Bitmain Technology is making a seed investment of $3 million towards tribeOS, primarily for creating the firm’s core team as well as to add the finishing touches to the tribeOS marketplace. Bitmain is a key player in the ASIC chip technology and other bitcoin mining products industry and tribeOS, a digital platform for advertisements powered by the BCH blockchain. This is meant to eliminate the risk of fraudulence and enable advertisers to put out ads that fit their bill and also have required level of security.
TribeOS CEO Matt Gallant noted that involvement of a leading firm such as Bitmain can potentially transform the entirety of the online ad space. This investment is particularly well-timed since it can help tackle a topical problem, ad fraud, which claims about $51 million per day. Spambots, ad waste and click-farms make advettisers incur heavy losses and the perpetrators can make a hefty profit, given this is the second most profitable organized crime after drug trafficking.
Advertisers of extremely varied scales, ranging from small enterprises to Fortune 500 companies have fallen prey to ad fraud, proving that no one is safe from this menace. TribeOS works to solve it by scrupulously providing details if ad displays to the advertisers, allowing traceability. Besides, publishers also enjoy a greater share of the revenue. The firm has earlier released a cybersecurity toolset called AdShield which has given a stupendous success rate in blocking over a billion instances of ad fraud. With peer-to-peer networking, users can enjoy “auditable transparency” and eliminate the threat of this largely invisible yet crippling crime. The platform is presently collaborating with the Bermuda Business Development Agency (BDA) to launch a security token of its own, FIRE. Its advertising marketplace is set to open at the beginning of next year and the beta release group membership has already been thrown open to advertisers and publishers. With this, the firm is ready to soar to new heights and transform the online ad sharing scene.