable stature of the individuals behind the project.
Basic Attention Token Roadmap
As aforementioned, Basic Attention is still a novice project with many milestones still in works. Here is how its roadmap looks like:
- BAT Mercury – this milestone has already been met. Some of the upgrades it consisted include integrating BAT wallet into Brave, converting BTC payments to BAT, developing machine language models for tracking the right user signals, etc.
- BAT Gemini – partly accomplished, this milestone incorporates KYC and other anti-fraud tactics, improved machine learning, improved ledger, and inventory systems, etc.
- BAT Apollo – this milestone is to take place in 2018 and includes things like expanding UGP, improving performance measurement, and integrating BAT into other open-source apps.
The BAT Coin
BAT is the token that runs the Basic Attention Token blockchain. Users of this ecosystem use this coin to pay for content such as articles, donate to web users, or store it as a measure of wealth. Basic Attention Token cryptocurrency runs on the Ethereum chain, and hence an ERC 20 token.
Currently, only 1 billion BATs are in circulation. There is an extra 200 million safely kept away for developing the blockchain while another 300 million is deposited in a (UGP) User Growth Pool are not mined through Proof of work or any other method. Instead, new coins are supplied from the UGP. Once this pool is exhausted, there will be no more coins.
Coins from the UGP are used to incentivize community users so they can continue taking part in maintaining the blockchain. If you receive some BATs from the pool and fail to use them for six months, they are taken back to the pool for distribution once again.
Basic Attention Token Price Growth
Unlike some coins whose price swing with the achievement of a new milestone or the release of a new product, this crypto tends to follow Bitcoin’s trend. When BTC is going up, Basic Attention Token price too climbs up the charts. When the Kingpin takes a plunge, so does BAT and most other altcoins.
BAT has seen some good time both in 2017 and 2018. Right after its inception, the project hit its all-time high of $0.327 before stabilizing at around $0.2000. At the time of this writing, this cryptocurrency is trading at $0.3046 and has a market cap of $305 million.
How to buy Basic Attention Token?
BAT is gaining traction real fast. In case you are interested in this token, you can buy it through following this guide. Please note, that you cannot buy BAT with fiat currencies, therefore, you need to obtain well-known cryptocurrencies such as Bitcoin or Ethereum.
To do so you need to go to a reliable cryptocurrency exchange platform, such as Cex.io, Coinbase or others, deposit your fiat money (according to the amount of BTC or ETH that you plan to purchase) through the payment method of your choice. Learn more about buying Bitcoin.
Once the fiat currency is on your balance you need to head to the cryptocurrency section pick the cryptocurrency you are interested in buying (in this case BTC or ETH) and submit it. It is important to mention that you are not recommended to keep your cryptocurrencies on the wallet that is integrated into the exchange platform (no matter how reputable the website is). Therefore, you need to get a safe wallet, put in its public address in the website you have bought the cryptocurrency from and send it to your wallet.
The role of the cryptocurrency wallets is very big not only in case of the well-known cryptocurrencies but also when it comes to all kinds of other crypto coins and tokens. In this case, BAT is not an exception and once you decide to buy BAT you need to get a safe wallet that supports this specific token. In case the wallet is not safe enough you may become a victim of a hack and theft and lose your funds. Here are some examples of wallets that support BAT along with brief descriptions for each one.
Basic Attention Token wallets
BAT is an ERC20 token and hence capable of being stored in wallets such as myetherwallet. Here are some of the options available for storing BAT coins.
This is an ERC20 compatible wallet used for storing many cryptocurrencies online. Since you need an internet connection to move coins around, this wallet is classified as a hot wallet. Myetherwallet becomes more secure when enabled directly via hardware wallet or computer hard disks.
Ledger Nano S is among the most reliable hardware wallets. The wallet can keep several private keys for BAT coins and a few other cryptocurrencies offline. This storage unit is known for ease of use, robust security and the ability to make payments quickly.
Parity provides the fastest and easiest way of interacting with the ether blockchain. Being a full blast node wallet, it allows you to keep a copy of the blockchain on your computer. The wallet is open-source, easy to use and allows one to access all the basic token wallet functions. Security wise, Parity may not be the best option as it lacks multi-signature and 2-factor authentication features.
Basic Attention Token exchanges
Once you choose a safe enough BAT wallet and acquire BTC or ETH in case you do not have any you are ready to head to exchange platforms that support Basic Attention Tokens and buy them from there.
Binance is a Chinese-based exchange that is famous for its cryptocurrency to cryptocurrency exchange. The firm is still new to the game, but it’s widely preferred thanks to its impressive ICO listings as well as low trading fees.
BAT is listed on Binance, and hence it’s possible to buy it directly using your credit card or other supported payment methods. Additionally, if you own some of the major cryptocurrencies, you can exchange them for BAT coin.
Huobi is a Beijing-based cryptocurrency exchange with a band of followers from China and the rest of the world. Even though the exchange supports many countries, it targets mainly the Chinese market. The exchange has rigid requirements for joining. Their pros include zero fees for local traders, super-high liquidity, and 24/7 customer assistance.
This exchange accepts payments in the form of Chinese Yuan, USD, BTC, and LTC. Thes are the only currencies you can exchange for some BAT Coins.
Bittrex is one of the biggest cryptocurrency exchanges, based in Seattle, USA, the exchange offers 24/7 services and lists lots of cryptocurrencies. Despite being the choice of many traders, the platform still plans to fasten their services and improve security as well.
Like Huobi, Bittrex too doesn’t offer direct buying of BAT coin. You will need to buy some of the common cryptocurrencies first then swap them for several BAT coins.
Finally, after you buy the tokens from an exchange platform that supports Basic Attention Tokens you need to send the newly purchased tokens to your safe wallet.
Basic Attention Token in a Nutshell
Basic Attention Token is one of the blockchain projects with a working product, straight-forward use-case, and an experienced team. As content continues to become the core part of the web, BAT enthusiasts believe the project will play a big part in revolutionizing the digital advertising space.
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