Bitmain Invests $3 Million in BCH Blockchain Ad Startup tribeOS

The Bitmain funding will be used for further development of tribeOS’ project on digital ad fraud, due to launch in 2019.

by Nina Dimitrova
08 August • 2 mins
In News

Bitmain, the Chinese crypto mining equipment producer, has invested $3 million in tribeOS – a Bitcoin cash blockchain-based startup for digital advertising and prevention of advertising fraud.

 

As per tribeOS’ announcement, the funding from Bitmain will go directly into the development of the platform, which is expected to go live in 2019.

 

tribeOS is a digital advertising platform built on the blockchain of Bitcoin Cash and its main purpose will be to eliminate fraud and let advertisers and publishers share contextually appropriate ads with security and privacy protection.

 

According to some statistics, published on tribeOS’ website, currently 77% of displayed ads on the internet are never seen and between 20% and 90% of ads and clicks are result of internet bots. The company has estimated that $51 million a day, or up to 70% of an advertiser’s budget is lost to fraud by spambots, click-farms and ad waste.

 

“This problem affects virtually everyone who advertises online from small, independent business owners to large digital marketing agencies and even Fortune 500 companies,” the statement of tribeOS notes.

 

“No one is immune to the growing threat of ad fraud.”

 

Whereas this hardly concerns the average internet user, it can be a big problem for the companies who may be pouring water into a sieve.

 

"Every company doing online marketing has lost considerable amounts of money to scammers on digital advertising platforms,“ Matt Gallant, CEO of tribeOS, said.

 

„Fortunately, we now see a growing awareness about ad fraud. It's about time. This has been an invisible crime for far too long.“

 

The proposition of tribeOS includes click-fraud blocking AdShield technology, next generation ad deployment tools, four-layer bulletproof tracking, cross-domain/cross-platform tracking, attribution tracking and lifetime customer value tracking.

 

Everything will be done in a real-time, full-featured, and decentralized advertising marketplace on a blockchain, combined with an independent peer-to-peer network. The public blockchain will handle the smart contracts, while the bulk of operations will be handled off-chain.

 

tribeOS, which has been working on the project for five years, is also working in partnership with the Bermuda Business Development Agency (BDA) to launch its own token, called Fire (FIRE). It will be used to purchase and sell ads in the tribeOS marketplace.