The ICO project in one paragraph: Oyster wants to be the new paradigm for the internet economy that breaks the stalemate between advertisers and ad blockers. 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 micro-puzzles that 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 maintain the retention of such data whilst hunting for the spent PRL. This means that Oyster is the economic bridge between content publishers, content consumers, storage providers, and storage consumers, therefore unlocking the hidden revenue potential of the web.
What makes Oyster different: To my knowledge, there is no project that takes an approach even close to what Oyster accomplishes. The most well known example of a token that attempts to solve the issues of the digital advertising industry is BAT (Basic Attention Token). They designed their own browser called Brave, which rewards user attention to advertisements.
The first issue is the unrealistic expectation that any significant amount of users would ditch Google Chrome and it’s likes to install their own browser. It is highly more likely that a user will simply install ad block plus instead of switching to Brave. The second issue is that adverts are still distracting and invasive. They take up precious pixel space, often break the content and design continuity of websites, and are rarely politically neutral. Adverts must always be manually interpreted and approved for ethics compliance, therefore the system can never be fully decentralized. A famous example of a website that understands the inherent flaws in banner advertising is Wikipedia.
With Oyster, the first adoption issue does not exist because website owners need only add one line of code without having to go through any registration nor approval. The Oyster network is completely decentralized so no one can block them from generating revenue. The second issue is also non-applicable because adding Oyster to a website does not show anything on the screen, therefore respecting the aesthetics and neutrality of the website. To illustrate the unseen economic potential of this design, imagine the revenue generation of Wikipedia adding Oyster. Wikipedia would be able to pay for server costs without having to solicit their users for donations every year (which breaks design/space aesthetics like adverts and financially burdens the users themselves).
Token utility: The PRL token is a utility token that performs a crucial role in the Oyster network. PRL tokens are randomly embedded among the encrypted data structure of user uploaded files. These files are physically retained across the topology of the IOTA Tangle. Therefore the PRL tokens are spread out across the Tangle to induce a treasure hunting incentive. When a website visitor’s browser searches for PRL on the Tangle, it is compelled to perform Proof of Work which guarantees the retention of such data on the Tangle. PRL is an ERC20 token that adds two important custom functions: bury and claim. The usage of these smart contract functions means that the embedded PRL is gradually released over the storage duration of the data. This guarantees that if a user pays for data to be stored for two years, it will persist for a minimum of two years.
Actual partnerships or strategic relationships with other companies or organizations: none stated yet.
Raised funds usage after pre-sale finishes: There is a maximum total supply of 120 million PRL, evaluated at 12,000 ETH, in which 15% is reserved for development bounties and 5% is reserved for marketing and partnership facilitation. The purpose of selling PRL for ETH in the crowdsale is not to build stake in a company like ICOs/IPOs, but instead to attribute monetary worth to the PRL token so that it becomes coveted by website owners.
Token sale schedule: The PRL token sale will begin on October 21st 2017 16:00 GMT. The sale lasts until either the 96 million hard cap (80% of total supply) is reached, or until 12 days pass, which ever comes first. Therefore after November 2nd there will be no way to buy PRL except via OTC (over the counter) from people that participated in the sale, and eventually exchanges.
As a conclusion, here are TokenCouncil’s ratings:
Project idea: 10/10
Token utility: 10/10
Partnerships/real world usage: 5/10
Overall media buzz: 7/10
Communication channels and openness:10/10