Estimated reading time: 2 minutes, 15 seconds
In this series, we will cover the different types of blockchain platforms and cryptocurrencies on the market right now. We’ll give you a quick description of each blockchain/token, its function, who is their competition and where you can learn more. Episode 12 of Blockchain Token discusses Basic Attention Token, or BAT.
Basic Attention Token aims to revolutionize how digital advertising works by using a token that can be exchanged between publishers, advertisers, and users. It all happens on the Ethereum blockchain.
The token can be used to obtain a variety of advertising and attention-based services on the Brave platform. The utility of the token is based on user attention, which simply means a person’s focused mental engagement.
The token can be used to obtain a variety of advertising and attention-based services on the Brave platform. The utility of the token is based on user attention, which simply means a person’s focused mental engagement. To put it simply, you can actually gain money by interacting with advertisements that you probably would have to watch anyway.
The creators of BAT point out that the current system of digital advertising is completely broken, as users, publishers, and advertisers all are being hurt by the status quo. Users battery life and mobile data are drained, and their time is wasted by ads that people don’t pay attention to. Furthermore, the users personal data is often sold for gain and can ultimately be compromised via hacks.
Fraud has caused publishers to lose a significant amount of revenue, as advertisers aren’t willing to pay for advertising in an “uncontrolled platform.” This sends advertisers fleeing to other mediums although social media is probably the best advertising option, on sites like facebook or youtube. Advertisers are looking to target their ads to a specific market, and these sites have not been able to consistently offer this option.
BAT uses their Brave Browser which blocks trackers and malware, greatly improving the user experience. Users are also rewarded with BAT tokens based off of their interaction with advertisements. Advertisers achieve a higher ROI, better targeting, and reduced fraud. BAT tokens are distributed to publishers based off of the level of user engagement creating a symbiotic triangle that could revolutionize online advertising.
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