In the series "Altcoins on the Block" I will have a look at different altcoins and explain what the coins are all about. In this edition I have a look at Basic Attention Token.
The Basic Attention Token wants to personalize advertising on the Internet.
Basic Attention Token wants to personalize the advertising on the Internet and thus revolutionize it. The Internet user should only get to see the advertising he wants to see.
In addition, he should make the cost of the advertisers fairer. The token also offers secure surfing via its own browser. The Basic Attention Token Forecast could provide insight into whether the concept can prevail.
Basic Attention Token - What is this Cryptocurrency?
The Basic Attention Token Cryptocurrency serves as a reward for the users of the "Brave Browser". This is an open-souce web browser with an automatically integrated adblocker. The Basic Attention Token should become the new token for the advertising industry. During development, the blockchain is combined with Ethereum's Smart Contracts and integrated into Brave Browser. The BAT token, is exchanged between the developers, the advertisers and the users.
Users of the browser decide for themselves which advertisement they want to see. You can use the browser to turn off all advertising completely. This not only has something to do with annoying ads. Advertising usually uses a variety of tracking methods, which store data of users. The use of the Brave Browser thus also serves its own security and privacy. Users also want to save on bandwidth, because the advertising devours a lot of it. If users choose to see ads, they'll get a few tokens to store on the wallet. These should be able to use them for premium content or services on the Brave platform.
For the advertisers this has the advantage that their advertising also gets exactly to the right target group. Because users can decide for themselves what type of advertising they want to see. Otherwise, advertisers rely on middlemen who are supposed to bring the ads to the right people and customers, and possibly do bad things or even cheat, by using bots to give advertisers more reach than they actually have. The advertisers could save immense costs. The developers of the BAT token also benefit from the web browser, because they cancel out a large part of the ad revenue. However, they still promise that their service is fairer, cheaper, and more effective than other ad platforms.
The BAT token development is not finished yet. Future enhancements to the browser include additional feature to protect the user against fraud and dashboard analytics for the advertisers. For these it should be possible in the future to be able to estimate the range of advertisements correctly.
Roadmap:
- Pre 1.0 BAT: Brave already has an anonymized ledger system for making donations and payments to publishers based on user attention. The secure vault using the ANONIZE algorithm to ensure customer privacy is an important piece of the BAT ecosystem which is already in place and deployed in Brave. Brave is already measuring user attention at the browser level and distributing donations to the publishers using this system.
- 1.0 BAT: BAT wallet integrated with the Brave browser. Veri
cation and trans- actions to be handled by Brave's internal Zero Knowledge Proof ledger system to protect individual user anonymity from advertisers, publishers and third parties.
Ad inventory will be valued, and transactions will be calculated from reported Basic Attention Metric (BAM) data. - Beyond 1.0 BAT: Make the transfer and veri
cation process entirely distributed on Ethereum using a state channel scheme with Zero Knowledge Proof protocol for ensuring user privacy. Add alternate BAM metrics based on advertiser feedback. This will allow for full user privacy as well as a decentralized audit trail for advertisers, users and publishers to ensure they received correct payments for the advertising delivered through the BAT network. - Browser as platform/BAT: Further BAM metrics based on advertiser feedback as needed. Partners building applications on the BAT infrastructure. Also, at this point we plan to explore value-added services that can be offered to users on the
browser platform through BAT.
Basic Attention Token - Who is behind the Cryptocurrency?
There are no unknowns behind the Basic Attention Token development. Founder Brendan Eich once developed JavaScript and was involved in founding Mozilla and Firefox. The co-founder of the BAT token is Brian Bondy. He previously worked for the Khan Academy, Mozilla and Evernote. Yhan Zhu is responsible for the security and privacy of the browser. She previously worked at Yahoo, TOR, HTTPS Everywhere and Privacy Badger. Consultants include Ankur Nandwani and Zooko Wilcox. Ankur Nandwani previously worked for Coinbase, Lookout and Qualcomm and Zooko Wilcox works for Zcash. So the team was also able to gather a few cryptocurrency experts.
The token development was financed by an initial coin offering. At that time, the token set a new record: within 24 seconds, 1.5 billion tokens worth $ 36 million were sold. Going there, the prognosis does not even look so bad, even if the price has behaved normally afterwards.
Basic Attention Token Pros and Cons
Whether people will buy Basic Attention tokens to participate in the network is rather questionable. You'll probably make it passively if you use the browser. Ultimately, the success of the token depends on how many people use the browser and how many companies want to work with the developers. So far, over 150 companies have announced their cooperation, so going it does not look bad. Only so far can not do much with the cryptocurrency. The developers want to add new features in the future.
Nevertheless, the course has developed well over time and the ICO of the cryptocurrency has also been extremely successful. On the stock exchanges one seems to see a potential in the token and the underlying concept.
What one or the other might not like , are the almost 70% that the developers keep as a merit of BATs. It is not new for developers to claim a portion of tokens traded on the platform to fund their project. But for the most part, it is far smaller than 70%.
- BAT Team: 58% of budget The team consists of just over 20 engineers. This fi
nancing allows for the roll out of the BAT solution, including the necessary adjustments to and development of the existing Brave browser technology. - Administration: 10% of budget Consists of BAT legal, security, accounting and other associated administration costs.
- Marketing: 12% of budget Marketing will focus on expanding awareness and adoption of the Brave browser and the BAT solution among users, publishers and advertisers. This also includes the growth and maintenance of the world-wide community.
- Contractors: 13% of budget These funds will be directed at third party providers offering engineering, marketing, growth-hacking, PR, partnerships, afi
liate programs and more. - Contingency: 7% of budget This is a set-aside for unforseen costs.
Basic Attention Token Course - Development - Forecast
The Basic Attention Token course started in June 2017 with about 20 cents per coin on the crypto exchanges. As a result, the price fell continuously, in July even below the 10 cents. In August and September, the price picked up again and quoted at over 15 cents per coin. After a brief rise to over 20 cents at the beginning of October, the BAT cryptocurrency lost value again, trading at just over 10 cents during the remainder of October and November.
In December 2017 started a hype about the cryptocurrencies, which lasted into the new year. The BAT token was also covered by this hype and reached over 30 cents per coin in the run up to Christmas. In the new year, the Basic Attention Token rate rose to over 40 cents and doubled to around 80 cents. Thereafter, the hype lessened and the token lost value again.
This cryptocurrency is actually still too young to issue a satisfactory Basic Attention Token Forecast. So far, the token has done well on the crypto exchanges, even though it has only followed the current developments in the market. The BAT token certainly has potential, but people also need to use the browser.
Create Basic Attention Token Wallet
The Basic Attention Token is an ERC20 token. This means you can save it to any wallet designed to store ERC20 tokens. The MyEtherWallet can be easily created by clicking on "Create New Wallet" on its website and following the instructions. Then all you have to do is send a small amount of Ether tokens to the wallet address to activate them, and the wallet can be used as a Basic Attention Wallet.
Where can I buy Basic Attention Token?
Buying Basic Attention Tokens is possible on the following crypto exchanges:
1 Huobi BAT/ETH
2 Huobi BAT/BTC
3 Binance BAT/BTC
4 Bittrex BAT/BTC
5 ChaoEX BAT/ETH
6 Binance BAT/ETH
7 Upbit BAT/BTC
8 Liqui BAT/USDT
9 Liqui BAT/ETH
10 Liqui BAT/BTC
11 Ethfinex BAT/ETH
12 Ethfinex BAT/USD
13 Ethfinex BAT/BTC
14 Binance BAT/BNB
15 Bittrex BAT/ETH
16 Gate.io BAT/USDT
17 Upbit BAT/ETH
18 Gate.io BAT/ETH
19 Gate.io BAT/BTC
20 Cobinhood BAT/ETH
21 Cobinhood BAT/BTC
22 Radar Relay BAT/WETH
23 Livecoin BAT/BTC
24 Mercatox BAT/BTC
25 Livecoin BAT/ETH
26 BigONE BAT/BTC
Conclusion Basic Attention Token
The Basic Attention Token offers a browser with high security standards and custom tailored to a personalized advertising. There is a lot of potential in the concept, so I think it's not a bad idea to keep an eye on the BAT.
For more information go to there webside and the white paper.
I hope this post provides some value to yourself and please feel free to use this as a resource to help answer questions and bring awareness to the project of Basic Attention Token.
Series:
- Altcoins on the Block #1 Funfair 🎲
- Altcoins on the Block #2 DeepOnion Coin
- Altcoins on the Block #3 MediBloc Coin
- Altcoins on the Block #4 Syscoin
Image Sources:
- Post header created by myself
- https://basicattentiontoken.org/
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