Digital advertising is adopted worldwide in every field which is also a great source of revenue for the organizations but currently, it has been monopolized by big firms like Facebook and Google. These organizations get the vast advantage of it as they hold approximately 73% of the market share of the total ad revenue globally.
Thus, to overcome this, Bat coin came into existence.
What exactly is Bat coin?
Bat stands for Basic Attention token. It is the blockchain-based digital advertising token which is running on Ethereum. Basically, Bat coin cuts the requirement of middlemen while doing advertising and it makes the advertising process more effective by paying users to view the ads and also publishers receive the revenue directly.
Bat coin was launched in March 2017. By ICO’s, they raised the fund of around $35 million within 30 seconds.
Their main goal is to fix the issue with current digital advertising system in which users are getting tracked without their knowledge and later that could be the reason of fraud due to which the publishers need to face major consequences.
The Team behind Bat coin
Apart from that, this team involves advisors named Zooko Wilcox, founder, and CEO of Zcash and Ankur Nandwani, product manager at Coinbase.
Current Statistics of Bat Coin:
How does Bat coin work?
To use the BAT, the web browser named Brave is required which is created by the BAT development team. So, basically, it is based on Smart contracts and using which, the advertisers send ads to the users in a locked state with a certain token payment. After seeing that ad, the user will get some portion from the received token payment.
Moreover, in between, Brave browser also get some token payment and the final remaining token payment will be credited to the publisher who hosts the ad.
Bat can be used in the browser for premium articles, donations to providers and other kinds of data services.
Now, Let’s understand the Brave browser in detail:
Brave is the open source web browser which focuses primarily on privacy and speed. It blocks the unnecessary ads and trackers and monitors the user behavior.
This browser uses a background ledger system which keeps the track of sites and content the user is spending their maximum time on, and hence on that basis, the publishers are being paid.
Main things which are accomplished by the Brave browser is:
– Keeping the track of the content surfed by the user.
– User attention is measured by how much time the user is devoting to a particular advertisement.
– Along with tracking the data, Brave also makes sure to store the information safely on the device.
– It serves users only those ads which are most relevant to the users or which the user is interested in.
Now, moving to the Benefits of Bat Coin
Bat coin offers numerous benefits out of which some are listed below:
– Eliminates the middlemen while doing the advertisement process which provides privacy and allows manipulation of data as per the owner’s choice.
– Revenue is getting distributed among all the levels from the user to the publisher.
– A user can surf the web privately and get only those ads which are monetizing their attention.
Where to buy Bat coin?
Otherwise, a user can first purchase Bitcoins and later on it can receive BAT in exchange for those coins from the mentioned exchanges.
Once a user starts using the brave browser, he can receive those BAT and early users are being rewarded with up to 5 BAT.
Where to store Bat coin?
BAT is based on Ethereum, so as an ERC20 token, it is compatible with ERC 20 wallet. Apart from that, MyEtherWallet is also a good option to use. Also, it can be stored in the Brave browser wallet as well.
If users want to store in hardware wallet, then it is preferred to use Ledger Nano S or Trezor hardware.
At last, the Future of Bat coin
As per the roadmap, BAT system will be integrated with other browsers and apps by end of the year 2018. Most of the publishers are integrated with Bat to use their Brave payments which include Wikihow, Archive.org, Smashing Magazine and many more whose names will be out very soon.
Also, the Bat team is doing very well and their founder has already developed a successful browser which is currently being used widely. So it will be interesting to see how they will be able to convince the users to implement Bat along with their existing browsers.