Papyrus Releases the World’s First Digital Advertising Blockchain Ecosystem
Originally published on: CoinSpeaker
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March 15, 2018
Today blockchain technology is rapidly changing the way applications are built and function on the internet. Its key advantages reorienting so many facets of our lives run on core principals of decentralization and security that offer tremendous potential for further development of the Internet landscape especially in terms of digital advertising.
Digital advertising, the blood and fuel of the internet economy, has transformed the way goods and services are marketing, nevertheless remains a complex system of incompatible components with a host of issues to be addressed.
Being on the crest of a blockchain wave, Papyrus has a vision to disrupt the chaotic patterns and inefficiency of digital advertising by building a completely new advertising technology stack.
The project backed by a team of experts with strong backgrounds in in both advertising and blockchain technologies, is set to become the future monetization vehicle of decentralized internet apps and transform online advertising into a highly transparent, consistent and lucrative domain for all the participants in the advertising community.
Abeed Janmohamed, CEO of Papyrus, sheds a light on a breakthrough concept of the innovative platform saying:
“Papyrus endeavors to transform online advertising into a highly transparent, consistent and lucrative domain for all the participants in the advertising value chain. Although Papyrus is a disruptive platform, it will deliver invaluable benefits for existing publishers, ad platforms, agencies and advertisers by enabling interconnectivity between decentralized applications and digital advertising.”
On March 14, 2018, Papyrus has reportedly launched its MVP that consists of three primary components – Papyrus Advertiser Account and Demand-Side Platform (DSP) backend, Papyrus Publisher Account and Supply-Side Platform (SSP) backend, and Papyrus Viewability Verifier, connected to Papyrus blockchain platform.
Later this year, Papyrus is going to unveil its open-source blockchain network where the current MVP will be migrated. The Papyrus blockchain network will be an Ethereum fork, which will reduce the cost of smart contracts execution and ensure transaction privacy using dPoS consensus and zero-knowledge proofs.
Moreover, smart contracts with automatic restrictions on payments take over control of all calculations between advertisers and publishers increasing the quality of transactions by independent verification service suppliers.
Data-scalable smart contracts allow Papyrus to endorse verification vendors into the ecosystem to prevent fraud and provide tamper-proof and secure environment for chain parties. The MVP is deployed on Ethereum TestNet Rinkeby and will be launched in Ethereum MainNet after the second Token Generation Event.
This innovative technology underlying Papyrus’s ambitious mission removes the inefficiencies and challenges, such as user animosity, lack of transparency, payments and brand safety within the digital advertising industry. Papyrus has developed a disruptive decentralized platform that uses a combination of integrated technologies in order to transform and unite the entire digital advertising market into a single comprehensive ecosystem while offering unmatched transparency, fraud reduction, advanced layer of security and cost effectiveness by the means of smart contracts and encryption.
The potential market for the Papyrus network is enormous. Due to its data scalability and privacy protection capabilities, it can be applied to extensive range of use cases not only within the advertising industry but for all business applications to build high-frequency trading solutions backed by smart contracts, automatic loan issuance based on dynamic scoring, and many other scenarios, including in the Internet of Things market.
The main technology advantage of Papyrus is the ability to collect and validate large volumes of raw data sets from advertising companies and execute smart contracts within the blockchain itself, while preserving payments and privacy.
According to the project’s press release, Papyrus does not intent to become a commercial infrastructure instead it focuses on creating an open-source blockchain architecture that will complement all existing platforms and advertising networks, providing them with transparent and secure settlements through smart contracts.