On 7th July, in a press release, TribeOS, a digital advertising platform, announced their partnership with Bitmain, the Hong Kong-based mining company.
Matt Gallant, the CEO of TribeOS said:
“When industry leaders like Bitmain invest in a blockchain-based advertising platform like TribeOS, it signals a paradigm shift, not only in ad tech, but for the entire online advertising industry.”
TribeOS has stated that they will start services in 2019 and that the involvement of Bitmain is a huge step in the right direction. The Jihan WU led company has invested $3 million in TribeOS with the added promise to offer support to build the organization as well as the final product.
TribeOS has said that the main aim of their end product is to keep in check the rampant frauds that happen in the advertising industry worldwide. According to the company, over $100 billion is stolen from digital advertisers, setting the industry behind by ages. According to TribeOS:
“The end product offers a tracking system which it will improve the rate at which advertisers are rewarded for their conversions (in advertising, conversion means the creation of a paying customer), as well as a shield designed to block bots from “cheating the advertisers.”
According to reports, TribeOS has plans to improve the return on investment for agencies involved in the digital advertising medium. The company also boasts of several industry leaders in their clientele, including industry bigwigs such as Amazon, Alibaba, and Uber.
Furthermore, the company added that they are planning to establish a cryptocurrency token that will be used for trading on their platform called FIRE. The token will be built using BCH and the process is being mentored by Roger Ver, the Co-Founder of Bitcoin Cash.
Bitmain, known for its Application Specific Integrated Circuit [ASIC] miners, has also been in the news recently after proposing the development and implementation of a protocol for smart contracts on the Bitcoin Cash [BCH] blockchain. The proposals reportedly emerged from Chinese WeChat groups comprising of developers from the company.
Gallant summed up the partnership by saying:
“Platforms like ours will mean that the world’s value creators will no longer need to fight their way to sustainability, hoping to be one of the fortunate few who survive. tribeOS will end ad-fraud, allowing advertisers to find their audience quickly.”
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