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Jun 7, 2018

On today’s podcast, I chat to Chris Garner, Chief Marketing Officer at Oyster Protocol, a website monetization and distributed storage solution built on the IOTA and Ethereum blockchains, that completed its ICO for its token in November last year.

Oyster Protocol recently reached a beta milestone of 1 Million transactions of encrypted data via its new decentralized storage and encryption service, Oyster Pearl (PRL). The announcement came 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, Founder 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.