A Japanese video platform service called c0ban.tv has started its expansion into English-speaking markets, the startup team has reported to Cointelegraph. The platform has its own cryptocurrency and has been developed by the LastRoots corporation, famous for its popular cryptocurrency exchange.

Buying lunch with crypto

The c0ban.tv platform publishes short video ads, already with over 50,000 active users and 5 million transactions per month, according to the startup team.

The concept of c0ban is based on combining blockchain and video advertisement. The core idea of c0ban is that a user can get paid with c0ban coins (RYO) for watching advertisement videos posted on c0ban’s web application.

This c0ban mechanism is similar to websites that offer reward points to their users. In order to get rewards, a user needs to sign in to the c0ban.tv web application and watch the videos that appear on the screen.

There are three huge problems for the video advertising market that the industry faces right now: Users tend to skip video ads, they do not watch them in full and the current ads are not cost effective. According to the c0ban team, their application and platform can solve these problems by paying users to watch videos.

According to c0ban fans blog, there are stores in Japan that accept RYO. Users can, for instance, watch a few videos, get paid with c0ban cryptos and buy lunch with those coins. Although the number of such stores is still quite small, LastRoots is actively working to expand, a company’s representative told Cointelegraph.

Middle age samurai coin

“C0ban is named after a Middle Ages Samurai coin, named Koban. C0ban is the first challenge for us to spread the technology to the world. We will be pleased if we could provide a trigger to people to feel the revolutionary world of decentralized consensus,” reads the c0ban website.

According to the website, c0ban is a proof-of-work (PoW) cryptocurrency that is designed to make it easy for everyone to enter the blockchain world. The genesis block was mined on Dec. 15, 2016 and so far over 26,000,000 RYO have been issued. The target number is 88,000,000 RYO.

С0ban.tv held one of the first ICOs in Japan in July 2016 and succeeded in raising about $6 million. Its app was released in February 2017, with the cryptocurrency listed on a Japanese exchange in March 2017. Today, the c0ban trade volume has reached 100 million trades.

On December, c0ban will be listed on the Latoken exchange and will be able to be traded for Bitcoin and Ethereum. The c0ban cryptocurrency has been on the market since Dec. 15, 2016, when it was officially launched. The c0ban startup team has decided to move forward and expand worldwide, making its way to a broader audience.