Exploring the Unique Features of Basic Attention Token (BAT)
Basic Attention Token is a token utilized within the Brave browser, known for its ad-blocking and tracking prevention capabilities. BAT operates under the ERC-20 standard on the Ethereum blockchain.
Who introduced the BAT token?
BAT made its debut in the crypto realm in May 2017, thanks to its creators Brendan Eich (co-founder of Mozilla and developer of JavaScript) and Brian Bondy (a software developer with experience at Corel Corporation and Khan Academy). Their mission was to build an equitable and efficient digital advertising ecosystem that benefits both users and advertisers. To realize this vision, they created Brave, an open-source, privacy-focused browser.
What makes the Brave browser different?
Brave is a free web browser specifically devised to provide a private and secure browsing experience for online content.
Key features:
1. Ad and tracker blocking: This enhances page loading speed and safeguards user anonymity.
2. Brave Rewards: This unique functionality enables users to earn Basic Attention Tokens (BAT) by viewing ads. BAT can be utilized to reward content creators or purchase access to premium content.
3. Private Browsing Mode: Brave provides an anonymous mode that deters websites from tracking user activity and automatically purges browsing data once the window is closed.
4. Cross-Device Synchronization: Users can conveniently access their bookmarks, passwords, and browsing history across multiple devices.
5. Brave Today. This feature presents a personalized news stream, curating articles from all over the internet based on users’ interests.
Brave's ad-blocking prowess and focus on privacy have made it a favored choice for users conscious of their online privacy. Additionally, the Basic Attention Token (BAT) provides the means for the project to evolve and sustain the technical infrastructure of the network.
Basic Attention Token and its tokenomics
The tokenomics of the Basic Attention Token (BAT) project revolves around a unique system where users can earn and expend BAT tokens within a singular ecosystem. Advertisers can procure Brave's internal currency to pay for advertising slots within the browser.
Per the technical document, the total BAT supply stands at 1.5 billion tokens, with roughly 1.46 billion currently circulating. A share of these tokens is held by the Basic Attention Token team, primarily for marketing initiatives.
The Basic Attention Token's Initial Coin Offering (ICO) was initiated on May 31, 2017, concluding in less than a minute. In this brief window, 1 billion BAT tokens were sold, raising $35 million, marking it as one of the most successful fundraising efforts of 2017-18. Initially, 200 million tokens were stashed in a development pool, and 300 million were earmarked for a user growth pool. However, the majority of these have since been released into the total circulating supply.
The initial coin offering (ICO) was facilitated through the Ethereum blockchain, using the ERC-20 standard. The ICO price was set at a rate of 1 ETH for 6400 BAT, allowing participants to buy tokens with either ETH or BTC.
What set BAT's ICO apart was its collaboration with the crypto exchange Bittrex, which provided liquidity for the asset following the project's launch. This partnership enabled a secondary market for BAT trading, contributing to an increase in the token's value over time.
The Basic Attention Token team allocated the funds raised from the ICO towards developing the Brave browser and expanding the BAT ecosystem. This included forming alliances with content creators and advertisers, as well as crafting new features and services that would encourage users to employ the Brave browser and earn BAT tokens.
The investment appeal of a Basic Attention Token
The token has seen considerable popularity as a tradable asset on numerous prominent cryptocurrency exchanges such as:
- Binance,
- Coinbase,
- Huobi,
- Gemini,
- Bithumb.
Furthermore, BAT, being an ERC-20 token, can be securely stored in any compatible wallet.
Among utility tokens, BAT stands out for its strong liquidity, consistently maintaining a daily trading volume of over $11 million on centralized exchanges. However, it's worth noting that the trading volumes on decentralized exchanges haven't been as significant.
On December 2, 2021, BAT hit its all-time high at $1.65. But akin to many other digital assets, BAT has also navigated the proverbial "crypto winter". In 2023, it witnessed a price drop, falling below its value at the project's inception.
