Brave, an upstart web browser established by Brendan Eich, co-founder of the Mozilla free software community, attracts new funds via a blockchain-based currency. Brave, which completed its ICO in June 2017, stands out for its speed and network revenue.
Brave’s native cryptocurrency is the Basic Attention Token, or BAT, which is based on Ethereum. It raised roughly $35 million in total. And was completely sold out in just a few blocks, or less than 30 seconds. A single buyer purchased 20,000 ETH worth around $4.7 million in tokens and was one of the most active buyers. Furthermore, these tokens’ goal of put money into internet attention and provide publishers with a new source of revenue. Another purchase by a buyer who spent more than $6,000 on the mining fees for Ethereum. This purchase gave them an opportunity to place at the top of the border. The web browser’s speed paid off.
Buyers are upset
After the sale, Joseph Lee, the founder of Magnr bitcoin exchange, analyzed it. The top 20 addresses that participated in the token sales hold over two-thirds of the total Basic Attention Token (BAT). Many potential token buyers feel upset with the sale because they couldn’t buy tokens because of ICO’s rapid transactions (ICO). This reaction from unsuccessful token purchases does not affect the company’s view that earning $35 million in a half-minute is successful.
Additionally, Brave has stated that the remaining profits from the sale will utilize to reward users who have contributed to the network platform’s improvement. The Basic Attention Token’s open-source codes on GitHub uses to adapt to the creation of a brand-new ecosystem for the token’s publishers and readers. In this way, customers can pay publishers BAT based on how long they spend browsing and reading websites. Brave will get a cut of the profits. Thus, Brave’s next significant challenge is gaining user and publisher adoption, which it believes will require token incentives.