New WordPress plugin will add crypto functionality to the platform
The plugin is called EthereumAds and essentially facilitates the auction of advertising space for the Ethereum. This will allow users of the system to get revenue from advertisements in the form of Ethereum. At the same time, it will allow advertisers and resellers to settle advertising space payments using Ethereum tokens.
EthereumAds is one of the many crypto extensions available for users on the platform. The extension is compatible with WordPress blogs and independently hosted sites.
How it works
The new plugin works in a similar way to other auction-based advertising platforms, with the only difference being the payments section. EthereumAds will automatically reserve ad space for the highest bidder for 14 days. However, it only processes payments through Ethereum.
Since its launch, the WordPress platform has had an intermittent and fragmented relationship with digital assets. WordPress was one of the first platforms to allow Bitcoin payments when cryptomoeda had not yet gained great popularity.
However, WordPress ended its relationship with Bitcoin in 2016, four years after the launch of the feature. The platform cited an increase in Bitcoin rates as the reason for the cancellation of the option.
Hundreds of crypto extensions have appeared and been integrated into WordPress ever since. The most common are donation buttons, price quotes and payment buttons. At the time of writing, there are more than 300 crypto plug-ins available on the platform. EthereumAds will be a direct rival to the already established Google AdSense.
Google AdSense is the leading and most popular program for embedding ads in the WordPress platform. However, it has not had a regular operation since its introduction. The service has been criticized for demonetisation reports on more than one occasion in the past.
AdSense uses traditional banking methods to process payments. These methods can be blocked by third parties, such as YouTube, as reported by the Business Insider.
Ethereum Ads will attempt to eliminate these problems using the decentralized cryptoma-based payment system. This approach means that transactions will not be blocked or interfered with by third parties.
There are several other crypto-based monetization systems that use a similar approach, such as Coil and Brave. That said, it is unlikely that crypto plug-ins will replace the traditional ones that pre-exist soon, as crypto is still at an early stage.