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Adbank, an Ethereum blockchain platform for digital publishers and advertisers that has been designed to prevent digital advertising fraud, has announced an ICO after raising $3 million in a private presale.
The Adbank token will create an ecosystem that will allow payments from advertisers to publishers to be traced. The ecosystem is designed to mitigate the challenges the current advertising industry faces due to fraud.
In 2017, an estimated $223.74 billion will be spent worldwide on digital advertising, with middlemen taking up to 75% of the investment, and advertisers losing another $16.4 billion to ad fraud.
Adbank does not plan to be the largest digital advertising network but instead provide the tools to allow other networks to convert to the Adbank ADB token and realize the same benefits of transparency and artificial intelligence anti-fraud tools the blockchain provides.
Patents Pending
Adbank has submitted patents on new fraud detection based on artificial intelligence and blockchain technology. Where traditional fraud detection systems are designed to run within specific advertising networks, Adbank’s anti-fraud system uses AI to find connections between information in the advertising system and on the blockchain that other systems cannot leverage.
By accessing advertising databases, user logs, ad images, web pages, blockchain transactions and artificial intelligence, Adbank’s anti-fraud system can detect many types of fraud. For example, Adbank can find transactional blockchain activity coupled with web pages that fail to render all expected ads to determine if a predatory publisher is on the system. It can identify unexpected shifts in website visitors. It can flag mass selling of tokens on the blockchain that might inidicate a publisher is buying traffic and selling the profits as quickly as possible to avoid detection.
Third parties will be able to use the Adbank API to integrate services into existing products, building the value of their products while expanding the Adbank ecosystem.
Transactions will be bundled on-chain to leverage the power of artificial intelligence and blockchain, but function off chain for full control and optimal scalability, according to Angelo Dodaro, chief marketing officer.
“We recognize the youth of Ethereum technology which can be compared to dial-up Internet in 1998,” said Dodaro. “The recent strain on the Ethereum network due to the popularity of CryptoKitties has reignited the debate on Ether’s scalability issues. Adbank has solved this by combining the best of off-chain and on-chain tech to ensure lightning fast transactions speeds that are required for a healthy advertising network.”
Adbank will be announcing advertising and publishing partners over the course of the ICO. The business development team will partnerships in Moscow, Paris, London, Amsterdam, New York, San Francisco, Toronto, Vancouver, Montreal, Chicago and Cincinnati.
Also read: Ethereum-based blockchain solution for digital advertising to fight fraud
ICO Begins
The ICO began Dec. 14 and will run to Jan. 21, 2018. It will have a hard cap of 50,000 ETH. ETH and PIVX currencies will be accepted.
One ETH will equal 7,500 ADB tokens.
At press time, 1 ETH equaled $731.75, reflecting the current hard cap of $35.5 million. In order to succeed with its roadmap timeline, Adbank plans to raise its initial fiat target of $21.5 million by Jan. 21, 2018.
Funds from the ICO will mainly be used to acquire existing ad networks. The other funds will be used to hire tech, media and advertising executives to take over the c-suite while the co-founding team will move into key business and tech development roles.
Featured image from Shutterstock.
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