Papyrus ICO Review
Papyrus is a decentralized advertising platform built on blockchain technology. They describe themselves as “the world’s first fully comprehensive and highly scalable decentralized ecosystem for digital advertising which radically improves programmatic advertising stack to provide efficient, transparent and mutually beneficial environment for users, publishers, advertisers and decentralized applications (DApp) developers using blockchain architecture.”
After bushwhacking through that wordy sentence, one can conclude that essentially what Papyrus are aiming to make is a more efficient advertising platform, for all parties involved, using blockchain to replace middlemen such as Google AdWords and Microsoft Bing.
A few of the problems Papyrus lists on their whitepaper with regard to the current digital advertising industry are: poor user experience, user animosity, lack of data privacy, long and inefficient chains of intermediaries between advertisers and publishers, fraud, and inefficient value exchange.
Expanding on that, some of Papyrus’ main goals and objectives are to minimize the risks for advertising businesses from excessive government regulation as well as security breaches and criminal attacks. Moreover, Papyrus wishes to render the current system — which they feel is tedious and slow, devoured by transactional bureaucracy and corresponding offline paperwork — useless, and in its stead bring forth an economic system that incentivizes the developer community to produce more and more efficient applications as well as dynamically balance the interests of users, publishers, advertisers and developers alike.
How does it work?
The Papyrus project aims to solve the existing issues in the digital advertising industry by creating a decentralized ecosystem for the exchange of value between users, publishers and advertisers.
To better understand Papyrus, consider the way the programmatic advertising ecosystem currently works. Data management platforms (DMPs) collect and store all the users’ data on central databases. Demand side platforms (DSPs) use this data and work with marketers/advertisers and help them access ad spaces, while supply side platforms (SSPs) enable publishers to sell their ad spaces. These transactions are enabled by multiple ad exchanges (AppNexus, Microsoft Ad Exchange for instance) and ad networks (AdSense, Clicksor, AdWords to name a few).
The Papyrus ecosystem runs with the help of dApps (Decentralized Apps). Papyrus will create decentralized protocols on how the ecosystem should function on the Ethereum blockchain. Using these protocols developers will be able to build any kind of dApps (which will be bound by smart contracts based on the aforementioned decentralized protocols) with integrated advertising monetization economies for use within the ecosystem.
For example, Papyrus will create a default dApp for setting up the user’s account which will manage his/her identity and configure their preferences regarding exposure to ads and data sharing. Using this dApp, users will have the opportunity to control their own data and earn compensation for sharing their interests and other relevant ad targeting information with advertisers. There will be one default dApp for publishers which will identify them and create personalized advertising policies. Key elements of the advertising ecosystem like the DSPs and SSPs will have their own third party dApps and will be governed by Papyrus’ underlying decentralized protocols.
Layer 1 — Papyrus Core
The Core is the very basic layer of ecosystem governance which includes the upgradeable Papyrus DAO, smart contracts to maintain registries of different ecosystem participants, contracts for identity management, and decentralized real time bidding (RTB) support. The Papyrus DAO is responsible for ecosystem governance, dispute resolution processes, voting on upgrade proposals and more.
Layer 2 — Papyrus Scalability
This layer includes technologies providing the scalability and performance consistency necessary for Papyrus applications in real world programmatic advertising, such as the decentralized RTB (dRTB) event log storage, state channels network, and protocol; The Papyrus ecosystem will introduce a dRTB protocol that will serve as an extension of the traditional OpenRTB protocol.
Layer 3 — Papyrus AdTech Infrastructure.
The Papyrus AdTech Infrastructure layer includes all the components required to establish a complete digital advertising cycle within the Papyrus ecosystem and to create gateways with traditional adtech systems.These include SDKs and libraries providing APIs for the usage of user data, decentralized SSP and DSP implementations and gateways, and also an implementation of a unique market participant called an ‘auditor’ for fraud prevention and reputation management.
Layer 4 — Papyrus dApps
On the basis of the three layers of Papyrus architecture, developers will be able to build any kind of dApps with integrated advertising monetization economies for use within the ecosystem. All dApps integrated with Papyrus will constitute this final 4th layer.
There are already several projects that aim to leverage blockchain technology in the area of digital advertising. Some aim to challenge a certain aspect of the digital advertising industry, while others wish to revolutionize the entire digital advertising industry — BAT and QChain are notable examples. Papyrus seems to be like an ecosystem which can integrate a project like BAT within it in the form of a dApp. Papyrus is expected to solve the issue of scalability relatively fast, as the network infrastructure will be similar to Raiden Network or Lightning Network which will help it to support millions of ad impressions every second.
The Token Sale
Papyrus is planning to use a milestone-based approach and schedule several token generation (“TGE”) rounds: one on October 12th; another, expected in the coming months, along with the deployment of permanent smart contracts and pilot integrations; and a third, no earlier than 2019 when the platform achieves traction and volume, for which tokens will be already allocated and locked. During the first TGE Round, Papyrus will be building out its prototype ecosystem and begin pilot integrations with partners (including antifraud vendors, publishers, SSPs and DSPs).
Papyrus will be introducing two different tokens the: PRP (Papyrus Prototype Tokens) for use in the prototype system), and PPR (Papyrus Permanent Tokens) for use in the permanent version deployed along with the second TGE round. All 100% of prototype tokens will be exchanged to 15% of the overall permanent tokens. Both PRP and PPR are ERC20-compliant and will be used for payments, compensations, proof-of-stake deposits, service fees, and governance (voting rights).
Despite being registered in Singapore, most of the team members are based out of Russia . The team members bring in varied experience from multiple spheres including digital advertising, mobile traffic analysis, PR & marketing, software development and research. They have also hired a blockchain expert to help integrate the systems. Papyrus has 11 advisors supporting the project which includes team members from Ark, Bancor, BIC, BotScanner and Netcracker. Although the core Papyrus team lacks experience in developing blockchain based projects, they seem to have compensated this by hiring blockchain experts and experienced advisors.
Alexander Shvets — Product Director
Alexander has more than 7 years of experience in ad tech and more than 12 years in software development He is a Papyrus Product Director responsible for product vision, coordination between the business, marketing and developer units. He is also a Papyrus evangelist representing the project at conferences all over the world. Before Marilyn, he was immersed in Aori, an advertising aggregator for SME since 2010. Alexander founded Famous meetups MoscowDigital in 2015, connecting advertising professionals from all sides of Digital. LinkedIn
Leo Eletskikh — Technology Evangelist
Leo is a visiting lecturer on Master’s program called ‘System and Software Engineering’ at the National Research University — Higher School of Economics. Leo also has a background in investment and banking. He is the founder of @Tabee and @Softlation and continues to advise at these projects. LinkedIn
Elena Obukhova — Communications Director
Elena has more than 16 years of experience in marketing communications and PR in the spheres of Media and IT. Elena graduated with honors in 2001 from the Institute of International Business Education founded in partnership between the National Research University of Electronic Technology in Russia and the University of Tulsa, US. Her background in leading Media and IT companies includes international television and film production and right holder StarMediaGroup, Sheremetyevo International Airport, CTC Media Group, television channels holding NMG Group and social media network OK.ru. LinkedIn
Tanya Krishtopa — Product Manager
Tanya has over than 6 year of experience in web and mobile traffic acquisition. She shared her experience with such multinational companies as Banka Intesa, online travel agency anywayanyday.com and the largest Russian search engine Yandex. Her knowledge includes Infrastructure development for traffic acquisition and adtech processes automation. LinkedIn
Alexander Kholodov — Lead Software Engineer
Alexander is a Lead Software Engineer at Papyrus responsible for backend development and ad-related technologies. He has a solid background in advertising platform development from his 5 year tenure at Mail.ru and Yandex, two of the largest digital ad-systems in Europe. He has more than 10 years of experience in highload services development with firms such as my.com, Yandex and badoo.
Andrey Vlasenko — Lead Software Engineer
Andrey has a degree in Computational Mathematics and Cybernetics from Moscow State University and has a strong technical background and hands-on experience in software engineering. Andrey has also been a Senior Software Engineer at Sberbank Technology where he has gained significant experience with instant payment technology and financial markets risk management automation in the financial sector. LinkedIn
Igor Sokolov — Block-chain Engineer
Before joining the Papyrus team as a Software Engineer, Igor had an extensive career at Computer Vision working on performance issues in the sphere of computer video and graphics. He has more that 5 years of C/C++ programming experience developing and optimizing critical performance for video decoders/encoders, video editors and rendering using OpenGL. LinkedIn
Alexander Telegin — Mobile Software Engineer
Alexander has a degree in Marketing from Saint Petersburg State University and in Information Systems Management from the London School of Economics. Previously he helped drive emerging markets growth in the CEE region at Google working closely with SME advertisers and ad agencies. Since his time with Google, Alexander has turned to iOS mobile development, working on a range of projects, including open source p2p communications framework Thali. Alexander lead iOS development at mobile VR startup FullDive. LinkedIn
Thomas Hulbert — Ecosystem Evangelist
Thomas has degrees in the Humanities, Communication and Philosophy from California State University, Chico, in the US. He has worked in the US, the Netherlands and Russia and over the past 25 years has developed expertise in corporate communications as a writer, editor and spokesman in the sphere of PR, GR, shareholder communications, and client-side marketing.
Andrey Lyubimov — Research & Analytics
Andrey has a degree in Probability Theory from Moscow State University and has a strong mathematical and financial background. He worked as a Market Risk Analyst at Renaissance Capital and Promsvyazbank. Also he has held the position of Quantitative Analyst at Sberbank CIB. He has exceptional knowledge of critical finance-related IT systems such as Murex and Numerix. LinkedIn
Aleksei Pupyshev — Mobile Software Engineer
Aleksei has a degree in Neuroscience from Saint Petersburg State University. Previously he worked as a Data Scientist and Software Developer at QuantumBrains where he contributed to the development of quantitative trading and investment management. After QuantumBrains, Aleksei turned to client-side software development for both Web and iOS at Wrike Inc where he worked on a various projects, including features development for Wrike Workspace and iOS app analytics modules. In recent years Aleksei moved back to Data Science and Engineering. Aleksei lead the R&D team at Wrike Inc. LinkedIn