Let's get an overview of BAT
BAT is Brave's proprietary token called Basic Attention Token.
It plays a pivotal role in Brave's goal of creating a next-generation, privacy-conscious advertising platform mechanism.
It made headlines when it raised $35 million in the first 30 seconds of its ICO in 2017.
BAT is issued using the Ethereum blockchain and follows a standard called ERC-20.
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What is ERC?
ERC stands for Ethereum Request for Comments, which is a common standard for Ethereum.
Blockchains are developed with the idea of decentralization, which basically means that decisions are not made by a specific administrator.
Therefore, various improvement suggestions are collected from many people who want to contribute to the development of blockchain.
In the case of Ethereum, these improvement proposals are called EIP (Ethereum Improvement Proposals).
In the case of Bitcoin, it is called BIP (Bitcoin Improvement Proposals).
Of the countless EIPs received, the ERC picks out the best ones, develops them for actual use, and then provides them.
ERC-20, which is the basis of the BAT, is the 20th EIP to be proposed. (ERC-20 because what is proposed as EIP-20 is adopted as ERC.
There are many ERCs, including ERC-20, ERC-721, ERC-1155, etc. The unique feature is that the types of tokens that can be developed differ depending on which standard is used.
Note that the cryptocurrency bubble that occurred from 2016 to 2017 was triggered by the easy method of issuing proprietary tokens that ERC-20 enabled.
Using ERC means using the Ethereum blockchain.
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A new economic zone centered on BAT
BAT will play an integral role in the new advertising platform that Brave is trying to create.
We have already learned that Brave has, as a standard feature, a mechanism to hide unwanted ads delivered by third parties.
Brave users can also control the frequency and timing of ad delivery by themselves.
At this time, users who view the ads will be paid BAT as compensation for viewing.
In the case of conventional online advertising, there was no particular benefit to the viewers of the ads.
However, Brave's next-generation advertising platform aims to add value to the act of viewing ads.
In 2019, web media will also be able to receive support from users through a mechanism called Auto Contribute or BAT.
The BAT earned from viewing ads can also be donated to ad creators and other websites, thus creating an economic zone around BAT.
There is also a plan to expand this economic zone so that BAT can also be used to buy and sell digital content between advertisers and creators.
In order to purchase existing digital content, it has been difficult to purchase in small amounts due to premium membership and fees.
By utilizing BAT, it will be possible to create a system that directly connects advertisers and creators, allowing them to easily buy and sell even a single photo.
This is the new online advertising system that Brave wants to realize with BAT.
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