Cryptocurrency

What you should know about Basic Attention Token

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Out of hundreds of cryptocurrencies, there are several that offer unique features that can enhance a user’s trading experience. One of those tokens is Basic Attention Token or BAT which runs on a public web browser that prioritizes users’ ad preferences. With an aim to protect users’ data, BAT provides a way for users to freely use the internet while gaining profits at the same time. Learn more about Basic Attention Token and how it works right here at BTC Post!

What is Basic Attention Token? 

The Basic Attention Token or BAT is an Ethereum-based cryptocurrency created by the co-founder of Mozilla and Firefox, Brendan Eich, and Brian Bondy in 2017. Brendan Eich created JavaScript and also contributed to the creation of Mozilla’s Firefox. Meanwhile, Brian Bondy has also been involved in the development of Firefox as well as Khan Academy and Evernote. 

Just like other cryptocurrencies, the BAT is used as a currency and can be exchanged between internet users, advertisers and publishers on the Brave browser.  

The creators of Basic Attention Token aim to improve advertising in this digital age by heightening security, fairness and efficiency. They also view current trends as a disadvantage since almost all users are bombarded with ads and trackers.  

BAT is designed to track media users’ time on different websites through the Brave web browser. It enables a more transparent, private and decentralized advertising experience on the internet. Along that is the goal to distribute advertising funds to advertisers, publishers and ads. 

This is achieved by having readers or visitors of the Brave browser receive fewer ads modified to their interests. With this, users are rewarded with BAT tokens for each ad content they view. It will also allow publishers and advertisers to effectively deliver ads that will be viewed by a willing audience. 

BAT creators took a different approach to determine how users interact with digital advertising content. They view current trends as a disadvantage since almost all users are bombarded with ads and trackers. By tracking each user’s interaction with ads content and storing that data in a distributed ledger, they can improve the users’ experience with ads without compromising their data privacy rights. 

How does BAT work?

Since BAT is built on top of the Ethereum blockchain it’s considered as an ERC20 token. To know more about Basic Attention Token, check out how it works below:

Basic Attention Token operates on Brave, an online web browser made by the BAT developers. The browser can be used by anyone and loads web pages 3 to 6 times faster than regular browsers. 

This is possible due to the structure of the Brave browser wherein it only supports ads that users are willing to view. When you first open the browser, it will block trackers and ads but users can turn it on if they want to. Additionally, if users want to have BAT for viewing ads, they can sign up for the Brave Rewards Program. Apart from receiving BAT, they can also send BAT to creators they want to support. 

If you want to track the movements of BAT in the market, Brave uses the Brave Micropayments Ledger. Additionally, this ledger allows advertisers, publishers and readers to utilise smart contacts to move payments between one another. Smart contracts are an agreement between two individuals that are contained in a code and run on a decentralized blockchain. 

Brave Shields

Brave can block unnecessary ads and trackers with the use of Brave Shields. This is the default system of Brave browser to allow users to use the platform seamlessly without unnecessary ads. It anonymously measures user attention with a built-in system that calculates the amount of time each advertisement is viewable to a user. 

Apart from Brave Shields, the platform also utilizes in-device machine learning that matches content with advertisers to ensure that every content is relevant to the users. It also has a feedback mechanism that provides users with advertisements of products that they are most likely to buy.

The data formulated when users watch advertisements and click on them is encrypted and stored in the device only. 

How to buy BAT?

Buying BAT is fast and easy. You can easily accomplish this in just a few clicks. Here’s how you can buy BAT:

1. Open an online account

You’ll need an account in a crypto exchange to start purchasing and selling BAT tokens. When choosing an exchange, make sure to choose a reputable site that you can trust. Once done sign up for an account and complete the required steps. 

Keep in mind that some exchanges charge a small fee for each transaction made on the platform. The fee varies depending on the site you’ve chosen and some might charge a fee that doesn’t sit well with your ideal fee. 

Tons of available crypto exchanges offer BAT tokens, here are some of them:

Binance 

Binance is arguably one of the most well-known crypto exchanges today. It offers trading for more than 45 altcoins and has a crypto wallet where you can store your funds. This exchange is reputable due to its low transaction fees that a lot of users benefit from. This makes Binance one of the ideal exchanges to choose if you want to purchase BAT tokens.    

Additionally, Binance has high liquidity that enables you to buy and sell cryptocurrencies easily. 

Kraken 

Founded in 2011, Kraken supports trading for more than 60 cryptocurrencies. One of the best features that make this exchange popular is its almost 0% trading fee. During any transaction with Kraken, you are charged 0.9% for any stablecoins and 1.5% for any altcoins. 

Kraken’s easy navigation makes it an ideal platform for both beginner and experienced traders to buy and sell cryptocurrencies.

2. Buy a crypto wallet  

Once you’ve created an account with a crypto exchange, you need to purchase a crypto wallet to store your funds safely and securely. These wallets can directly interact with various blockchains to make any transaction possible. 

Like crypto exchanges, there are also several crypto wallets you can choose from and each one has its own features you can benefit from. Check out the type of wallets below:

  • Desktop wallet 
  • Web wallet 
  • Mobile wallet
  • Hardware wallet 
  • Paper wallet.

3. Purchase ideal amount of BAT

Once you have your account and wallet ready, make sure to deposit money into your account to purchase your ideal amount of BAT. You can also browse the list of cryptocurrencies offered in the crypto exchange you’ve chosen if there are altcoins you’re interested in. 

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