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AdChain Basic Review


  • It is assumed that when purchasing tokens the investor obtains a share in the AdChain project by using the distributed data registry technology. Today it is impossible to do it legally.
  • Certain payments in the form of dividends are not provided.
  • After the project launch, the owners of tokens will earn revenue from the verification of advertising services.
  • It is planned to fully launch the functionality only in February 2019.
  • The code of the main functionality has not been disclosed for the community audit, beta testers have not been named, and the technology revealed vulnerabilities.


  1. After the project launch, the cost of the AdChain tokens will depend only on its implementation success. The more companies connect to the system, the greater the demand for tokens will be. To a great degree it will be influenced by the fact whether the digital advertising market moves to Blockchain technologies, as a whole.



AdChain emerged as a result of the cooperation between such companies as MetaX and ConsenSys1. MetaX develops and implements open platforms for digital advertising. ConsenSys is a venture-based studio that produces decentralized applications. AdChain will be used to supply advertising traffic to MetaX services.

The main goal of AdChain is to solve one of the main problems of the digital advertising market - the impossibility to completely trace the "supply chain" of advertising traffic and to unambiguously determine which resources supply high-quality traffic, and which "lay up" by using bots. Besides, the new system is designed to unify the standard of CPM (Cost Per Mile) cost calculation that shows the cost of showing ads to a certain number of users.

The set tasks will be solved by creating a register of "bona fide" websites. It will be determined by voting of tokens holders.


This project is planned to occupy a niche on the market of online advertising. In 2016 the market volume is estimated on the level of $542.55 billion2. Year to year, the market displays the growth at an average rate of 20%3. At the same time, more than half (51%) of all traffic falls on mobile devices. Analysts of this industry expect the growth of mobile commerce. The growth rates for 2017-2018 are forecasted on the level of 24%.


The AdChain registry is a dapp implemented with the aid of smart contracts on the Ethereum platform.

The registry interface allows tokens holders to vote according to the resource accreditation, add a resource to the vote, and correct the decisions that have already been taken. Voting takes place according to the following algorithm:

The website pays N adTokens for accreditation. The system participants (tokens holders) research the due diligence of this advertising resource and record the results in the register. In the future paying N adTokens advertisers obtain a "blank page" of Internet websites where it is safe to advertise.

According to the developers, the adChain protocol is currently at the stage of private beta testing among a limited number of companies that are not disclosed. The analysis of Github11 distributions shows that the basic functionality has not been implemented. Only testing tools for individual functions have been posted.

Hacked.com reviewed the AdChain technology where it showed real vulnerabilities21 of this algorithm. When put into operation, speculators can manipulate the registry, since the system is designed for a sufficient number of active and rational participants.


The official website of the company4 contains links to the White Paper. The document specifies basic information about the project, development plans, and ICO details. At the same time there is no information on the technical implementation of the project. The developers would rather divide technical and business information into different documents. The website also lacks the "Terms of Use" section.


The launch of the ICO is scheduled for June 26, 2017, around 9AM PDT / 4PM GMT (on block 3,939,181). More detailed information you can find HERE.

During the ICO, the company is going to sell 1 million tokens. 100,000 tokens (10% of the issue) have already been sold during the pre-ICO, the remaining 900,000 will be distributed as follows

  • 400,000 (40%) will be transferred equally to MetaX and ConsenSys,
  • 500,000 (50%) will be sold on the open market with the expectation of gaining $10 million for them.

We have failed to find information in public sources on the interest in ICO on the part of well-known investors or funds to whom tokens were sold during the pre-ICO. It is impossible to check out this information publicly.

It is positive that ConsenSys and MetaX will block their tokens after the ICO: half of them will be blocked for 6 months, the other half - for 18 months.

The team is going to use 40% of the raised funds to finance the project, and it is planned to sell the remaining tokens in the future when the voting technology is fully launched.


At the initial stages MetaX plans to make the project non-commercial in order to attract more users. The White Paper presents the following stages of development:

  • June 2017 - adToken ICO,
  • August 2017 - deployment of the pilot register,
  • September 2017 - listing on the Exchange of Crypto-currencies,
  • October 2017 - launch of the advertising campaign of the application;
  • January 2018 - the beginning of product sales,
  • August 2018 - launch of the token voting system in the register of advertising websites, and
  • February 2019 – completion of the decentralization process, the application becomes available for all tokens holders.



The whole team of specialists from various companies works on the project: ConsenSys, MetaX, the Data

  1. Marketing Association, and the adChain Association. All project participants are public, they have profiles on professional resources. Engineers and programmers constantly publish their developments on


SEO: Ken G. Brook III (LINKEDIN13) - successful entrepreneur. He has been developing technology companies since 2010. Before that he was a co-founder and executive director of MetaX. He founded VidRoll that specializes in the monetization of Internet content. He has experience of working both with traditional media resources and digital advertising systems.

Chief developer: James Young (LINKEDIN14) – He has more than 20 years of software development experience. He specializes in working with streaming video and developing computer games for mobile platforms. He had started its work with the InterVU start-up that was later sold to Akamai. He has experience of working for such companies as Cisco and Zynga.

Project advisors:

Raleigh Harbor (LINKEDIN15) – He has more than 20 years of experience in SaaS software, online media, digital advertising, and business services. Currently he is working for ATON Fortis, the company that specializes in strategic consulting for startup companies in Los Angeles.

Ameen Soleimani (LINKEDIN18) – He has been working for ConsenSys as a software developer since the 2016 summer. In addition to AdChain, he works on p2p systems of the energy market, and decentralized hedge funds. He graduated from the Rensselaer Polytechnic Institute.

Mark D'Agostino (LINKEDIN19) – For the recent ten year he has been working in the area of business consulting and focuses on financial services. Before joining ConsensSys, he used to be a managing partner in the Enterprise group. He succeeded in integrating blockchain technologies into the banking, energy and government systems.

Among the consultants there are also Mike Goldin16, Shailin Dhar17 and Miguel Morales.20


AdChain is mentioned in popular media: the company's founder, Ken Brook, gave an interview for Forbs5 where he talked about technology and development prospects. The company's review is published in Coindesk6, a popular resource in the crypto industry. Besides, many profile publications mentioned the company in their reviews. Among them there is ethnews7, thebitcoinnews8, emarketer9 and others.

Ken Brook actively participates in conferences. He spoke at the Digital Media Conference in New York City on June 5-6, 20171 and The Advertising Research Fund's Audience Measurement Conference in Jersey City on June 12-13, 2017.

As for disadvantages, we can note the lack of information from the ICO on popular resources such as tokenmarket.net.


The website does not have details to contact the project developers. For communication, you will need to use specialized resources such as reddit10, or to search for contacts in the White Paper. Besides, we pay your attention that the project does not have a thread on the bitcointalk.org resource.


  1. Project blog - https://medium.com/@AdChain/introducing-the-adchain-registry-cc5b8b831a7e
  2. Estimation of the market and project review - https://bits.media/news/adchain-i-consensys-sozdayut-platformu-tsifrovoy-reklamy-na-blokcheyne/
  3. Statistics of e-commerce market - https://www.emarketer.com/Article/Mobile-Ad-Spend-Top-100-Billion-Worldwide-2016-51-of-Digital-Market/1012299 Official website - https://www.adchain.com/
  4. Interview for Forbs - https://www.forbes.com/websites/roberthof/2017/03/21/how-metax-plans-to-use-blockchain-to-stop-ad-fraud/#f1cb0f459da6
  5. Review at coindesk - http://www.coindesk.com/advertising-trade-group-use-ethereum-tokens-fight-online-fraud/
  6. Mass media- https://www.ethnews.com/the-adchain-service-will-eliminate-false-bot-traffic-data-for-advertisers
  7. Mass media - https://thebitcoinnews.com/metax-and-consensys-announce-adtoken-sale-june-26-2017/
  8. Mass media - https://www.emarketer.com/Article/How-Blockchain-Could-Give-Big-Boost-Fight-Against-Ad-Fraud/1015875
  9. reddit - https://www.reddit.com/r/adChain/comments/6f3qur/how_do_i_buy_your_token/
  10. GITHUB - https://github.com/AdChain/AdMarket
  11. White Paper -http://https://adtoken.com/uploads/white-paper.pdf
  12. LINKEDIN - https://www.linkedin.com/in/kenbrook
  13. LINKEDIN - https://www.linkedin.com/in/jamessyoung
  14. LINKEDIN - https://www.linkedin.com/in/raleighharbour
  15. LINKEDIN - https://www.linkedin.com/in/skmgoldin
  16. LINKEDIN - https://www.linkedin.com/in/shailindhar
  17. LINKEDIN - https://www.linkedin.com/in/ameen-soleimani-97181942/
  18. LINKEDIN - https://www.linkedin.com/in/markdagostinocpa
  19. LINKEDIN - https://www.linkedin.com/in/miguelmota
  20. Hacked.com - https://hacked.com/ico-analysis-adtoken/
The information contained in the document is for informational purposes only. ICORating received monetary compensation from the entity rated in this report for completing the ratings report. However, the entity rated in this report did not have the opportunity to approve this rating report before the report was published, nor did the rated entity have the opportunity to edit or remove this report once it was published. The views expressed in this document are solely those of the ICORating Team, based on data obtained from open access and information that developers provided to the team through Skype, email or other means of communication. Our goal is to increase the transparency and reliability of the young ICO market and to minimize the risk of fraud. We appreciate feedback with constructive comments, suggestions and ideas on how to make the analysis more comprehensive and informative.