Revenue, in Just One Line of Code
Estimated time to read: 5 minutes
Bouncing back from a feeble Initial Coin Offering, Oyster Pearl has become the hot ‘moonshot’ topic in crypto circles. Looking to tackle two significant digital problems at once, it’s little wonder this currency carries with it such excitement. Simply put, a successful Oyster Pearl project has the potential to modify the internet’s current revenue-making systems.
However, everything will be dependent on Oyster Pearl shaking off the setbacks of their uninspiring ICO, overcoming technical issues posed by Tangle software, and being able to encourage mass-adoption despite their CEO, ‘Bruno Block’, remaining anonymous.
What makes $PRL so special? Right now #IOTa nodes are run profitless by enthusiasts. Once #OysterPearl is launched they will be financially incentivized with #PRL to run nodes. The Oysterprotocal is one of the most genius ideas for the IOTA Tangle.— Indeed (@theycallmelix) January 8, 2018
Technology & Use Case
While typically Tech and Use Case are separate sections, they will be combined herein for the sake for brevity and clarity.
What Oyster Pearl is attempting to do can loosely be narrowed down to two main objectives.
Firstly, Oyster Pearl attempts to remedy the stalemate between advertisers and ad-blockers by empowering websites to generate revenue by adopting a single line of code. Secondly, Oyster Pearl looks to decentralise online storage by combining the Ethereum blockchain with IOTA’s infinitely scaling Tangle software. The Oyster Pearl protocol will enable the Pearl token to be used and generate value for both users (who may also be miners) and websites.
A general breakdown may look like this:
- A person, wanting a secure, decentralised, and private method of storage, will pay a fee in Pearl tokens for a certain amount of gigabytes of storage. They can upload documents, videos, etc, onto this platform.
- The person’s computer’s (or other device) GPU and CPU can then become accessible by the sites they visit. The device, and all other devices apart of the system, will authenticate the right to upload this data to the decentralised ledger.
- Rather than users being paid for mining Pearls, website owners and content publishers are directly paid for providing ad-free content and contributing to the data storage network. Websites would thereafter have no incentive to run advertisements.
Altogether this technology is still early in its development and it remains to be seen how effective this could be under mass adoption, questions still linger: What will be the relationship between the Pearl token and storage space as price (hypothetically) skyrockets? As the Tangle network was not built with the intention of storing data, is the Oyster protocol even workable until IOTA implements the 'sharding' update? And, more generally, are Pearl tokens really enough incentive to do away with advertisements, the grounding source of income for most websites?
Overall, the proposition is compelling from a technical and theoretical standpoint, and the hard effort put in by the Oyster Pearl’s engineering team in recent weeks are evident on their Github page (although most recent activity does appear just related to the website revamp). However, until their script is being widely used and users are opting to use this decentralised storage ledger, it’s impossible to discuss this from anything more than a vague theoretical standpoint.
Our rating: ★★★☆☆
After the recent rebranding, the team now consists of fifteen individuals — and is still looking to hire more — who have a diverse and impressive background in software engineering, design, and business development.
The biggest red flag of the project is the anonymity of CEO, Bruno Block. Given that there are few centralised measures of recourse and remedy for scams and foul-play in the crypto-realm, investors have come to expect that teams remain completely transparent about their identities and activites. If the CEO and chief architect of the system can’t be entirely transparent about his identify (despite actively communicating on medium), the community sentiment and faith in the project will always be limited. When Bruno was queried in the offical Telegram about this, he responded:
“(I am anonymous) because I invented the protocol and that could have political repercussions in the distant future, considering the protocol is the first to enable truly guaranteed storage privacy.”
While it’s nice he’s ambitiously forward-thinking, this is an incredibly weak and deflective response which anyone invested should take cautious note of, especially considering the wide array of cryptocurrency CEO’s and personalities already far, far higher in the public sphere.
However, Bruno’s anonymity does not discredit the rest of the team. Recent additions to the Oyster Pearl team have years of blockchain development experience, and as of yet there is no reason to doubt the qualifications or technical prowess of the other members.
Our rating: ★★★☆☆
Oyster Pearl has a dedicated, vocal community supporting the project. However, the marketing behind Oyster Pearl has only just taken off and is still in hot pursuit of its soaring Market Cap. The team, ill-prepared for the sudden growth in adoption, have had to revamp their website and branding — which are all important steps in securing the longevity of their product. A quick glance is all that’s needed to see how slick and modern this refurbishment is.
Oyster Pearl also boasts a still-active Telegram, growing Reddit presence, and developers who frequently respond to community questions and feedback. Compared to other coins of a similar Market Cap, the breadth and passion of the community only further hints at the longevity of the project.
Unfortunately, much of the current dialogue and advertising done on social media centre on price increase, climbing Market Cap, and #Gains. These are the typical telltales of vacuous tokens which have nothing to offer, which just isn’t the case for Oyster Pearl. Hopefully in the oncoming weeks, and as a validating follow-up to their rebrand, the marketing direction can pivot to promoting the technolgy and any secured business partnerships.
Our rating: ★★★☆☆
The Oyster Pearl project is ambitious and technically complex — too complex to be condensed in a 900 word article — with the potential to shake-up the entire online advertising industry. There still remain questions about pricing and storage utility, but it’s expected these will be addressed in the coming months. However, market sentiment would be sure to improve if Bruno Blocks — whoever he or she is — would unveil themself and be more accountable to the crypto community.
While still a new kid on the block, the recent branding and addition of experienced team members are hints that this project has greater heights to reach.