It was announced today that the Oyster Protocol testnet will be launched no later than January 31st. This puts them on schedule to meet the expectations set forth in their roadmap. Once the test net is launched, users will be able to upload and download files to the IOTA Tangle.

Symbol: PRL
Current Price: $1.21
Circulating Supply: 62,366,927 PRL
Exchanges: EtherDelta, U-Coinex, Kucoin, CoinExchange, Cryptopia

What Is The Oyster Protocol?

According to the white paper:

The Oyster Protocol enables websites to silently generate traffic revenue as visitors perform Proof of Work for a decentralized storage ledger.

Oyster Protocol (PRL), formerly known as Oyster Pearl, is an ERC-20 token based on the Ethereum blockchain which also incorporates the use of the IOTA Tangle. The platform aims to provide a web-based, decentralized and anonymous storage mechanism. Website owners and application developers are receive incentivized payments to install a line of HTML code within their sites or apps. Users can spend PRL to store their data on the IOTA Tangle where 1 PRL token equals 1 GB of storage for 1 year.

Website visitors, whose computers are acting as nodes, engage in a proof-of-work treasure hunt of sorts as they browse websites which have PRL embedded in data maps of uploaded files. While hunting for this treasure, the data is committed to the tangle so that it is retained longer.

The functionality of Oyster removes crappy intrusive advertising and offers revenue streams to websites like this one who don’t want to bow down to Google in order to monetize all their brilliant content.

Should I Buy PRL?

I think it’s risky. Personally, I’m not holding any, but I am holding Storj, which offers a similar function. I think decentralized storage is a great idea, but I’m not quite sure how it’s going to pan out or whether it’s a technically feasible and scalable idea. I’m going to do some more research before making this decision. There are some concerns, but we’ll address those in a future article which details the technical functions of the Oyster Protocol.