The blockchain-based marketing platform TribeOS announced the start of the FIRE STO. As one of the first federally approved STOs launched in Bermuda, the project has the attention of the entire cryptocommunity. The news also signals a continued push by Bermudian officials to welcome more blockchain startups into their market.
The TribeOS platform reduces fraud within the advertising market. The platform utilizes distributed ledger technology to provide clients with a more transparent advertising experience. TribeOS first made headlines after securing $3 million in funding from the world’s largest producer of Bitcoin mining hardware – Bitmain.
Ad fraud is a serious issue encountered in the market. A recent study places the damages incurred from fraudulent advertising at roughly around $51 million a day. Practices such as fake clicks, domain spoofing (when scammers make a duplicate domain of a legitimate website to steal client’s payment information) and bot farms continue to hinder further development in the sector.
Speaking on the industry’s need for a more secure alternative TribeOS CEO Matt Gallant explained that he has personally been “robbed of millions” by these ad scammers. Luckily, unlike the many STO marketing firms before TribeOS, Gallant decided to do something about it.
TribeOS utilizes a combination of advanced features to improve users experience. AdShield is one of these features. The advanced algorithms used in this protocol virtually eliminate click farms, spam bots, and man derived click schemes. Additionally, the platform utilizes a secondary reporting system called Gold Lantern.
Gold Lantern works in tandem with the transparent nature of blockchain technology to provide marketers with robust analytics and reporting. Currently, companies are at the mercy of their marketing firms analytics. These statistics are skewed due to scammers and bots. Both of these strategies revolve around creating false clicks.
Another advanced feature provided by TribeOS is Contextual Matching. This protocol functions similar to Google’s Adsense in that it matches ads to clients based on their likes. The platform takes the concept a step further to include a timing function. Also, this feature optimizes add display times.
Bermuda continues to be one of the most crypto friendly islands in the market. The country recently launched a blockchain initiative. The initiative started with the creation of two blockchain related regulations the ICO Act and the Digital Asset Business Act 2018.
The ICO Act focuses on Initial Coin Offerings (ICOs) and Security Token Offering (STOs). The legislation lays out the requirements companies must meet prior to launching their crypto crowdfunding strategy. The legislation provides companies and investors with the highest level of compliance and cooperation available.
Digital Asset Business Act 2018 (DABA)
The Digital Asset Business Act 2018 focuses on companies that engage in crypto services. These businesses include exchanges, wallet providers, and all virtual coin issuers. All crypto companies must apply for DABA before they are allowed to operate in the country.
TribeOS is Making Moves
TribeOS is now one of only two firms federally approved in Bermuda. Additionally, they are the first STO to acquire licensing under the new ICO Act. These factors are sure to position TribeOS as an industry leader in the region.