[ad_1]
SAN FRANCISCO – (BUSINESS WIRE) – The team behind MadNetwork, a custom blockchain built specifically for enterprise authentication infrastructure, today announced plans to absorb Po.et, the decentralized protocol for media content ownership, discovery and monetization. Together, they aim to address the most important problem with the internet today – identity validation – and its uses in content and monetization. Along with its plans to merge assets with Po.et, MadNetwork also unveiled a new dual-token system that it plans to roll out in the coming months.
Launched in 2018, MadNetwork envisioned a series of products and partnerships aimed at reshaping the media industry. The network implemented developer tools through MadHive and partnered with AdLedger, a non-profit consortium working to create open technical standards for media and advertising. Most recently, MadNetwork was used by Verizon to power Full Transparency, a corporate transparency initiative that uses blockchain verification for press releases.
Founded in 2017, Po.et is a subsidiary of BTC Inc, a publishing and marketing company for the blockchain industry. Po.et began its roadmap by developing open source software based on the Bitcoin blockchain for data attribution and content timestamps.
“MadNetwork is building the fundamental layer that nearly all business solutions need: the ability to validate the identity of anything in the digital world; be it people, resources, organizations or devices, “said Adam Helfgott of MadNetwork.” The absorption of Po.et’s team and resources will help us realize our shared vision of a more transparent, fair and accountable web much faster “.
Building on MadNetwork’s Ethereum sidechain
Po.et had encountered significant scaling, storage, and transaction fee issues while attempting to build on Ethereum. This prompted the team to reevaluate their options to move away from Ethereum or an ERC-20 token.
These same challenges have prompted many other projects to migrate to other blockchains or build custom tier two solutions. MadNetwork’s Ethereum sidechain was built to enable the speed and cost of transactions required for large enterprise use cases to become viable.
“From the beginning, we realized that the vision of a ‘verifiable web’ couldn’t exist without a secure and decentralized way to store and deliver that data as well,” said David Bailey of Po.et. “We realized that building this was a huge undertaking, so we collaborated and invested in MadNetwork. Their mission to decentralize and democratize advertising and content monetization was adjacent and complementary to that of Po.et. ”
“Folding Po.et’s focus on footprint and data integrity in Mad’s decentralized and verifiable data storage capabilities made perfect sense given our longstanding partnership,” said Adam Helfgott.
Join forces to advance the industry
The Po.et team plans to continue updating their roadmap with Mad, focusing on making the Mad data network a success, driving usage, and letting the POE token serve in that ecosystem. POE and MAD tokens and liquidity pool shares will play a staking and ultimately governance role in the Mad ecosystem.
While the teams are still defining the formal structure for this partnership, a POE <> MAD Balancer pool has been established to provide liquidity for both projects. Po.et has pledged to lock its MAD and POEs in these liquidity pools and stake them for the new MadNetwork. To participate, visit the Balancer pool.
About MadNetwork:
MadNetwork is a custom blockchain designed to authenticate and manage the identity of organizations, people or assets in the digital world. With successful implementations in the ad technology space, MadNetwok’s innovative technology can be leveraged by virtually every industry as a critical infrastructure to automate transactions between trusted and authenticated counterparties. The project is backed by top-tier investors such as Blockchange and Fenbushi Capital and has recently partnered with Verizon. For more information on MadNetwork, visit madnetwork.com.
About Po.et
Po.et – Proof of Existence 2.0 is a Bitcoin blockchain protocol that establishes an open, universal and immutable ledger for managing the ownership, attribution and licensing of creative digital assets. Po.et creates a bridge between creators and publishers and allows the discovery of new content and the verification, authenticity and authorization of the generated content through a truly transparent and timestamped attribution system. Po.et is headquartered in Singapore and the United States, with offices in Nashville and New York. For more information on Po.et, visit po.et.
