What is Oyster Protocol?
Oyster Protocol is a token which incorporates IOTA Tangle and Ethereum, aimed at addressing the current stand-off between advertisers and ad-blockers. Currently website hosts are losing revenue due to adblock, even worse, losing traffic as visitors are being forced to either turn adblock off, or pay a monthly fee for no ads — not for long. To fix the problem, oyster protocol provides a revenue stream to website owners by utilising a small portion of their visitor’s computer processing. The “work” done by the visitor’s computers is the back end “proof of work” needed to run Oysters encrypted secure data storage network.
How does Oyster Protocol work?
Lets put it like this…
John wants to store some sensitive data, he chooses to spend PRL to anonymously upload some files. The PRL is embedded in the uploaded files.
Sam decides to visit a website where Oyster Protocol is enabled, passively his CPU/GPU starts performing light proof of work to find PRL in encrypted data maps of uploaded files which are then fed back to the website host, effectively creating an entire revenue stream, cutting the need for adverts or fees.
Imagine this...
By fully adopting Oyster Protocol, Cryptocurrency exchanges could implement the code, allowing visitors to perform light proof of work in exchange for no trading fee’s. Now wouldn’t that be amazing.
Come and join the exceptionally active community
Website : https://oysterprotocol.com/
Telegram : https://t.me/oysterprotocol
Twitter : https://twitter.com/OysterProtocol
Reddit : https://www.reddit.com/r/Oyster/
Whitepaper : https://oyster.ws/OysterWhitepaper.pdf
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For the tech savvy…
How everything works on the Oyster Platform
Storage users spend PRL to store their data in a secure, reliable and anonymous manner. Storage users are important because they provide the initial cash flow to the system.
A broker node is a device that runs the Oyster protocol and maintains the databases of the IOTA tangle and the Ethereum blockchain. People that pay for broker node hosting automatically receive a share of the spent PRL in compensation. Broker nodes play a crucial role in the Oyster protocol because they provide ledger access to storage users and web nodes. Additionally, the broker nodes physically retain the user data.
Website owners install the one line Oyster code on their websites to generate additional traffic revenue. Website owners are important because they create and host content which website visitors want to access.
Web nodes are the browsers of website visitors. These web nodes perform proof of work that financially compensates the websites they are visiting. The work performed by the web nodes guarantees the retention of the data across the tangle topology. Additionally, web nodes generate revenue for the website owner which enables the creation and hosting of content.
The IOTA tangle is a blockless ledger that requires each transaction to perform individual proof of work. The payload capacity of a tangle transaction is used to store split parts of the uploaded data. Data that is uploaded via Oyster is physically retained across the tangle topology, which includes broker nodes and normal IOTA nodes.
The Ethereum blockchain provides the smart contract framework that grants the PRL token its unique attributes. These attributes are the custom bury() and claim() contract functions, which are required for the Oyster protocol to operate correctly.
