Subnet 16
BitAds
FirstTensor
BitAds uses blockchain to decentralize advertising, enhancing transparency, reducing costs, and incentivizing performance
SN16 : BitAds
| Subnet | Description | Category | Company |
|---|---|---|---|
| SN16 : BitAds | Inference verification & optimization | Generative Al | Manifold |
The current advertising landscape, especially as influenced by the web2 paradigm, presents significant challenges for both users subjected to ads and companies investing heavily in advertising. Centralized tech giants like Google AdSense, Facebook Audience Network, and Apple Advertising dominate and control the industry, leading to a significant power imbalance, lack of transparency, and high costs.
The BitAds network offers a revolutionary solution by leveraging blockchain technology to create a decentralized and incentivized advertising environment. By reimagining the foundational principles of advertising transactions, BitAds aims to address the issues of transparency, fraud, inefficiency, and high costs associated with traditional advertising methods.
Users request specific actions, which then go through validators and miners within a subnet for processing and verification, leading to rewards based on performance. BitAds function within the Bittensor Subnet model where users’ requests are processed by validators and miners to generate outputs based on specific criteria. Validators select the best outputs from miners, influencing their ranking within the network and potential earnings. The competitive nature of miners striving for optimal performance to avoid being deregistered and enhance their rewards is crucial within this ecosystem.
The competitive landscape within the network incentivizes miners to perform well to earn more and avoid being removed. Traditional marketing methods have proven ineffective in generating returns over the years, prompting a shift towards a new approach. BitAds aims to address the core issue in advertising, focusing not just on attracting attention but on converting high-quality leads into actual sales.
FirstTensor initiated the development of Bit Ads with the F1 neurons concept to attract validators by offering a one-time payment for full tax refunds during the delegation period. This strategy aimed to boost the validator’s size efficiently. The F1 Neurons involved delegators paying a single fee to the validator and receiving tax refunds for the entire duration, different from continuous service fees. By providing additional benefits like free access to upcoming tools such as First Studio platform and Bensare mining, FirstTensor aimed to enhance the value for holders of F1 neurons.
The ultimate goal is to charge advertisers exclusively for eyeballs that result in purchases, a paradigm shift from conventional advertising models. Traditional marketing efforts have often failed to deliver returns, leading to scepticism in the industry over the past four years. By only billing based on successful purchases, BitAds offers a unique proposition that aligns the interests of businesses and marketers. BitAds aims to address the issue by focusing on targeting high-quality, specific audiences that are more likely to convert into sales. This innovative approach has the potential to transform the advertising industry significantly by incentivizing genuine engagement and sales conversion. The ultimate goal of BitAds is to revolutionize the advertising landscape by charging advertisers only for actual sales generated, rather than for ad clicks or views.
How It Works
Submit Your Campaign Start by providing your product details and initiating your advertising campaign. They will create your landing page and distribute it to advertisers through the BitAds subnetwork.
Miners Join the Mission Hundreds of individuals, acting as miners within the BitAds subnetwork, are incentivized to promote your product’s landing page across various online platforms. They earn rewards for driving organic traffic to your website.
Validators’ Role Network validators evaluate each promoter’s unique link, ensuring that they bring organic traffic to your website and reward them accordingly.
Monitor Your Campaign Optimize your marketing efforts by tracking your campaign’s traffic statistics through your FirstAds account. Access real-time insights on click-through rates, impressions, and engagement to refine your strategies and maximize ROI.
The BitAds Ecosystem
Validators, Miners, and BitAds Core: Validators utilize the BitAds Core platform to create and manage advertising campaigns, equipped with tools for building landing pages and tracking campaign performance. Miners generate unique links for these campaigns and promote them across the internet, earning TAO tokens for driving organic traffic. BitAds Core serves as the central hub for campaign management, traffic analysis, and miner validation.
Incentive Mechanism: Miners earn TAO tokens based on the organic traffic they attract, rather than the client’s payment offer. This model ensures cost-effective advertising for clients while significantly rewarding miners for their efforts.
Integration with Bittensor: BitAds leverages Bittensor’s decentralized network to distribute advertising tasks among miners. Initially, BitAds will focus on promoting the Bittensor project itself, showcasing the network’s marketing capabilities and incentivizing participation. This approach aims to position BitAds as a powerful marketing engine for Bittensor, enhancing visibility and adoption through the collective efforts of the network’s participants.
Technology and Architecture: The BitAds network employs a decentralized architecture for distributing advertising tasks. The core platform features an API for validators to manage campaigns and for miners to generate unique promotional links. Traffic data collected by BitAds is used by validators to assess each miner’s promotion efforts, focusing on penalizing artificial traffic and rewarding genuine engagement.
Advantages of BitAds:
- Decentralization: Emphasizes optimal decentralization with a wide distribution of miners and validators.
- Cost-Effectiveness: Operates on low-cost system requirements and incentivizes miners with TAO tokens, offering an economical advertising solution for both clients and promoters.
- Quality Traffic: Incentivizes miners to drive high-quality organic traffic to their links.
- Miners Competition: Encourages miners to compete in attracting the best traffic to clients’ websites, enhancing campaign effectiveness and ensuring optimal visibility and engagement for clients.
Income Sources for Validators: Validators can monetize their participation in BitAds by promoting their own products, engaging in affiliate marketing, developing applications using the BitAds API, and offering API access to others.
BitAds represents a significant advancement in online advertising. By combining decentralized networks with an innovative incentive mechanism, BitAds provides a solution that benefits advertisers, publishers, and the broader internet community. Moving forward, BitAds aims to expand its offerings, further reducing advertising costs and enhancing the quality of online promotions.
How to Mine TAO on Subnet 16
- Set up a Bittensor wallet (coldkey & hotkey).
- Register your hotkey on Subnet 16.
- Create an account on https://bitads.ai using the correct coldkey/hotkey pair for your Miner.
Hardware Requirements:
- VPS running Ubuntu v20 or higher
- Python v3.12 or higher installed
- Ensure the communication port is open
- Disable any active firewalls that could block communication between your Miner and Validators
Steps to Start Mining:
- Clone the BitAds repository from GitHub, install necessary packages, and launch your Miner’s script.
- Log in to your BitAds.ai account.
- Access unique links from the dashboard for each active campaign.
- Begin promoting them online to attract organic traffic.
The team working on Subnet 16 initially consisted of just two members, gradually expanding to include a Romanian team supporting development and maintenance tasks.