Performance marketing is popular because advertisers only pay for specified actions, such as sales conversions and registrations. Although cost per action (CPA) provides one of the highest returns on investment in affiliate marketing, a large chunk of advertising dollars is still lost owing to the cost of friction, including fraud, errors and payment delays—all of which are contributing to the rising cost of customer acquisition.
Ivan Karadzhov, CEO of Bitcomo, explains how the Bitcomo ecosystem operating on its own cryptocurrency on the blockchain can provide a more efficient platform for pay-for-performance affiliate marketing. As the first mover in running a decentralized CPA network on the blockchain, Bitcomo sees its current role as market educator, preparing the market for the inevitable day when the digital advertising marketplace will run on blockchain technology.
Karadzhov expects the cost and efficiency advantages to motivate the entire digital advertising marketplace to move to the blockchain. Cost benefits of open and distributed databases include a potential reduction in advertiser costs of up to 40%, freeing up funds to spend on lead generation in affiliate markets. The cryptographically secure smart contract eliminates fraud and other deceptive practices, which are becoming more pervasive through the use of bots. At the forefront of CPA marketing, Bitcomo is benefiting by accumulating feedback and attracting users to its affiliate network on the blockchain.
Creating Marketing Buzz
As a revenue generating affiliate network with a highly experienced team of advertising leaders and expert advisory team , Bitcomo says it could forego the ICO. It’s all about creating marketing buzz for its new marketing business run on the blockchain, says Karadzhov. The process also demonstrates the technology to the startups whose future ICO business Bitcomo seeks to attract. In addition to running smart contract projects on the blockchain, through a partnership with WAVES, Bitcomo serves as a launch platform and affiliating marketing network for ICO startups.
At the same time, Bitcomo is introducing the market to the TraceChain—a suped-up, higher performance blockchain developed by Bitcomo partner MetaHash. The slow speed of the blockchain has been an impediment to the running of practical applications. Some workarounds have included using sidechains such as the off-chain Lightning Network. Bitcomo’s solution is the TraceChain, which can process 100,000 transactions or more per second. This compares with 4-5 transactions per second on the ethereum blockchain. The improved performance allows an affiliate market to monitor, trace and record all actions (from clicks to sales conversions) on the transparent blockchain in real time. The data is stored securely in the nodes of the smart contract, providing a tamper-proof CPA network—an industry first.
The robust blockchain upgrade is enabling the Bitcomo CPA network, which will handle up to 200 million traffic clicks daily and 60,000 transactions per second. “TraceChain will support our online advertising projects and expansion into a single blockchain-based global marketing network. As we expand into more projects, token demand will grow, creating constant growth in BM’s value,” explains Karadzhov.
The Bitcomo BM Token
While most tokens take their moniker from their business name, ‘BM’ does not stand for Bitcomo but ‘Blockchain Marketing.’ The name reflects BM’s goal of becoming the independent currency for online marketing over the blockchain. “The marketing token should be independent of all external factors, including fiat currency exchange rates, inflation, and national economies and policies. When the online marketing industry is combined into a single blockchain system, BM will become the central currency to buy traffic, hire web designers and developers, generate leads, and even pay for hosting services,” explains Karadzhov.
The token sale is making 500 million tokens at $0.3 available to ensure sufficient liquidity in the network to support the CPA network operations. The ICO proceeds will be used for marketing. The marketing buzz around the BM token is expected to generate demand, and in turn increase the value of the token, which will also be available on various cryptocurrency exchanges.
Karadzhov is suspect of the hype surrounding many ICOs, based on white papers and media advertising sponsorship deals. “Eventually, the hysteria around the current cryptocurrency projects will fade, and they will have to do more sophisticated and quality marketing.”
The projects that invest in proven high performance marketing techniques from the onset are more likely to do well. Unfortunately, many are investing in not much more than a landing page in the pre-ICO stage. The value of launching a startup based on a proven and professional CPA affiliate marketing platform will ultimately be evident. Bitcomo’s value proposition is to provide a professional and safe marketing and ICO platform for cryptocurrency startups. In the process, it is creating a model for the transition of the global affiliate market to the blockchain.
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