MadNetwork, a custom blockchain built for enterprise authentication infrastructure, plans to absorb Po.et. Through the partnership, they aim to deal with the issue of online identity validation, especially in monetization and its use in content. Po.et, which is a decentralized protocol for content discovery, ownership, and monetization, should be a perfect fit. Besides the merger with Po.et, MadNetwork plans to launch a new dual-token system, which will be implemented in the coming months.
A Brief History Of The Two Entities
MadNetwork was launched in 2018. The founders envisioned a series of partnerships and products designed to reshape the media industry. They rolled out developer tools via MadHive and forged a partnership with AdLedger, which is a nonprofit consortium that works to build technical standards for advertising and media. Recently, MadNetwork has been used to power a corporate transparency initiative that utilizes the blockchain called “Full Transparency.” Verizon, the giant telecom company, created the tool.
Po.et was created in 2017. It is a subsidiary of BTC Media, which is a marketing and publishing company for the blockchain sector. The founding team includes Jarrod Dicker, who is a VP at The Washington Post. Po.et began its roadmap by developing open-source software that was based on the Bitcoin blockchain. It was designed for data attribution and time stamping content.
The Merger Solves Problems Facing Po.et
Po.et has been facing major scaling, storage, and transaction fee problems while trying to build on the Ethereum network. Consequently, the team has been looking into various options that would allow them to move away from Ethereum or an ERC20 token.
Other projects in the industry have faced similar issues, which has resulted in moving to other blockchains or creating customized layer-two solutions. MadNetwork utilizes an Ethereum sidechain that was built to improve speed and lower transaction costs. The move was important to make it viable for wide adoption for enterprise use cases.
Working Together For A Better Future
MadNetwork has released a revised economic model following the announcement of the merger. The team over at Po.et plans to update their roadmap, taking into account the merger. The POE and MAD tokens will be used for staking, with the ultimate goal of becoming governance tokens later on.
While the formal structure for the merger is still being worked on, a POE-MAD pool has been created on Uniswap to provide liquidity for both projects. Po.et has committed to locking up its POE and MAD into the liquidity pools and staking them for the rejuvenated MadNetwork.
What Leadership Said
According to David Bailey of Po.et, they realized early on that the vision of a verifiable web was not possible without a secure, decentralized method of storing and delivering data. He also said that they realized it would be a huge undertaking, which is why they collaborated with and invested in MadNetwork. Bailey added that MadNetwork’s mission to decentralize and democratize advertising and content monetization was complementary to Po.et’s mission.
According to Adam Helfgott of MadNetwork:
“Absorbing the Po.et team and resources will help us achieve our shared vision of a more transparent, fair, and accountable web that much more quickly. “ He added that, “Folding Po.et’s focus on data stamping and integrity into Mad’s decentralized, verifiable data storage capabilities made perfect sense given our long-standing partnership.”
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