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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Bitcoin will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021
The entire cryptocurrency market seems to be on the brighter side of the market since the beginning of the year. A majority of the coins have recorded significant recoveries from their 2018 slump, a period during which most coins lost over 90 percent of their value, when compared to their all-time highs. Among all the coins in the market, Bitcoin [BTC] aka the digital gold, was noted to be making a massive comeback as the coin breached the $11,000 mark after nearly 15 months. The coin however, soon retracted to settle below the $11,000 level.
According to CoinMarketCap, at press time, Bitcoin was trading at $10,887.27 with a market cap of $93.549 billion. The coin recorded a 24-hour trading volume of $20.757 billion for the past 24 hours and saw a massive rise of over 17 percent over the past seven days.
Anthony Pompliano, Co-founder of Morgan Creek Digital Assets, predicted that the largest digital currency could rise to reach $100,000, before the end of 2021. Pomp added that he was around 70-75 percent confident in this prediction. He stated,
“As I have previously said, making predictions is difficult […] Part of my process as a professional money manager is forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”
Pomp however, listed six pointers that have to be understood beforehand. First, this prediction is not an investment advice, and people should do their own research before investing in the digital currency. The second is with respect to Bitcoin’s volatility, with Pomp remarking that since it was a highly volatile market, the coin could witness a significant fall before being valued at $100,000. He stated,
“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”
Further, the partner of the investment firm stated that the rise would be driven by several catalysts. This includes institutional adoption, exchange-traded funds and retail product approvals, global instability, governments all across the globe manipulating currencies, markets and economy. He went on to state,
“The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”
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