BAT was added to the Wirex app in July this year, one of our dazzling new array of cryptocurrencies. We’ve got even more new tokens to introduce you to, so keep your eyes peeled for our weekly Crypto Corner profiles.
In the meantime, let’s take a look at the Basic Attention Token!
BAT, otherwise known as Basic Attention Token, introduces a new and innovative approach to marketing. It runs on the Ethereum blockchain and is integrated into the Brave web browser.
BAT is primarily used by publishers, advertisers and conventional users and is exchanged between these parties based on web activity. Users are rewarded with BAT for viewing specific ad content, which they can then HODL, exchange or use to support their favourite content creators.
This means that publishers are able to deliver high-impact content and advertisers are reassured that their messages are being seen by the target audience. Additionally, the promise of a monetary reward motivates users to view and engage in online advertisements which may otherwise be avoided. It also helps marketers increase their brand awareness and acquire new audiences.
In order to start earning BAT, you’ll need to download the Brave web browser. It’s completely free, and it claims to load 3-6 times faster than other browsers, as advertisements are only displayed when users opt-in to see them.
From there, you can sign up to the Brave Rewards program. Once this is completed, you’ll be able to earn the BAT token by viewing ads. It’s as simple as that.
BAT was founded by Brave’s co-founder, Brendan Eich. It launched in 2017 after completing an initial coin offering (ICO). £35 million was raised in just 30 seconds after 1 billion BAT were sold.
BAT’s initial goal was to streamline commerce between advertisers, publishers and users. A year before its launch, Eich stated on a Brave blog post that a conflict of interest is what causes a strained relationship between users and advertisers. This is mainly because users are constantly tracked and shown advertisements based on their online behaviour, which many see as intrusive.
Therefore, BAT was launched to give all parties a fair deal and create a platform that’s equally beneficial to all.
BAT works like any other cryptocurrency. You can HODL it, or you can exchange it for another crypto or traditional currency at top rates in the Wirex app.