Oyster Protocol Reaches Milestone 1M Transactions

NEW YORK, May 09, 2018 (GLOBE NEWSWIRE) -- Oyster Protocol (www.oysterprotocol.com), a website monetization and distributed storage solution, has reached a beta milestone of  1 Million transaction of encrypted data via its new decentralized storage and encryption service, Oyster Shell. The announcement comes amidst several high-profile data hacks on companies such as Facebook and Dropbox, which rely on email and passwords for security.

“Companies like Facebook and Dropbox offer convenient tools, but they have no regard for the privacy of users’ data,” said Bruno Block, CEO of Oyster. “By using the highest level of cryptographic encryption, Oyster puts you in control of your data. With no logins, no passwords, and no email addresses, Oyster ensures that you can’t be hacked and your data can’t be seen by prying eyes.”

By utilizing decentralized storage, Oyster effectively works as a puzzle. Files can be broken into many pieces - each piece is then individually encrypted. On its own, each piece is useless to hackers or other third-party observers. Anyone who uses Oyster Pearl essentially purchases a utility token pegged to the size of data storage that they can use to upload. All of this data is anonymized and encrypted with just one private key referred to as the Oyster Handle. Without the Oyster Handle, the uploaded file is inaccessible. Users can trust that any file uploaded by the Oyster Protocol will be accessible only by the user, and that their data will remain secure across the Oyster network for the time period purchased.  

The Oyster Testnet has undergone several improvements since its release on January 31, 2018, including development of its back-end infrastructure and upload speed. With the release of Testnet B, the Oyster development team has increased the upload speed by 26,414 percent. The number of transactions on the IOTA Tangle associated with Oyster is 809,328, with each transaction roughly 0.6 kbs in size.

The Oyster Protocol and Shell token allows users to access the internet at a fraction of the cost, completely anonymously, and from any global location. Shell enables efficient, encrypted, internet access and peer-to-peer communication between any two endpoints that participate in the meshnet.

ABOUT OYSTER PROTOCOL Oyster is a web-publishing monetization and distributed storage solution built on the IOTA and Ethereum blockchains. Oyster unlocks the dormant revenue potential of millions of websites. PRL is the economic bridge between content publishers, content consumers, storage providers, and storage consumers. Shell tokens are used to pay for connectivity and Dapp operation across the Oyster meshnet, and will eventually be used to access the decentralized web by bypassing ISPs. For more information, please visit https://oysterprotocol.com/ .

Media contact: oyster@transform.pr