It plans to use BAT the currency for its advertising system, which it claims can reduce ad fraud and increase efficiencies for publishers and advertisers. Kik, a messaging service popular with young people in North America, recently announced plans for its own ‘Kin’ coin which it will use as a virtual currency to pay for related goods and services, and that’s the same approach Brave has taken. He believes the current internet advertising system is inherently broken, and his ambitious proposal uses the blockchain to make things more efficient for all parties, advertisers, publishers and users, too. Eich, who created JavaScript but left Mozilla in 2014 in controversial circumstances, had raised $7 million from investors including Founders Fund for Brave. The ICO is the highest grossing to date, and Brave’s business itself is one of the more interesting to make use the blockchain. A further 500 million BAT is stored for user growth and “BAT development,” according to Brave, which is not planning another token sale in the future. That collection of BAT cost 156,250 ETH, which is just over $35 million. For its sale, Brave created its own coin - The Basic Attention Token, or BAT - and sold one billion of them. ICOs operate by selling investors cryptocurrency, which can be used to store value in many ways beyond a traditional share. That’s when web browser maker Brave, founded by former Mozilla CEO Brendan Eich, raised $35 million from its ICO - and it did it in less than 30 seconds, too. There’s been a whole lot of talk about initial coin offerings (ICO), company fundraising events based around the sale of cryptocurrencies, but not much in the way of action until yesterday.

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