What is Basic Attention Token?
BAT is a blockchain-based digital advertising and rewards platform that is Powered by BAT, a cryptocurrency token, and Brave, a new Internet browser. BAT is used within this ecosystem as a currency. It allows advertisers, sellers, and users to spend, receive, and gain BAT, respectively.
Just months after announcing the project, in May 2017, Brave launched BAT, selling 1 billion tokens in an initial coin offering (ICO), raising more than $35 million in just half an hour! And as they say, the rest is history, but you can find more on BAT website.
Who Invests In Basic Attention Token?
Digital Currency Group
Is Basic Attention Token Halal: Is BAT Halal? We’d Love to Hear Your Thoughts
Sharing the collective wisdom of thousands of Muslim crypto traders and investors.
Basic Attention Token Technology
The privacy-focused, open-source Brave browser blocks third-party ads, trackers, and mining scripts by default, and offers privacy features such as Tor-browsing. The Brave browser integrates the BAT platform through a feature called Brave Rewards, which include Brave Ads, Tipping, and Auto-contribute. The Brave browser is available on mobile and desktop.
Legitimacy Screening of BAT
BAT is a tradition tech business that evolved into a blockchain based project. It has a credible founding team and serious investors as demonstrated by its extremely successful ICO. The browser is available to public, althought I havent actually used it yet so keen to hear your thoughts.
This is clearly a legitimate project so no issues in terms of legitimacy.
Is BAT project aligned with Islamic values?
Yes, BAT project does align with Islamic values as its basically an alternative to Firefox (my personal favorite) browser.
Financial Screening of Basic Attention Token:
Financial screening ensures that the crypto asset meets the financial criteria for Shariah compliance, if it is an equity based token. BAT is not backed by any equity, so there is no financial screening required on this coin/ token. Here we would typically look at things like debt to income ratio to ensure borrowing is limited to a tolerable level.
BAT Token Screening for Shariah Compliance
BAT utility token is used as a unit of account between advertisers, publishers, and users in a new blockchain-based digital advertising and services provider. Users get credit for their attention while retaining their privacy, as they obtain BAT for viewing ads. Creators receive their rewards for high-quality content as publishers and creators profit additionally from ad revenue and user contributions as well as tips.
Based on this the BAT token would be considered halal.
Is Staking BAT Halal?
The new block procurement method implemented by this cryptocurrency follows the tenets of the Shariah, so staking BAT is Halal.
What Does The Muslim Crypto Community Think of BAT?
Sharlife considers BAT: Basic Attention Token as a halal cryptocurrency based on the five areas assessed for Shariah complaince screening.
Crypto Halal Office for Monitoring and Sharia auditing on cryptocurrency markets thinks BAT is a Halal digital asset based on its Shariah complaince screening.
If you know of other academic or scholarly views on this, please add in comments and we will update accordingly. Alternatively, you may want to join our community of Muslims crypto investors and traders, to share, learn and profit from halal digital assets.
Is Basic Attention Token Halal: Is BAT Halal?
Yes, Basic Attention Token or BAT is Halal and the entire project aligns with Shariah guidelines. BAT is a blockchain-based digital advertising and rewards platform based on the Basic Attention Token. The BAT token is an ERC-20 token used as a means of payment in the BAT ecosystem, including Brave, the browser. BAT eliminates the need for third-party tracking and middlemen by funding and monitoring ads client-side, locally, and on-device.
We hope you found this useful. Please view our Halal Crypto List to find suitable digital asset investments, without compromising your Islamic faith.