$BAT & The Brave Browser Review
Brave Browser Presents the Basic Attention Token ($BAT) and Introduces a new Ad Blocking Option using the Blockchain Technology
Ads are now becoming a problem for online users. Greedy marketers began to use online advertising to track a person’s online activity by subtly inserting files and super-cookies in their browsers. This, in turn, gave rise to the constant spread of online advertising and increasing use built-in adblock and other features on the browser’s add-on options.
The Brave browser was announced on Jan. 20, 2016, with a promise of blocking ads and trackers. Brave was designed to offer quality time browsing by removing the constant feed of ads and the constant tracking. The browser’s code is based on the Chromium and Chromium’s Blink engine, which means that it is pretty similar to Google Chrome.
Brave will now introduced BAT (Basic Attention Token), a token for a decentralized ad exchange. It compensates the browser user for attention while protecting privacy. BAT connects advertisers, publishers, and users and is denominated by relevant user attention, while removing social and economic costs associated with existing ad networks, e.g., fraud, privacy violations, and malvertising. Brave Payments operated with the Bitcoin digital currency, and its business model went around collecting a share of the website publishers revenue. Website publishers were to be paid from users’ virtual wallets, and Brave was to take a 5% cut of each wallet. Now Brave is turning into a whole new Business strategy to solve the problem of excessive online advertising.
- The Problem
Traditional publishers have lost approximately 66% of their revenue over the past decade, adjusted for inflation. Publishers face falling revenue, users feel increasingly violated, and advertisers’ ability to assess effectiveness is diminished. The solution is a decentralized, transparent digital ad exchange based on Blockchain. The first component is Brave, a fast, open source, a privacy-focused browser that blocks third-party ads and trackers, and builds in a ledger system that measures user attention to reward publishers accordingly.
- The solution
Brave introduces the Basic Attention Token as part of the solution. BAT is a payment system that rewards and protects the user while giving better conversion to advertisers and higher yield to publishers. The company foresees BAT and associated technologies as a future part of web standards, solving the important problem of monetizing publisher content while protecting user privacy.
What is $BAT?
The Basic Attention Token is the new token for the digital advertising industry. The BAT, is a token based on the Ethereum technology, is a unit of exchange in a new Blockchain based digital advertising system. User attention is anonymously monitored in the Brave browser and publishers are rewarded accordingly with BATs. Users also get a share of BATs for participating.
It pays publishers for their content and users for their attention while providing advertisers with more in return for their ads. The BAT, a token based on the Ethereum technology, is a unit of exchange in a new Blockchain based digital advertising system. User attention is anonymously monitored in the Brave browser and publishers are rewarded accordingly with BATs. Users also get a share of BATs for participating. You can access a lot more information by visiting the BAT official site.
How does it work?
Brave browser is trying to put a price on online users’ attention with blockchain-based tokens (BAT) that will be traded between publishers, advertisers and those spend time viewing ads. Basic Attention Token radically improves the efficiency of digital advertising by creating a new token that can be exchanged between publishers, advertisers, and users. It all happens on the Ethereum blockchain.
Time spent viewing ads and content will be the foundation for all the BAT’s network. The purpose of the token is to attribute value to attention. Brave users who opt in to receiving ads will be rewarded with BATs, which are recorded and tracked by a ledger baked into the browser. It’s unclear what metrics Brave will use to determine attention.
Users will be able to pass on their tokens or token shares, as a way to support selected sites. Alternately, users may also hold the tokens they earn and then exchange them with website publishers for premium content.
The token can be used to obtain a variety of advertising and attention-based services on the Brave platform. The utility of the token is based on user attention, which simply means a person’s focused mental engagement.
Brave sold 1 billion BATs at the end of May to a group of investors. With this move, the company was able to raise about $35 million. As of June 1, the day after the sale of the billion tokens, each BAT was worth approximately 16 cents. Since then, the value fell as low as 8 cents but then climbed. According to Cryptomarketcap, at the time of writing the Token is being traded at $0.14.
The browser was developed by Brave Software. Brave Software was founded on May 28, 2015, by Brendan Eich and Brian Bondy while Brave was first announced by co-founder Brendan Eich on January 20, 2016. The primary goal of the project was to provide an alternative to the current system by providing free content to end users supported by advertising revenue that is employed by many content creators and publishers on the World Wide Web. Brave Founders believe the Web is facing a “primal threat” consisting increasing access from advertisers to the internet users personal information and online habits.
On its webpage we can read:
The online advertising industry and the sites that rely on ads for operating revenue have come under pressure from ad-blocking technology which the industry is not being able to cope with. By using the Blockchain technology, Brave seems to have found the perfect solution and a revolutionary substitute for the online excessive advertising problem.