The Oyster Protocol enables websites to silently generate traffic revenue as visitors perform Proof of Work for a decentralized storage ledger.
This made a lot of sense since advertisments are being heavily blocked, which is understandable since they are a sore to the eye and degrade the esteem of even the most professional of websites. Targeting specific market audiences for adverts is a hit or miss, and if it hits then there are probably a lot of privacy concerns that comes with it.
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.
What is Proof of Work (POW)?
Proof of work is the system used by Bitcoin and other altcoins. In short it means that you can only mine the cryptocurrency if you can show that you have used enough computational power to process the block, this can be done by anyone and the incentive for mining the block is usually a certain amount of the altcoin.
Proof of work a cryptographic technology that was created by Adam Back which allows us to prove that certain info is valid based on the amount of hashpower that has went into its computation. Bitcoin uses this technology as miners of Bitcoin must demonstrate the amount of hashpower/computational power they put into mining the block.
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.
Their Token
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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.
Project's Website: https://oysterprotocol.com/
Project's WhitePaper: https://oyster.ws/OysterWhitepaper.pdf
Twitter page: https://twitter.com/oysterprotocol?lang=en
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This looks very interesting, if I include this line in a site, how frequent are payments? Do I need an ethereum address?
Thanks for sharing, i didn't hear about this before. Adblock's becoming a bit of a problem and i've lost about half my traffic to it since 3Q last year.
I'd be interested to see the payments / frequency before adding the code to my site. If it's monthly or quarterly then it would make sense for me.
@numpypython Yes.. AdBlocks are destroying the revenues, Well, the Testnet Release A is expected for next week, we'll see all the mecanics then.