Business
Coinsilium Group Limited: Byzant Web3 Social ...
Coinsilium Group Limited: Byzant Web3 Social ....
About this update from Coinsilium Group Ltd.
[{"type":"text","content":"\n \n \n \n\n\t\n\n\n\n\n\n\n\n\n\n\n\nCoinsilium Group Limited (COIN)\n\n\n\n\n\n\nCoinsilium Group Limited: Byzant Web3 Social Network Makes Significant Progress and Welcomes New Partners 15-March-2024 / 07:00 GMT/BST\n\n\nCOINSILIUM GROUP LIMITED \n\n(\"Coinsilium\" or the \"Company\") \n\nCoinsilium Group Limited: Byzant Web3 Social Network Makes Significant Progress and Welcomes New Partners\n\nLondon, UK, 15 March 2024 - Coinsilium Group Limited (AQSE: COIN) (OTCQB: CINGF), the Web3 advisor, venture builder, and investor, is pleased to provide an update on Byzant (“Byzant”), the Web3 Social Network Ecosystem project under development in partnership with portfolio company Indorse. \n\nByzant Web3 Social Network Background \n\nByzant is an active collaboration between a syndicate of major digital advertising and blockchain industry partners, including Coinsilium and Indorse (the “Byzant Collaboration”). \n Coinsilium has a 10.156% equity interest in Indorse and holds 14.12% of IND tokens in circulation. Coinsilium’s participation and economic interests in Byzant will be represented through a material stake in new project tokens at the founding member level. \n The syndicate members are working together to deploy a decentralised Social Network for creative professionals and a suite of Web3 applications and tools developed by Indorse to overcome many of the functionality and User Experience (UX) issues inherent in the current generation of Web3 applications. \n Indorse is the principal technology partner for Byzant with Coinsilium providing strategic advisory services. \nEddy Travia, Chief Executive of Coinsilium, commented: “We are delighted to see the progress being made in the development of the Byzant Web3 Ecosystem applications and especially with regards to the Byzant social media platform and Adbazaar, its smart-contract powered advertising network. \n\nOne cannot overestimate the role advertising plays as a revenue driver in developing the Web2 social media industry. Advertising revenues have fuelled the whole industry since its early days - as an example in 2023 Facebook ad revenue reached $131.948 billion - and whilst we see Web3 as the foundation to move social networks beyond the exclusive reliance on advertising driven revenue models, we also believe that ad revenues...