Benja Coin, or BENJA, is a crypto token built to address a $38 billion set of problems in online display advertising. Find out how it works today in our review.
What is Benja Coin?
Benja Coin, found online at BenjaCoin.com, is a cryptocurrency for the advertising community. The token plans to solve problems in today’s online advertising industry, including a lack of transparency, too many middlemen fees, and over-use of ad blockers.
Benja isn’t a cryptocurrency startup: the company has an existing business model. It’s a merchandise ad network that works with brands like Under Armour, Sperry, and Ray Ban to sell excess inventory. Now, with their cryptocurrency called “BenjaCoin”, the company seeks to solve problems in the advertising world while growing revenue for its business.
The ICO announcement for Benja Coin appeared online in July 2017.
What Problems Does Benja Coin Seek to Solve?
BenjaCoin seeks to solve four core problems in today’s online display advertising industry:
- The average billing process for a $10,000 ad buy touches seven individuals and can take 120 to 150 days
- There’s no visibility into bid processes, which means advertisers and publishers don’t know if they’re paying a fair price
- False traffic (or bot traffic) resulted in more than $16 billion in wasted ad dollars in 2016, up 28% from 2015
- Ad blockers account for the loss of $22 billion in publisher revenue, putting the free internet at risk
Benja aims to solve these problems using its BenjaCoin digital token and blockchain technology.
How Does Benja Work?
Benja has an existing ad network that’s been running for 3 years. That ad network works with top-tier brands, publishers, and investors to sell products online.
The company’s existing ad network sells merchandise through two primary channels:
These are 60 second deals available through an iOS app, described as “Tinder meets personalized shopping.” Users receive one personalized offer at a time, with 60 seconds to decide whether they want to buy or pass.
Online Display Ad Network:
Benja’s online display ad network makes each unit an interactive widget that replicates the mobile app experience inside of an advertisement. Users can pass and buy all without leaving the page that they’re on.
Benja also has an email list of 20,000 bargain hunters and is exploring other areas including SMS. The company operates with a cost-per-milli (CPM) business model instead of the standard commission or fee-based model popular in the deals space.
The end result of all of this is that Benja claims to outperform Google and Facebook in sell-through rate in multiples thanks to a better user experience. They’ve also shrunk the sales funnel and brought the two parties (the advertiser and end user) closer to the transaction.
Ultimately, Benja has collected more than $1 million in cumulative revenue and is currently operating at a $1 million revenue run-rate.
How can BenjaCoin enhance the effectiveness of this ad network? Why is Benja seeking to migrate to blockchain technology? We’ll find out below.
How Does Benja Coin Work? Why Does Benja Need the Blockchain?
In early summer 2017, Benja’s founders decided to create a token and smart contract on top of the Ethereum blockchain. The goal was to increase transparency in online advertising while increasing billing efficiency.
BenjaCoin, or BENJA, will serve as a revenue-generating mechanism for the Benja merchandise ad network. The coin will also serve as the transaction mechanism between the user and the advertiser. Here’s how it works, as explained by the BenjaCoin whitepaper:
“Each time an end-user makes a URL request at one of the Benja publisher properties, the ad request is received and Benja determines whether it has an advertisement to serve (based on match tags, for contextual advertisements). If the inventory is available, bid considerations may be made (awarding the ad display to the highest-value bid), and the advertisement is approved for release.
Simply, each ad serve requires two successful benjaCoin transactions: one from the advertiser (who is effectively paying for the impression) and one from the publisher (who is doing so to create a record of acceptance on the blockchain).
When Benja matches the two parties and receives an ad serve request from a publisher property which passes our traffic verification test, Benja can claim that an advertisement was served with confidence and the payout for the impression will be made. This record of verified traffic will be available on the public ledger and in a Benja-provided dashboard accessible by the involved parties.”
This coin-based system will be integrated into Benja’s two online properties, including the Benjamin 60 second advertising app and the company’s existing display advertising system.
Who’s Behind BenjaCoin?
Benja’s parent company, EPHE Corp, was founded in July 2014 by Andrew J. Chapin and Tommy Goode. Today, Chapin is president and CEO of the company while Goode is the CTO. Chapin previously worked at Feathr, Color Labs, Vermont Spirits Distilling, and Microsoft, while Goode worked at Verigo, Feathr, and GE Energy after graduating with a computer engineering degree from the University of Florida. Rounding out the executive team is Morgan Reilly (CMO). The three-person executive team has known each other, collectively, for 16 years.
To date, Benja has raised $700,000 from equity partners and firms. It has also earned $50,000 in prize money (from various accelerator programs and awards), and holds $25,000 in credit from BlueVine and Capital One.
The Benja Coin ICO Token Sale
The BenjaCoin (BENJA) token sale began in August 2017 and ended on September 1, 2017.
Today, you can continue to buy BENJA from EtherDelta. As of January 2018, one BENJA is selling at a price of around 0.000023341 ETH. You can also purchase BENJA from Orderbook.
BENJA is not yet listed on CoinMarketCap. However, the tokens can readily be purchased online today from the two exchanges mentioned above.
Benja Coin ICO Conclusion
Benja is staking its successful three year advertising business on BenjaCoin and blockchain technology. The company seeks to improve the efficiency and transparency of its advertising system using the Ethereum blockchain and its BenjaCoin token.
To learn more about Benja’s advertising ecosystem, visit online today at BenjaCoin.com.