Take A Look At Oyster! Powered By The IOTA Tangle

Why are we talking about Oysters?

Well, Oyster is a fairly new company that enables websites to silently generate traffic revenue as visitors perform Proof of Work for a decentralized storage ledger. Oyster was founded in early 2015 with their first foray into the initial concept of silent traffic revenue generation via Javascript/HTML5 localstorage.

What is Oyster?

“Oyster is the new paradigm for the internet economy that breaks the stalemate between advertisers and ad blockers. To accomplish this, Oyster provides web-accessible and anonymous data storage as a superior alternative to cloud storage. Website owners add the one line Oyster code to their site HTML to turn their visitors into treasure hunters that search for Oyster Pearls: the PRL token. Treasure hunting means a visitor’s browser performs light proof of work to discover embedded PRL in the encrypted data maps of uploaded files. Storage users spend PRL to reliably and anonymously store their data as website visitors’ browsers hunt for the PRL spent by the user. This means that Oyster is the economic bridge between content publishers, content consumers, storage providers, and storage consumers. By uniting all these separate parties, Oyster unlocks the hidden revenue potential of the web.” — Bruno Block, Protocol Designer and Lead Developer

Why does Oyster matter?
The world of advertising is facing a large problem, ad blockers. This is a problem because many industries are affected by advertising issues. The first industry is of course advertising. Advertisers must get a particular message out to their audience, and if the message is supposed to be delivered through websites, ad blockers are a big problem. They can’t do their job? The next industry that this affects is creative content publishers, who suffer from the same culprit, ad blockers and consumer indifference to ad offers. The second problem is that advertisements in general may be weak, they may not always target the needs of a user specifically and may seem creepy, thus making the experience on the site worse.

Oyster matters because they are proposing a simple solution. Add one line of code and you, the creative content publisher, could have another income stream. How? People who visit the website will give a portion of their CPU and GPU power to enable users’ files to be stored on a decentralized and anonymous ledger. By doing this, these visitors will indirectly pay the website owners for keeping up with the storage of their data.

What makes Oyster different?
At the time of this writing, Oyster seems to be unique, there doesn’t seem to be anyone else in this space who is seeking to tackle this problem. This would be a great benefit for Oyster, oyster can simply exist in a state of calm, while working on producing their pearl, their solution to the problem of
advertising. A project that may fall within the general domain is Brave, ” a browser with your interests at heart, browse the web faster by blocking ads and trackers that violate your privacy and cost you time and money.”

Brave saves you money by decreasing data charges in the downloading of ads and trackers, brave blocks them so you don’t have to pay for them. Brave has a BAT or basic attention token that’s coming soon, this platform would be a blockchain based digital advertising system that gives publishers a better deal and users a share of the revenue (more on that later).

But if you’ll notice, brave, has a different approach than Oyster. Oyster is proposing a completely different sort of solution that provides more convenience and less buy in from the website visitor.

Nuts and Bolts
Oyster, is a completely decentralized network, there is no need for consumers to adopt it, website owners simply insert one line of code, no registrations, no approvals. Its decentralization means revenue can be generated, with no worries of potential revenue blocking. With Oyster, as a website owner, you’re not adding another image/ advertisement that would annoy your users, you become one step closer to neutrality on your site.

Think about someone like Genius.com or another site who has frequent amount of visitors, If Genius, entered one line of code into their site, think about the sort of revenues could be generated by this mechanism. Genius and other sorts of sites like Wikipedia would be able to minimize server costs and wouldn’t have to rely on other sorts of funding, without annoying the user base!

Their Token
The PRL token is a necessary component of their Oyster Network, these tokens are randomly embedded among the encrypted data structure of user uploaded files. These files are then physically retained across the topology of the IOTA Tangle. This allows the PRL tokens to be distributed across the Tangle to incentivize the a treasure hunting component of the network.

When the visitor lands on the website who has the code, the visitor’s browser will seek for PRL tokens on the Tangle, it is pushed in a way to take this action. This action conducts the Proof of Work which guarantees the retention of the data on the Tangle. According to their lead developer, “PRL has an important aspect that must be distinguished, it is an ERC20 token. PRL is an ERC20 token and the heart of the Oyster economy that bridges the cash flow of storage users and website owners.”

This means that two necessary functions are present, the ability to purchase and to claim. When these smart contract functions are utilized, the embedded PRL is released over the storage length of the data. This means that if a user pays for the data to be stored for a year, it will be present for a year, if the user pays for the data to be stored for three years, it will be present for at least three years.

Token Sale
Their crowd sale ends on November 17, 400,000,000 PRL tokens available during the crowd sale and there is a hard cap of 80,000 Ether. PRL for ETH in the crowd sale is not for security or a stake in the company. Rather it is to increase the value of the tokens and make them in demand so the reason for the treasure hunt is valid for users and website owners.

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By | 2017-11-07T03:14:13+00:00 November 7th, 2017|Token Review|0 Comments

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