Basic Attention Token
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| Basic Attention Token | |
|---|---|
| Name | Basic Attention Token |
| Creator | Brendan Eich, Brian Bondy |
| Introduction date | 2017 |
| Total supply | 1.5 billion |
Basic Attention Token is a cryptocurrency developed by Brendan Eich, the co-founder of Mozilla and Firefox, and Brian Bondy, a former Khan Academy and Mozilla developer, in collaboration with Union Square Ventures and Founders Fund. The token is designed to facilitate a new ecosystem for digital advertising, providing a more efficient and transparent way for publishers, advertisers, and users to interact. This project is built on the Ethereum blockchain and utilizes Smart Contract technology to ensure secure and reliable transactions, similar to those used by Augur and Golem Network. The development of the token is also influenced by the work of Tim Berners-Lee, the inventor of the World Wide Web, and Vint Cerf, a key figure in the development of the Internet Protocol.
● Introduction
The Basic Attention Token is an attempt to address the inefficiencies and flaws in the current digital advertising system, which is dominated by Google and Facebook. The token aims to create a more equitable and transparent system, where users are rewarded for their attention and publishers are paid for their content, similar to the models used by Reddit and Quora. This approach is inspired by the work of Jaron Lanier, a pioneer in Virtual Reality, and Douglas Rushkoff, a media theorist who has written extensively on the Digital Economy. The token's design is also influenced by the principles of Game Theory, which is used to study the behavior of Nash Equilibrium and Pareto Efficiency.
● History
The Basic Attention Token was first introduced in 2017, with an initial coin offering (ICO) that raised $35 million in just 30 seconds, making it one of the fastest and most successful ICOs in history, similar to those of Filecoin and Tezos. The token was developed by Brave Software, a company founded by Brendan Eich and Brian Bondy, with the goal of creating a more private and secure web browser, Brave Browser, which blocks ads and trackers by default, similar to Tor Browser and DuckDuckGo. The token's development is also supported by Digital Currency Group and Pantera Capital, two prominent investors in the Blockchain space.
● Technology
The Basic Attention Token is built on the Ethereum blockchain, which provides a secure and decentralized platform for transactions, similar to those used by MakerDAO and Compound. The token utilizes Smart Contract technology to ensure that transactions are executed automatically and securely, without the need for intermediaries, similar to the approach used by Polkadot and Cosmos. The token's technology is also influenced by the work of Nick Szabo, a pioneer in Digital Currency, and Hal Finney, a renowned Cryptography expert. The development of the token is also supported by Microsoft and IBM, two leading companies in the Technology industry.
● Use Cases
The Basic Attention Token has several use cases, including rewarding users for their attention, paying publishers for their content, and providing a more efficient and transparent way for advertisers to reach their target audience, similar to the models used by Taboola and Outbrain. The token can also be used to purchase digital goods and services, such as Virtual Reality experiences and Online Courses, similar to those offered by Udemy and Coursera. The token's use cases are also influenced by the work of Chris Dixon, a prominent investor in the Blockchain space, and Fred Wilson, a well-known Venture Capitalist.
● Tokenomics
The Basic Attention Token has a total supply of 1.5 billion tokens, with 1 billion tokens sold during the ICO, similar to the tokenomics of EOS and Tron. The token's distribution is designed to incentivize users to participate in the ecosystem, with 50% of the tokens allocated to users, 30% to publishers, and 20% to advertisers, similar to the tokenomics of Steem and Hive. The token's tokenomics are also influenced by the work of Vitalik Buterin, the founder of Ethereum, and Charlie Lee, the founder of Litecoin.
● Reception
The Basic Attention Token has received significant attention and support from the Blockchain and Digital Advertising communities, with partnerships with major publishers such as The Washington Post and The Guardian, similar to the partnerships between Facebook and News Corp. The token has also been praised for its potential to disrupt the traditional digital advertising model, which is dominated by Google and Facebook, similar to the disruption caused by Netflix in the Entertainment industry. However, the token has also faced criticism and skepticism from some experts, who question its scalability and viability, similar to the criticism faced by Bitcoin and Other Cryptocurrencies. The token's reception is also influenced by the work of Marc Andreessen, a prominent investor in the Technology industry, and Reid Hoffman, a well-known Entrepreneur and Venture Capitalist.