Papyrus, a new ethereum-based system for advertisers, publishers, dApps developers, and users, has announced its release in the US. Using the blockchain technology, the company aims to provide the world’s most efficient platform for digital advertising.
Papyrus is expected to transform the digital advertising sector by offering a single, comprehensive solution that offers unmatched transparency, security and cost effectiveness. Once fully launched, it will become the world’s first highly scalable decentralized platform capable of handling billions of targeted adverts on a daily basis.
The project aims to solve the main issues of today’s digital advertising market, such as lack of transparency and ad fraud. Despite the availability of predictive technology, targeted advertising still has very low accuracy. Advertisers have to spend a large part of their budget on paying intermediaries, including affiliate networks, media buyers, and resellers. The problem is that they are usually not aware of how their money is distributed.
According to a research by eMarketer, for each $1 spent by advertisers they receive only $0.5 in value. As the global market for digital advertising now reaches $223 billion, this means more than $110 billion are wasted. As the research suggests, more than a half of advertisers’ budget is spent on non-human bot traffic.
“As the Ethereum blockchain model gains traction, developers are spawning new tools for the same old problems,” said Papyrus Technology Evangelist Leonid Yeletskikh.
“Papyrus takes that a step further by developing architecture for an entirely new decentralized digital advertising ecosystem that effectively prevents ad fraud with expedited verification processes to improve real-time bidding. The Papyrus model gives autonomy to all participants, including beleaguered netizens who have up to now only exercised control with adblock technology to ward off unwanted ads,” Yeletskikh added.
Papyrus has also entered into an agreement with Bancor, an Ethereum-based platform for decentralized exchange of ERC20 tokens. The company is going to integrate a Bancor Smart Token, allowing a secure and fast conversion of PRP to BNT, ETH, and other ERC20 tokens.
According to Alexander Shvets, Product Director at Papyrus, the deal will allow the company to focus on new partnerships and continue the platform’s further development.
“The PRP—BNT Token Changer will protect the participants of Papyrus from volatility and the inherent risks of centralized platforms and, therefore, will facilitate the formation of the market in our decentralized ecosystem,” Shvets said. “And since this Token Changer will immediately ensure continuous liquidity for our prototype PRP token, we’ll be able to concentrate on integrating new partners and accelerating the development of our ecosystem.”
Recently, the company announced its ICO campaign that will begin on October 12, 2017, and will last until November 2, 2017. The team aims to raise at least $5 million in a sale of tokens that will be used to bootstrap the prototype ecosystem and launch pilot integrations with partners, including antifraud vendors, publishers, SSPs and DSPs.
Last month, a decentralized media outlet Snip also partnered with Bancor to join its Bancor Decentralized Liquidity Network. Snip lets users to prepare brief news stories on any topics and vote for the texts, rewarding creators of high-quality content.