Basic Attention Token Crypto Rating
Unlike most cryptocurrency ratings published online, the Wise Crypto ratings have nothing to do with the current or future price of the currency. Whether or not a crypto is over or undervalued or priced today is completely irrelevant. Our research focuses on the sustainability of each project, the security, the use case, decentralisation, environmental impact, the technology, the scalability and the developers and teams behind the projects.
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Basic Attention Token (BAT) Rating = 330/1000
Technology (0 to 300) = 100
- Speed (0 to 50) = 5
BAT is built on the Ethereum blockchain, and on a good day achieves transactions in about 10-19 seconds. It’s quite fast, but the transaction speed is usually dependent on the block sizes, with much smaller transactions being completed within a short time. During periods of heavy traffic times can slow down considerably.
Kraken lists average BAT deposit times at 6 minutes rather than the claimed 10-19 seconds..
- Cost (0 to 50) = 5
BAT cost of transaction is dependent on the number of coins being transacted as well as the exchange. Transacting BAT on Coinbase Pro exchange costs 5 BAT ($0.88), and Coinbit charges 100 BAT, which translates to $17.59. From these figures, it’s evident that transacting BAT is quite costly.
- Scalability (0 to 50) = 5
Concerns regarding BAT scalability remain high. First, the platform is based on Ethereum blockchain, which suffers from immense scalability issues. The coin is only available to Brave Browsers meaning that its usability is quite limited. It may not be able to scale to other platforms.
- Reliability (0 to 50) = 40
While BAT may not be able to scale to accommodate a large number of users, the platform seems to be reliable. It provides an efficient platform that allows advertisers to pay for ad space, publishers to get paid for their ad space or content, or users to get rewarded for the negative externalities caused by the market transaction between publishers and advertisers.
- Environmental Impact (0 to 50) = 25
Unlike Bitcoin and Ethereum, BAT coins cannot be mined-it’s an ERC20 token. They were all sold out during the ICO launch. The platform is, therefore, environmentally friendly and functions to link advertisers, publishers, and users on a single platform to benefit them economically. Running on the Ethereum network however downgrades the rating as this parent network is reliant on the POW mechanism.
- Decentralization (0 to 50) = 20
BAT is an Ethereum based token. It, therefore, shares all of Ethereum’s perks as well as its shortcomings. The Ethereum platform is not very decentralized. This ensures that tokens based on its blockchain are governed by a pseudo decentralized robot rather than a single authority.
Security (-250 to 0) = -130
- Reorg, 51% & Brute Force Attack (-100 to 0) = -50
Independent Security Evaluators (ISE) published a report about the Ethereum blockchain claiming that poorly implemented private key generation is facilitating the theft of EHT. ISE also said they discovered 732 private keys as well as their corresponding public keys that committed 49,060 transactions to the Ethereum network. These damning facts, along with rising cases of weak private keys targeted for theft on the network, suggest that a Brute Force Attack on Ethereum is highly likely. These security concerns also poses a risk on the BAT tokens, which is built on the blockchain. Couple that with the very real threat of a 51% attack and things are not looking too good.
- Potential for Being Banned (-100 to 0) = -40
BAT faces little possibility of being banned. This is because it’s built on the Ethereum blockchain, which is naturally resilient to censorship. BAT also solves a major problem regarding ads. The central authority subjects internet users to ads without their consent. It, therefore, cannot be easily banned without a concrete reason. The Proof of Work algorithm of Ethereum does of course pose a major threat however.
- Network Vulnerabilities (-50 to 0) = -40
Network vulnerabilities on the Ethereum platform have led to a lack of public trust in the blockchain. The vulnerabilities affect several layers of the network, including the application layer, data layer, consensus layer, and the network layer. These vulnerabilities are quite critical and may expose tokens such as BAT build on the network to attacks, which are indeed costly.
Use Case (0 to 500) = 270
- Initial Main Use Case (0 to 100) = 50
BAT was created with the intent of streamlining the advertisement industry. The project was to create a mutual basis for advertisers, content creators, and users using their token, which sits on top of the Ethereum blockchain. The token has three main use cases: Firstly, advertisers can purchase ad space via BAT. Secondly, creators can receive BAT as a token of approval from their viewers. Ultimately, users are rewarded for their attention to ads with a small share of BAT. The advertiser transfers the share into escrow, which is then split between the publisher and the users. This works natively via Braves (the developers behind BAT) browser, which contains a BAT Wallet and further functionality to make and process transactions.
While this all seems like a very promising use case, the fact it is currently limited to the Brave browser is an issue for adoption. There is also a behemoth of a competitor in Coil. This should not be a winner takes all scenario however it remains to be seen if BAT has the legs to go the distance in this race.
- Mainnet (0 to 200) = 200
The BAT ICO (Initial Coin Offering) happened back on May 31st, 2017. The offering was the ERC-20 token. It was an instant success, and in less than 30 seconds, the token raised around $35 million. It launched its Mainnet in August 2017.
- Additional Use Cases (0 to 100) = 0
BAT has several minor additional use cases. It allows users to buy digital goods or in-game tokens, pay to access high and premium quality content, and facilitates micropayments across borders. BAT can also be exchanged with other cryptocurrencies such as Ethereum to facilitate the payment of goods and services. No additional points granted for these as they are far from unique use cases or fall under the same category as the main use cases.
Crypto casinos are a valid, legitimate and active use case: there are currently no Basic Attention Token casinos or BAT casinos.
- Additional Working Products (0 to 100) = 20
The team behind BAT is also responsible for Brave Browser. Brave’s main purpose is to improve user privacy and to provide an enhanced browsing experience by doing that. The entire application is built around the concept of maximum user privacy above everything else. This is why, by default, Brave blocks ads, 3rd party cookies, 3rd party fingerprinting, malware, and phishing and provides HTTPS connections everywhere. Brave-BAT wants to achieve this by using blockchain technology.
Core Team, Developers & Partnerships (0 to 200) = 90
- Core Team & Developers (0 to 100) = 50
The company behind Brave and BAT was founded in 2016 by Brendan Eich, the father of JavaScript. They have such a strong team of developers, including Brian Bondy-co-founder of Brave Software, Yan Zhu-in charge of security and privacy engineering, and listed in Forbes ’30 under 30′. The team also consists of Ben Livshits, David Temkin, Brian Brown, Brad Richter, Catherine Corre, Holli Bohren, Johnny Ryan, Brian Johnson, Brian Clifton, Anthony Tseng, Sriram Venkataram and others.
- Partnerships (0 to 100) = 40
In April 2018, Brave partnered with the Dow Jones Media Group, a publishing and financial information firm with more than 7,000 employees. Their most notable products include the Wall Street Journal, Dow Jones Newswires, and MarketWatch. The partnership encompasses access for Brave browser users to select Dow Jones Media Group products. Experimenting on blockchain-based technology in media and advertising are the priorities, according to a press release. Brave Software has also partnered with Townsquare Media, DuckDuckGo, Qwant, YouTube, and Twitch, which all support BAT donations.