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What is Basic Attention Token (BAT) and how does it work?
Basic Attention Token (BAT) is the native Utility Token of Brave, an open source web browser created to provide a faster, more secure, private and equitable browsing experience.
BAT is an ERC20 token built on Ethereum that has been created with the purpose of solving and improving user experience with digital advertising ads by developing a new blockchain-based model that actively blocks ads, malvertisements and trackers to make your browsing activity safe, private and fast.
But, above all, BAT creates a completely innovative way of advertising on the Internet since advertising intermediaries are eliminated and users are the ones who choose whether they want to see ads or not, since they are blocked by default in the platform’s browser.
The Brave browser is free and built with Chromium, an open source software that powers Google Chrome so that all of its plugins and extensions work seamlessly.
How does the BAT token work?
BAT is a utility token designed to be used on the BAT platform, a Blockchain-based digital advertising and services platform.
How I mentioned earlier, the Basic Attention Token is an ERC-20 token based on the Ethereum blockchain, but its consensus mechanism is not Proof of Work as it is based on “proof of attention” (this is why it is called Basic Attention Token).
In this system, all parties involved (publishers, advertisers and Internet users) win.
- Internet users are rewarded with a small incentive (BAT tokens) for activating and viewing the advertisements during their browsing.
- Publishers receive BAT tokens based on the attention received by the advertisement,
- Advertisers can more effectively reach their target audience and get the expected attention.
The BAT token has a maximum total supply of 1.5 billion tokens. In its 2017 ICO, it managed to sell all allocated tokens, a total of 1 billion BAT tokens, to investors. The remaining 200 million tokens were locked into a development pool and 300 million BAT were reserved for the user growth group (UGP).
There are currently 1,488,572,313 BAT tokens in circulation and, therefore, their supply can be considered almost fully diluted.
How to mine Basic Attention Token (BAT)
If you found this token interesting and are still wondering how to mine it, well, the answer is that this cryptocurrency is not mineable.
So how to get BAT tokens?
Well, if you want to earn BAT tokens, you will be able to do so through a reward program and you will have to engage directly in their ‘Proof of Attention’ consensus mechanism and be an active user on their platform.
So, if you want to get BAT the first thing you will have to do is download their free BRAVE browser.
Once you have downloaded BRAVE and joined the ‘Brave Rewards‘ program, your browser automatically starts computing the attention you spend on the websites you visit. You can then earn small amounts of Basic Attention Token if you choose to view ads that are right for you or, alternatively, you can become a content creator and earn from tips or payments from advertisers.
Once a month, Brave Rewards will send the corresponding amount of BAT, divided according to the level of attention, from the local browser wallet to the websites you have visited.
Buy BAT online
If you don’t know, you can get BAT tokens at a more than competitive price also on Bitnovo’s platform, online or in physical stores in more than 40 thousand retailers across Europe.
Now you have no more excuses… Getting BAT has never been so easy!