The Brave browser is a new browser that’s fast, private, and allows you to earn a cryptocurrency called BAT just by browsing the web. The Brave ecosystem combines the best of browsing with the revolutionary idea of getting compensated for viewing ads.
Here are some of the top questions asked about Basic Attention Tokens (BAT) and the Brave ecosystem.
What is BAT?
Basic Attention Token (BAT) can be best described as a unit of account between advertisers, publishers, and users on the Brave platform. BAT is paid when users agree to view ads and various promoted content on publishers’ websites. In this way, the user is compensated for their attention, and the publisher is rewarded for having great content that attracts users, who then view the ads.
The project focuses on eliminating intermediaries from web-based ad systems and returning profits to publishers. It was inspired by the Basic Attention Metric (BAM) developed by the Mozilla Foundation.
What is the Native Token of BAT?
BAT launched in 2017 with an ICO, which raised around CAD $24 million in funding. BAT is the native token of the Brave platform, which means it fuels operations on the network. As mentioned earlier, BATs are based on user attention while viewing ads and content. Publishers receive ad revenue in BATs, while users get rewarded for their attention when viewing or engaging with an ad.
How Do The Tokenomics of BAT Work?
A development team was formed and given a pool of 200 million tokens during the 2017 ICO, with 1 billion BATs sold in exchange for 156,250 Ethereum tokens. In addition, the user growth pool (UGP) received 300 million BAT as well.
Hard Cap: 1.5 Billion BAT
Current BAT in Circulation: 1.48 Billion BAT
Existing User Base: Estimated 50-million
All BAT tokens have been created to date. There is no mining or generation of new BAT scheduled at the moment.
BAT tokenomics suggest that as the user base grows, the scarcity of BAT will increase. For example, if every user of the Brave browser opted in to view ads for BAT, each user would only be able to accumulate 30 BAT total. (1.5-billion BAT hard cap / 50-million users).
There is no burning of BAT that is known, the hard cap has been set, and the ecosystem uses the BAT token to facilitate the transactions between advertisers, publishers, and users who view the ads.
Who Created BAT tokens and the Brave Browser?
Currently, the BAT team is led by Brian Bondy, who co-founded the project with Yan Zhu. Brendan Eich, of course, is a prominent figure in the industry and currently serves as the CEO of Brave Software.
BAT deviates from most blockchain projects because its energy consumption is very minimal. It is also not used for rewarding miners like most currencies. Many often compare BAT to ETH because of its utility value, but it is important to note that BAT can function as a token on its blockchain while ETH cannot.
BAT Roadmap 1.0
The first step in the BAT roadmap is human resources. Recruiting and retaining Ethereum developers, machine learning specialists, development operations, project management, advertising sales, UX design, and other browser-based developer talents.
Next is to advocate for other attention-economy applications such as browsers, games, and more to join the Brave network and the BAT ecosystem. The idea would be to join the organization and promote user-first, private, and anonymous experiences where advertisements, donations, and micro-paywall-piercing “link gifting” are paid for with various tokens.
The third is for the team to create a source of seed financing to help support startups who want to participate in the Brave ecosystem and who want to build BAT applications. While the exact structure has yet to be determined, this will take the form of an independently judged prize system in which apps must adhere to the endpoint software rules and on-chain smart contracts prototyped by the development team.
And finally, the fourth phase looks to distribute 100% of the ad revenue earned by the user base. This will encourage more people to use BAT apps and provide them with a way to support future development.
From this point, the team will proceed to scale to BAT 2.0.
BAT Roadmap 2.0
BAT aims to make crypto and decentralized finance (DeFi) more appealing and accessible to everyone. The goal is to capitalize on the user base and success with BAT adoption through the following actions:
- Brave Wallet: A new, native Ethereum wallet system that will replace the existing crypto wallets in Brave
- Brave DEX Aggregator: The Brave browser will use a decentralized exchange (DEX) to encourage liquidity providers to develop BAT and wider crypto economies
- Themis: To reduce reliance on the Brave ad confirmation reporting protocol and move to on-chain anonymously validating ad confirmation events, ongoing research titled “Themis” is in progress.
Why is the BAT Ecosystem Appealing?
BAT is an exciting initiative that seems to solve a pain point with current internet browsing. Large companies like Google and Facebook make tremendous profits from ads, but the users who see the ads are left out of the picture. The Brave ecosystem (and BAT tokens) aim to solve this problem.
While BAT isn’t yet wholly decentralized, the team recently announced that they are making the Brave browser more decentralized in BAT 2.0.
And while they do face competition challenges from similar projects in the space, Brave browser has created a name for itself in this industry that cannot be quickly overtaken. BAT may be considered one of the more interesting user-based attention projects in the space with an entire ecosystem suitable for both advertisers, publishers, and users.
How Many BAT Tokens are in Circulation?
Basic Attention Token (BAT) has a circulating supply of 1.49 Billion coins, according to Coinmarketcap, and 99% of the total supply is in circulation.
During the ICO, 1.5 billion tokens were made available to contributors. At the same time, 5 million were kept back by the development team for future development and marketing that is now locked away using smart contracts.
What Wallets Support BAT?
An encrypted hardware wallet like Ledger or Trezor is a great place to keep your BAT. To safeguard your assets from sophisticated network attacks or even simple phishing scams, hardware wallets employ incredibly high-end encryption techniques to keep your money safe. Even if the wallet is lost, broken, or otherwise compromised, hardware wallets can recover assets using a mnemonic seed phrase.
You can also store your BAT Tokens on the popular Trust Wallet; it’s an excellent option for both traders and investors (BAT). The simplicity, security, and backup options provided by mobile wallets may be ideal for those who are new to cryptocurrencies or are simply searching for a safe place to keep their BAT.
Install Trust Wallet on Android or iOS and follow the instructions to create a new account. It is possible to transfer the BAT directly to your Trust Wallet, along with any other ERC-20 tokens you choose to keep secure. Visit the Trust Wallet help page if you have any questions or concerns.
You may also hold the BAT you buy on Coinberry, with us. Learn more about our custody here.
Community Support/Social Media
- Reddit –https://www.reddit.com/r/BATProject/
- Discord –https://basicattentiontoken.rocket.chat/
- Telegram –https://t.me/batproject
- Facebook –https://web.facebook.com/attentiontoken/
- Twitter –https://twitter.com/attentiontoken
Where Can I Buy BAT?
You can buy BAT on Coinberry by signing up for an account here.
Want to learn more about BAT? You’re in luck! We have additional content here that tells you all about this unique and exciting project.