What is Basic Attention Token (BAT)? — ‘Redefining Digital Marketing’ — Beginner’s Guide
Basic Attention Token in all its glory regarded as BAT is the way of blockchain technology redefining daily lives. The concept of Basic Attention Token also utilizes Blockchain right at its heart to visualize a better and rewarding circle.
The Making of a Digital Advertising Messiah
Despite all the notions of it being a complex task, BAT is a relatively simple concept. As stated, the blockchain technology is the simplest way of implementing this revolutionary piece of work. The BAT is a token using currency that works on the Blockchain concept of Ethereum origin. This, along with the revolutionary browser, Brave, is a combination that works together for enhancing viewership.
When a user views an advertisement, the nature of the advertisement, and also the time spent is important, Brave utilizes this blockchain to create a ledger of the viewership emphasis. By doing so, there is now an integrated digital record of this viewership underlining. Further, because the blockchain technology is secure, there is no chance of penetration or information loss.
This analysis is then utilized in the form of Basic Attention Token. The so created is further provided to the publisher of the advertisement. This token is also like a reward for creating a more sustainable, organized, and focused ad viewing experience. The concept thus helps the advertiser further by providing additional viewing value too.
Is there a need for Basic Attention Token?
The idea of a changing viewership market and also the desire to revolutionize it is what creates interventions. For years, digital marketing, especially the advertisement and notifications have struggled. Despite having superior access as compared to any other media, they fail to gather viewer attention. Because of this, Basic Attention Token has taken the task of reinforcement into its hand. The concept revolves around 3 primary factors:
- Create a better, profitable, and focused advertisement experience for the end-user
- Utilize the analytics of the advertiser to produce target-oriented advertising efforts
- Promote the right service or product by making sure that content viewing remains paramount.
The next question that arises is about the utility of this network for all the 3 pivotal blocks too. To explain the utility, consider the example of a simple User-Publisher-Advertiser trio.
The user views an advertisement and also finds it significant. Meanwhile, the more time spent on the advertisement, the higher goes its value. This provides for a better and targeted advertisement experience at the tail end. Because the blockchain has the viewing digital record, the records are also utilized for filtering. Suitable algorithms use them to provide a more specific experience for every user under the radar. Hence, the resultant is an interpretation of the desire and nothing else.
So when the user decides to stay longer and view the advertisement in higher pixels, game on! The higher and more quality time spent, the more value it gathers. This value is subsequently translated into the Basic Attention Token, which goes to the publisher. The publisher also gets the main chunk of the share and becomes target focused too.
Now that the user demand and the publisher end is sorted, this is further translated. Because of focused viewing and selective advertising, the revenue grows multiple folds for the advertisers involved too. This means that the correct and relevant advertisement circulation is also a further profitable venture of help.
Direct Rewarding Analogy for the Users
BAT and Brave work together to create an analogy of direct advantage to the user. Because the user is the heart of digital advertising (or any advertising per se) hence this becomes important too.
Ending the Advertisement Overflow
The more focused application of Blockchain means user data is stored enormously. This helps the algorithms to devise the perfect advertisement plan. As a result, every user node is a potential pivot point. Hence, focused advertisements to suit the particular person is an outcome.
Direct Rewarding with BAT
Because the technology needs a database for a wider application, it involves direct remuneration too. BAT and Brave decide to reward the participating and the regular users with reward tokens directly at their end. By doing so, they also present the user with an opportunity to explore endless premium quality content. Brave being a browser has unlimited potential. The fact that it uses Blockchain to decentralize and distribute its functioning also invites ‘trust’. Hence, the user gets a plethora of options to rightly spend that deserved reward.
Security Concerns Revolving around B.A.T.
The concept of Basic Attention Token utilizes assistance from Ethereum. The Ethereum, in turn, works on the wide yet simplified concept of blockchain. Because of this, the BAT, therefore, applies one of the most secure methods of conducting transactions.
The idea behind the Blockchain is that it creates blocks that are the carriers or storage units of the data. The data security employs the method of cryptography and hence creates multi-level security. The key to preventing (theoretically called key too) the data is distributed in 3 different ways. Hence, it becomes virtually impenetrable to go through it.
User End Security
Moreover, in the Basic Attention Token case, the combination of BAT and Brave also utilizes the user device as a node. This means the information regarding the user interest and viewing pattern never “technically” leaves the device. Hence, it remains indirectly embedded onto the network. This provides full discretion and security to the user.
Publisher End Security
For the publisher, the generated token remains on the network and the transaction ledger is maintained via the Blockchain. Hence, it also utilizes the continuous integration of cryptography and multi-layer distribution to seal off the end. Any attempt to disrupt this security shall mean changing the entire network, which remains virtually impossible too.
Financial Backing for the Application
Because the concept is new and enterprising, the ability to generate revenue and backing is not difficult too. For the initial research and execution phase, it received its backing from multiple big names. Huiyin Blockchain Venture and also the Pantera Capital happens to be some of those stalwarts.
The main reason for this backing is its ability to portray and sell the problem. Meanwhile, it is not only the problem but also the solution effectiveness which they sell. The entire predicament of digital advertising suffering at the hands of fraud and unnecessary expenditure rests huge questions.
The height of its friendliness is evident in the fact that it attracted a huge $35 million investment at the time of inception. Moreover, the astonishing fact that this revenue came within a matter of 30 seconds also shows the promise. The other providers of capital for this potential giant also remain as Founders Found, DCG, Foundation Capital, and other major investor names.
Future Plans waiting to Unravel for Basic Attention Token
Because of the unlimited potential that Basic Attention Token has, it is impossible to estimate a definite future. The mere 30-second collection going into millions is evidence of that too. Its selling ability relies truly on the fact that the present market of advertisement is overloaded and corrupted. Most advertisements are proxy viewing with trash results. With the disoriented campaigns that run, publisher and advertiser business is lost too.
Moreover, the present setup is detrimental to the devices as well. In addition to the monetary loss, there is a remarkable wastage of time too. User pop-ups and disturbances hinder the viewing experience and also the end result of ad value is low. This accounts for significant wastage of device efficiency and loss of interest.
The ability of Basic Attention Token to present this as an evil that needs to end is brilliant. The fact that users now have an alternative awareness is like an action that takes them to the future.
Presently, the venture boasts an incredible backing $300 million+ in the very limited time and access to the market it has. The value in terms of literal cap stands at a tickle less than $0.25 which is tremendous at a relatively young age. To limit the potential estimation of such an enterprising idea is like shining a torch at the face of the Sun.
Originally published at https://cryptomagis.com.