Coinsilium Group Limited (AQSE:COIN, OTCQB:CINGF) chief executive Eddy Travia has conveyed the company’s satisfaction with the ongoing advancements in the development of the Byzant Web3 Ecosystem applications. In a recent communication with investors, Travia highlighted the progress made in the development of the Byzant social media platform and Adbazaar, a smart-contract-powered advertising network, both of which are being co-developed by Indorse, a company in which Coinsilium holds a 10.156% stake.
The company revealed that the initial phase of the Byzant social media application development has been completed, with a private alpha version currently undergoing testing. Additionally, Coinsilium announced the integration of established crypto advertising networks, including A-ADS, into the Byzant Collaboration.
Travia emphasized the significance of advertising in driving revenue within the Web2 social media industry, citing examples such as Facebook’s ad revenue reaching $131.948 billion in 2023. While acknowledging the potential of Web3 to shift social networks away from reliance on advertising-driven revenue models, Travia expressed belief in the continued importance of ad revenues as a growth engine in the Web3 space.
Regarding Adbazaar, Travia expressed confidence in its positioning to capitalize on its first-mover advantage, particularly with partners such as A-Ads and Linkko. He asserted that Adbazaar is well-equipped to provide monetization opportunities to Byzant applications, partners, and users, thereby contributing to the growth of the entire Byzant social network ecosystem.
Coinsilium assured investors of regular updates on the progress of the Byzant Collaboration in the coming months, reaffirming its commitment to transparency and communication with stakeholders.
In summary, Coinsilium’s CEO, Eddy Travia, provided investors with an overview of the advancements in the Byzant Web3 Ecosystem, emphasizing the completion of the initial phase of the Byzant social media application and the integration of key advertising networks. Travia underscored the significance of advertising revenue in the evolution of social media platforms and expressed confidence in Adbazaar’s potential to drive growth within the Web3 space. Investors can anticipate further updates on the Byzant Collaboration as development progresses.