Cryptocurrencies and tokens have found application in almost all spheres. One such sphere is online advertising. The Basic Attention Token (BAT) aims to improve the efficiency of digital advertising. The token uses the Ethereum Blockchain as an infrastructure.
Problems of Digital Marketing Industry
Presently, online marketing agencies use archaic marketing methods. While this is widely ineffective, it also reaches a limited audience. Therefore, this to reduced revenue generation.
Consequently, advertisers have to look for an alternative method, leading to the sale of personal user data. In order to eliminate this problem, the Basic Attention Token can come in handy.
How Blockchain Digital Advertising Works?
The Blockchain digital advertising platform works in two stages. The first stage uses the Brave browser. Brave is an open source, fast browser, with a focus on privacy. It blocks trackers, and advertisements, and has a ledger system. Therefore, this ledger system captures user attention anonymously, and rewards publishers accurately.
The second stage uses the Basic Attention Token. Publishers, advertisers and users exchange the token as a form of payment. However, only a part of the token is used as payment.
The denomination of the token is decided by user attention. This means that higher user attention will increase the token amount. Notably, attention means the engagement from the audience.
Enhanced User Engagement
Combining the two stages actually results in a system or platform, which encourages enhanced user engagement. Since the browser collects data anonymously, it knows where users spend most of their time. Consequently, the browser is the perfect tool to calculate user engagement and determine the publisher’s payment.
Since both the middleman and fraudsters are eliminated, publishers can potentially earn a higher income. Additionally, users opting in receive fewer but higher quality ads providing them with an enjoyable experience. Notably, advertisers also receive appropriate data regarding their spending habits, leading to a win-win scenario for all.
Who Gets What?
Generally, in a digital marketing drive, only publishers receive a payment. However, in the case of Blockchain digital advertising, everyone receives a payment. Users who view ads receive Basic Attention Token as a reward.
Generally, publishers receive the majority of ad revenue for their efforts. Additionally, advertisers receive the data, which they can use later to create targeted ads.
How To Buy Basic Attention Token (BAT)?
You can buy Basic Attention Token on exchanges. You can also exchange it with other cryptocurrencies if you are planning to sell it. Since BAT is Ethereum based, you should have a wallet which supports Ethereum, like Trezor or Ledger.
Basic Attention Token and the Brave browser is, no doubt, attempting to modernize an industry which desperately needs it. Presently, the advertising methods of the past are no longer relevant. As more users spend time online looking for interesting content, the success of Basic Attention Token will increase over time.
Want the latest crypto news? Join our Telegram Channel
The post Guide: What Is Basic Attention Token? by Shilpa Chakravorty appeared first on BittPress – Cryptocurrency News, Bitcoin & Ethereum Blockchain News.