MUMBAI: If you are a wordsmith and a bitcoin enthusiast, this new initiative should excite you. SearchTrade, a new start-up, is set to reward internet users for the time they spend on search-engines that have been integrated with the company’s platform. So each time the user searches for information, he will be rewarded with satoshis (A satoshi is the smallest fraction of a bitcoin, 1 bitcoin is equal to 100,000,000 satoshis).
The user can even up his game by buying keywords. When others search for this keyword, he gets a return, once again in bitcoins. Keyword prices are set by the open market and SearchTrade provides an exchange platform for users to buy and sell keywords. In the pre-sale stage itself, SearchTrade has sold 389 keywords and generated 155 bitcoins (The purchase value of a bitcoin in the recent past in India has fluctuated between Rs. 14,000-15,000 approximately). Words as wide ranging as ‘get’, ‘can’, ‘find’, ‘college’ and ‘wine’ have found buyers during the pre-sale stage.
“Search is the single most important activity on the internet. Everyone does it, every day. Search drives far more traffic than any social network or viral news site, and it makes a ton of money. We’re asking people to imagine how much better the internet would be if everyone could share the benefits of that activity,” says Vishal Gupta, co-founder and CEO at SearchTrade.
“The principle behind SearchTrade is simple: give a share of financial rewards to all stakeholders involved in the search process and not just the company providing the platform. Bitcoin micropayments make this possible,” he adds.
This start-up has recreated the community-pool concept. SearchTrade’s platform will collect revenue from ad sales, keyword trading commission and keyword renewal fees and push it into the community pool. The pool will