Bitmain, a Chinese Bitcoin mining company that dominates the field has invested in a Bitcoin Cash-powered digital advertising platform.
The startup is called tribeOS and is due to launch in 2019. According to the press release, Bitmain has invested $3 million, which will be used to build by tribeOS to build its team and its product.
77 percent of adverts are never seen
According to its website, it has been designed to do something about the $100 billion which is “being stolen from Digital Advertisers”, with 77 percent of adverts never seen and 61.5 percent of internet traffic comprised of bot activity.
It offers a tracking system which it says 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.”
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It intends to create a native token called FIRE using the Bitcoin Cash blockchain, although it has not yet decided on which protocol it will use. Amongst the advisors listed on its website are Bitcoin Cash boss Roger Ver, and Josh Ellithorpe, a senior software engineer at Coinbase.
It is apparently based in Bermuda; the statement says that it is working with the Bermuda Business Development Agency to develop its token.
From Texas to Bermuda
Bitmain manufacturers and sells Bitcoin mining devices and operates mining pools that are coming worryingly close to an absolute majority. It is worth an estimated $12 billion and of late has been vigorously expanding into other areas of business. For example, it recently purchased a majority of shares in Opera Ltd, operator of the Opera internet browser, became one of the only 21 nodes that control China’s version of Ethereum and is developing artificial intelligence products too.
In July 2018 it raised $300 million in funding and then a further $1 billion later that same month – it intends to go public this year.
Last week, it opened a data centre in Texas to add to its facilities in Switzerland, California, Arizona, Washington, Quebec, the Netherlands, and Israel.