Basic Attention Token

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Basic Attention Token
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Original author(s) Brendan Eich
Developer(s) Brave Software
Development status Active
Written in Solidity, JavaScript, C++
Platform Ethereum
Type Online advertising
Website basicattentiontoken.org

Basic Attention Token (BAT) is an open-source, decentralized ad exchange platform based on Ethereum, founded by Brendan Eich.[1] The platform is integrated with the Brave web browser.

Basic Attention Token held an initial coin offering on May 31, 2017 for its eponymous ERC-20 utility token, raising approximately $35M USD at the time in less than 30 seconds.[2][3][4] The BAT token is designed to correctly value and price user attention within the platform.

Advertising platform

The Basic Attention Token comprises various components, including attention measurement systems, analytics dashboards and machine learning algorithms.[5] Integration of BAT into a given host application involves implementing BAT Ads, a system that matches and displays ads to users based on locally stored data. Ad targeting is performed wholly on-device, removing the need for third-party tracking.[6]

Use of Ethereum-based token

Basic Attention Token's eponymous Ethereum-based utility token, designed to monetize human attention with a pay to surf business model, serves as the unit of account within the platform:

  1. Advertisers purchase advertising space and user attention on the platform with BAT tokens;
  2. Publishers receive user contributions and advertising revenue in the form of BAT tokens;
  3. Users will be paid in BAT for viewing BAT ads.

As a cryptocurrency, tokens may be used to redeem rewards and services with participating merchants in the BAT ecosystem, or withdrawn from the platform and exchanged for other currencies.

ERC-20 token

The total fixed supply of the token (1,500,000,000 BAT) was generated during the token's initial coin offering on May 31, 2017.[7] One third of the total was initially retained by the BAT team as part of developer and user growth pools, the latter of which is used to promote adoption of the platform.[8]

User growth pool disbursements

In early December 2017, the development team disbursed the first round of its user growth pool grants. A total of 300,000 BAT was distributed to new users of the Brave web browser's Brave Payments program on a first come first served basis.[9][10]

In mid January 2018, the team issued $1 million (USD) worth of BAT tokens to users in a promotional giveaway. All grants were claimed within ten days.[11][12]

In mid February 2018, the company launched a $1 million dollar (USD) referral program wherein publishers who succeeded in bringing on new users to the Brave browser who were active for at least thirty days would be rewarded with $5 USD worth of BAT tokens per user.[13][14]

On March 1, 2018, the company expanded Brave Payments support to streamers on the Twitch.tv platform while simultaneously increasing referral program grants by $1 million (USD) worth of BAT.[15][16]

Integration with Brave

Elements of the Basic Attention Token platform have been integrated into the Brave web browser as part of its Brave Payments program. Brave Payments, which formerly used Bitcoin,[17] allows users to tip websites and content creators (like YouTubers and Twitch streamers)[18] with BAT tokens, akin to patronage services like Patreon.[19]

Notable publishers who accept BAT tokens include the Washington Post, The Guardian, Vimeo, MarketWatch, Barron's, and Vice.[20][21]

In a future update, Brave says that it plans to implement BAT Ads,[22] a program designed to pay users in the platform's cryptocurrency (BAT) for viewing advertisements as compensation for their attention.[23]

Although the Brave web browser is co-developed with Basic Attention Token by Brave Software, the two remain distinct projects. BAT is not limited to the Brave web browser and may be integrated into other web browsers and applications.

Team

Notable developers on the Basic Attention Token team at Brave Software include:

Funding

In addition to proceeds from the initial coin offering totalling 156,250 Ether,[25] BAT and Brave Software have received at least $7 million USD in angel investments from venture capital firms such as Peter Thiel's Founders Fund, Propel Venture Partners, Pantera Capital, Foundation Capital, Digital Currency Group, among others.[26]

See also

References

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