What is Oyster (PRL)?
Future of PRL Cryptocurrency and know how to buy PRL

#1 - What is Oyster

Oyster is one of the newly launched cryptocurrencies that is attracting crypto-enthusiasts thanks to its unique network integration features. The coin is gaining mileage due to its decentralized mesh network, which we’ll discuss down below.

Oyster: The Basics

  1. Oyster Pearls match users’ storage demands and monetization needs of websiteowners. Its cryptocurrency is denoted by the symbol PRL & has a total supply of 98,592,692 coins.
  2. Its ICO ran from October 21, 2017 to November 14, 2017. Oyster Pearls will be supplied for open beta of the Oyster Mainnet. Oyster Pearl is a ERC20 token. Users can spend PRL to host their data on Tangle’s network.
  3. It combines IOTA’s directed acyclic graph (DAG) technology with the smart contract technology of Ethereum blockchain. Proof-of-Work based tasks done by website visitors, with a decentralized storage ledger generates revenue for websites owners.

 

#2 - What are the Benefits of Oyster?

Oyster Development

  1. Oyster was developed by Bruno Block who is the CEO & Chief Architect. It has a strong and diverse development team of 19 core workers.
  2. Oyster has started working with the Transform Group, a reputed blockchain PR, advisory and marketing agency for better public relations.
  3. The developers are working to increase the limit of the files that are uploaded from 5Mb to 25 MB. The team is also trying to adapt to IRI for this. The Oyster Protocol is being iterated for improving file upload speeds & download speeds.

Oyster Technology

  1. Oyster stores users files on the IOTA Tangle, which stores surplus and trivial duplicates on Tangle’s network topology to prevent loss of data. Proof of Work algorithms by Oyster Protocol’s nodes enable data retention on Tangle.
  2. Website visitors help in this storage by contributing their CPU and GPU performance. The website owners are paid for this storage by the users storing their files, or in other words, for work done by the visitors. Visitors on the other hand, get to benefit from an ad-free experience on the website.
  1. Oyster produces Oyster Pearls via Ethereum Blockchain’s Smart Contract technology that activates tokens for Oyster’s operation. This technology permits only the pearls to be gradually released from Tangle’s embedded state.
  1. Decentralised applications are built on the mesh-net topology and protocol API. This generates traffic revenue as some portion of website visitors’ CPU and GPU power is used for file storage on anonymous ledger. Website owners generate revenue embedding one line of code on their website.

Features:

  1. Data Protection: Pearls are buried with a private key of an Ethereum address, which retains them into into the files which replaces the need to enter personal information, usernames or passwords. The node holders do not get immediate hold of Pearls which protects data.
  2. Privacy: The identity of the storage owner is concealed due to mixer contracts on the Ethereum Blockchain.
  3. Decentralisation: Oyster Protocol creates decentralised applications. No permissions from central figureheads are required for extension projects.
  4. Accessibility:  All clients who comply with the Oyster protocol require only Tangle connectivity to access their data and no centralized portal or gateway.
  5. Monetization: Websites can monetize their content as their hardware resources are unlocked without any disturbance to the website’s space and outline.

 

 

#3 - How to Buy and Store Oyster?

How to buy Oyster

  1. Since it has been recently launched, there are a few exchanges offering Oyster purchases like KuCoin, Cryptopia, Etherdelta, and CoinExchange. KuCoin has around 80% traffic.
  2. Ethereum Blockchain technology is used for Oyster wallet. A private key protects your wallet and a public key which is used to send and receive coins.

With the PRL cryptocurrency being available in exchange for so many cryptocurrencies, it can get difficult to get the best price for your transactions. Which is where CoinSwitch steps in.

  1. While cryptocurrency exchanges provide you a platform to buy or sell the Oyster cryptocurrency, CoinSwitch comes in to help you make the right decision by providing the prices for PRL. It makes it possible for investors to invest in Oyster Pearls and also store it securely using that wallet. This way you can choose the best deal for you!
  2. With CoinSwitch, the largest cryptocurrency conversion platform, you can also buy, sell and trade over 300 crytocurrencies with Steem Oyster (PRL) at the best rates on CoinSwitch.

Oyster Storage

PRL is an ERC-20 token, which can be stored in Ethereum compatible wallets. It can be stored on

- Ledger Nano S,

- MyEthereumWallet

- Amazon,

- Trezor

 

#4 - What is the future of Oyster?

As of June 2018, its market capitalisation stands at $12.6 million. The total supply of the Oyster cryptocurrency (PRL) is about 98.59 million PRL.

With monetization and storage features, Oyster is well placed to lure investors as it is available at low price. Priced at around $0.00227027 at its launch, it rose with rapid pace to touch over $4.85350 - giving its investors an impressive 480% returns just within 6 months.

Also Read: Complete Analysis of Oyster | Live Oyster (PRL) Price Charts And Predictions

Date

Open

High

Low

Close

Volume

Market Cap

Jun 01, 2018

0.496639

0.514564

0.436607

0.447984

589,386

38,721,400

May 01, 2018

0.594208

0.594208


0.623418

0.621101

564,709

46,328,600

Feb 01, 2018

0.845900

1.40

0.809211

0.932382

2,670,740

55,632,200

Jan 01, 2018

0.487382

0.541446

0.460906

0.473259

1,272,290

15,510,000

 

#5 - How is Oyster different from other cryptocurrencies?

As discussed earlier in this post, Oyster has multiple standout features making it unique from most other cryptocurrencies.

  1. It allows users to retain complete control of their data.
  2. The market value of storage prices determines the value of Pearl Token (PRL). This eliminates the need for a reserve for backing pearls.
  3. It protects against red herring attack vector as pearls are embedded in the data map by the broker nodes.
  4. The IOTA Tangle distributed ledger enables faster average confirmation time for transactions.
  5. It does not need data back-up like Ripple and Bitcoin and storage is available at very low rates.

 

#6 - Should you invest in Oyster?

  1. Oyster Protocol’s ability to help monetization of websites will make it a good long term investment. Its strong base due to its security features and addition to existing blockchain platforms can make it investors choice.
  2. It offers features that are in-demand & creates an ecosystem that conceals users’ who pay to store files in a decentralized way. With the recent mainnet launch, it will gain more investors with Pearl offering real world use.
  3. It eliminates the need to have ads on website and yet be a silently generates traffic revenue. Its unique ability to connect website owners, storage users and web and broker nodes give it a good growth scope as it develops on anonymity & immutability.
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