Canada-based social media and technology firm Mijem, Inc. has announced on April 6, 2021, that it has successfully secured investment from global financial group Ayre Group Ventures, which is committed to funding ground-breaking business ideas and investing in innovative technological enterprises. The former is the creator of Mijem, an online social media marketplace that provides a platform for students from the United States and Canada to buy, sell and trade goods and services with each other, with the goal of helping Generation Z earn and save money while studying.
The investment from Ayre Group Ventures will be used to subsidize Mijem’s impressive growth program that includes the implementation of a cashback loyalty system using Bitcoin SV (BSV) as a token and its blockchain as technological support. At present, Mijem is already affiliated with 70 universities from the two countries, and these include the University of Texas, the University of Toronto, the University of British Columbia, the University of Michigan, and the University of Miami.
“Mijem continues to demonstrate the value of the innovative social marketplace model they have pioneered across a growing network of university and college campuses in North America. At Ayre Group Ventures, we share many of the values which have made Mijem successful—speed, efficiency, accessibility—and see a great opportunity to work with their team to further develop the Mijem offering with Bitcoin SV and play a part in their ongoing success story,” technology entrepreneur and billionaire philanthropist Calvin Ayre stated. Ayre is also the founder of blockchain conglomerate CoinGeek and Ayre Group Ventures.
The Bitcoin SV blockchain promotes responsible social media use through its ability to provide immutability, transparency, and integrity of data, as well as an incentivized model that allows users to earn through creative and original content. Twetch is a good example of a successful implementation of social media on blockchain. It is made possible because the Bitcoin SV blockchain has restored the original Bitcoin protocol through the release of the Genesis Upgrade.
In doing so, the protocol is now set in stone and as stable as can be—much like how the Internet protocol has barely changed throughout the decades. The upgrade also unlocked the blockchain’s potential for unlimited scaling, which means that it can accommodate increasingly bigger data and offer low-cost microtransactions.
“Mijem evaluated several digital currencies that would be of value to our customers and Bitcoin SV clearly is a great fit for Mijem. Bitcoin SV is what the original Bitcoin white paper envisioned, a fast, inexpensive, peer-to-peer electronic cash system – and all these characteristics are important for Mijem’s Gen Z target market. Ayre Group Ventures shares our vision, having already invested in numerous firms building Bitcoin SV services and solutions that we may be able to leverage going forward. Ayre Group Ventures is an ideal partner for us, and on behalf of Mijem, I’d like to thank Ayre Group Ventures for their investment, support, and vote of confidence,” Mijem founder Phuong Dinh said.
It cannot be denied that there has been a surge in social media use during the pandemic, and irresponsible users have been the cause of the spread of fake news that has led to misinformation and confusion. With social media on the blockchain, fake news and other cyber-criminal activities can be minimized. All actions are chronologically and immutably recorded on a public blockchain, and this serves as evidence of wrongdoing. With data easily accessible, perpetrators can be caught and appropriately punished. This kind of ecosystem will definitely serve Mijem well.