By Josiah Wilmoth
Decentralized search engine startup BitClave closed its token generation event (TGE) at $25.5 million after the project reached its hard cap in just 32 seconds.
BitClave TGE Closes at $25.5 Million Following 32-Second Token Sale
If you had blinked, you might have missed the chance to participate in BitClave’s much-anticipated utility token sale. The TGE raised approximately $3.5 million from more than 13,000 contributors, hitting the sale’s hard cap it in just 32 seconds. Combined with the proceeds from an earlier presale, BitClave raised a total of $25.5 million to fund the development of its decentralized search engine.
Armed with this funding, BitClave aims to leverage blockchain technology to allow search engine users to take back control of their personal data and browsing behavior from tech conglomerates that offer them “free” services but reap tremendous profits from selling their personal data.
The Consumer Activity Token
The startup’s Active Search Ecosystem (BASE) will compensate users with consumer activity tokens (CAT) for voluntarily sharing their search data with advertisers. Users can choose what information to share with the platform, as well as what data they would prefer to keep private. Users can also choose what companies they want to receive ads from, enabling advertisers to target their ads at potential customers who are open to receiving information about their services or products.
Though the projects are unaffiliated, BitClave bears some similarities to the Brave, a blockchain project that raised $35 million during a TGE that lasted just 30 seconds. Created by Mozilla co-founder Brendan Eich, Brave’s web browser automatically blocks advertisements but will eventually allow users to opt-in to unobtrusive ads in exchange for a share of the ad revenue.
[For more information about Brave, consult Strategic Coin’s proprietary analysis of the project’s Basic Attention Token (BAT).]
BitClave’s search engine is currently in alpha testing but has already been implemented into MatchICO, a decentralized platform designed to match token buyers with TGEs that would likely interest them. According to the project roadmap, the BASE beta should be released before the end of the year — and the BitClave team anticipates that development will proceed swiftly.
“For the next step, we are going to hit the market with a first mass solution and clearly demonstrate the usefulness of the system,” BitClave CEO Alex Bessonov said in a media release. “You can expect announcements such as open source SDK releases, commercial partnership, and community grants all aimed at bootstrapping and growing the network.”
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Featured Image from Pexels/Chris Peters