What Is Basic Attention Token Cryptocurrency?
Basic Attention Token is an open-source, decentralized digital advertising platform based on Ethereum, founded by web pioneer Brendan Eich.
Basic Attention Token (BAT) held an initial coin offering (ICO) on May 31st, 2017 for its eponymous ERC20 utility token, raising approximately $35M USD at the time in less than 30 seconds. The BAT token is designed to correctly value and price user attention within the platform.
The Basic Attention Token digital advertising platform has various components, including a digital advertising exchange, attention measurement systems, analytics dashboards and machine learning algorithms. Integration of BAT into a given app involves implementing BAT Ads, a system that displays and matches ads to users based on locally stored data. Ad targeting is performed wholly on-device, removing the need for third-party tracking.
Use of Ethereum-based Token
Basic Attention Token’s eponymous Ethereum-based utility token, designed to monetize human attention, serves as the unit of account within the platform:
- Advertisers purchase advertising space and user attention on the platform with BAT tokens;
- Publishers receive user contributions and advertising revenue in the form of BAT tokens;
- 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cryptocurrency, tokens may be used to redeem rewards and services with participating merchants in the BAT ecosystem, or withdrawn from the platform and exchanged for other currencies.
What is Basic Attention Token Cryptocurrency Conclusion
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