Basic Attention Token (BAT) is the native token of the web browser Brave, that is built on the Ethereum blockchain and primarily used in rewarding users and content creators on the Brave web browser based on their attention towards advertisement on the browser. The Basic Attention Token (BAT) is a cryptocurrency launched on the premise that digital advertising is broken and needs an overhaul. The token was created to be used on a web browser called Brave. Whiles traditional web browsers require users to pay attention to unsolicited adverts, the Brave browser rewards users for watching or paying attention to curated adverts using the Basic Attention Token (BAT). This feature on the Brave browser ensures that users’ browsing habits are kept secure, while paying attention to adverts on the browser.
The Basic Attention Token (BAT) was founded in 2017 by the CEO of Brave Software Inc – Brendan Eich (creator of the Javascript programming language and Mozilla Firefox) and CTO of Brave Software Inc – Brian Bondy (previously senior software engineer at Mozilla, software developer at Corel Corporation and software development lead at Khan Academy). Brave Software offers open-source web browser that was inspired by the Chromium web browser, with the Brave browser focusing on privacy with additional features that allows users and content creators to earn passive income with the native Basic Attention Token. In 2016, Brave Software Inc., launched the first version of Brave browser with ad-blocking capabilities and announced plans for a privacy-respecting ad platform. Brave’s default setting is to block adverts and website trackers, giving users the option to opt in for targeted advertisement by signing up for the Brave Rewards program. Brave then serves up native ads from trusted partners for which users are rewarded in BAT for viewing or by send BAT to content creators whose work they want to support.
In 2017, Brave completed an initial coin offering (ICO) for BAT an ERC-20 token, raising $35 million by selling 1 billion BAT. To track the movement of BAT, Brave uses the Brave Micropayments Ledger that allows advertisers, publishers and readers to enter into smart contracts to move payments between each other. A distinguishing feature of the Brave ecosystem is the capacity to reward (tip) users who are not yet part of the network this includes both websites and individual Twitter users. These users can then securely register to the platform to collect any tips they have accumulated. As of July 2022, Brave browser has around 19 million daily active users.