Papyrus MVP Official Release
Papyrus is launching its MVP that consists of an advertising network using blockchain architecture to enable the transparent purchase of advertising inventory. All calculations between advertisers and publishers are controlled by smart contracts with automatic restrictions on payments depending on the quality of results as verified by independent verification service suppliers. The MVP is deployed on Ethereum TestNet Rinkeby and will be launched in Ethereum MainNet after the second Token Generation Event.
The Papyrus Channel Layer is the key feature of the MVP, executing smart contracts over large datasets collected by network participants. The launch has made it possible to test the scalability of the Papyrus solution and prove its applicability to the programmatic ad market, where the number of ad impressions reaches billions every second. Scalability on data and low infrastructure costs are what differentiate Papyrus from other blockchain solutions.
Later this year, Papyrus will launch 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. It is a necessity in the advertising market, as media buyers want to keep the structure of their spending confidential. The network will also provide Papyrus developers with a more flexible architecture for modification.
Due to its data scalability and privacy protection capabilities, the Papyrus blockchain architecture offers an extensive range of use cases not only within the advertising industry but for all business applications requiring the secure execution of smart contracts based on large data sets and their analysis, notably with AI models. The potential market for the Papyrus network is enormous. In addition to improving the advertising ecosystem, it can be applied 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 launch of the MVP is a fundamental step in the development of more products using the Papyrus’ blockchain architecture. The MVP consists of 3 main parts:
- Papyrus Advertiser Account and Demand-Side Platform (DSP) backend
- Papyrus Publisher Account and Supply-Side Platform (SSP) backend
- Papyrus Viewability Verifier to check if ads are displayed in the viewable area of users’ screen
Let’s look at each module in detail.
Papyrus Advertiser Account
The Papyrus Advertiser Account provides a user interface for ad purchase. Here an advertiser or agency can create a campaign and analyze its effectiveness.
- A smart contract supplement each ad campaign where all intermediaries and commercial conditions for service provision are prescribed, including payment rules depending on the audit carried out by the connected verification service suppliers.
- Only one auditor is connected, the Papyrus Viewability Verifier, in the current working MVP. Its role is to check whether advertisements are displayed to users within the viewable area of the screen.
- With the integration of Papyrus into the DSPs and Trading Desks, smart contracts will allow choosing auditors from many different service suppliers and solutions to verify traffic for fraud, improve accuracy and reduce brand safety violations.
- Smart contracts enable parties to include policies for automatic dispute resolution performed when significant discrepancies exist among the participants’ metrics or if many violations are detected by verifiers. Automatic dispute resolution saves a lot of money otherwise spent on manual reconciliation.
- Papyrus tokens are used to pay for ad campaigns. Integration with the MetaMask wallet is used to access tokens.
- The dashboard system displays not only standard metrics for impressions and costs, but also the commissions paid to intermediaries, and the percent of fraud and violations found by connected auditors.
- The system includes a separate tool for analyzing the supply chain to determine which intermediaries or suppliers provide inefficient or substandard services, and on this basis decide whether or not to reconfigure advertising campaigns.
- The system gives access to detailed statistics for each block of the Papyrus Channel Layer and allows to download raw data about all observed events and participants, ensuring that verification service suppliers can carry advanced audits.
Advertisers (or representing agencies) can create an advertising campaign with various parameters, budgets, and settings — all recorded in a smart contract. All the impressions within the campaign are signed and verified by the DSP (advertiser), SSP (publisher), and auditors.
Verification takes place for each impression. As soon as service performance is confirmed, the requested amount of tokens is transferred as per the smart contract’s terms from the advertising campaign to the SSP, and funds are later redistributed to publishers based on their contribution.
The metrics make it possible to view all commissions paid transparently, flag fraud and violations, and identify which publishers or suppliers provide poor-quality services and prove it. Aggregated information is disclosed to other market participants, creating a reputation system in which it becomes unprofitable for players to provide substandard offerings.
Papyrus Publisher Account
The Papyrus Publisher Account provides a similar interface for publishers. Through the SSP, publishers can see their websites and ad slots, and generate codes to insert ad units.
- When adding an advertising site, a channel is created in Papyrus as well as a smart contract through which token funds can be claimed.
- Publishers can transfer earned Papyrus tokens to their wallet using MetaMask.
- The site can analyze revenue streams, commissions, and violations, allowing publishers to optimize inventory selling and increase revenue and the quality of the displayed ads.
- Just like in the Advertiser Account, detailed statistics include raw input data from all participants per block of the Papyrus Channel Layer.
Publishers have ample opportunities to analyze performance and consider possible adjustments. Each impression is verified and audited to show where fraud and other violations take place and in which quantity. Using Papyrus, publishers have the opportunity to demonstrate quality and build a reputation in the market. As a result, poor-quality publishers lose revenue whereas reliable ones with a good advertising inventory can attract more demand.
Advertiser and Publisher Accounts are respectively connected to the DSP and SSP backend. DSP and SSP interact with each other via the OpenRTB protocol to display advertisements. All ad impressions are logged in the Papyrus Channel Layer to execute smart contracts.
Papyrus Viewability Verifier
Papyrus Viewability Verifier shows the importance of connected auditors in the Papyrus network. Auditors detect various violations, such as fraud, poor user viewability, breaches of brand safety, and noncompliance with publishers’ policies regarding advertised content, and fix these in Papyrus.
Smart contracts contain arbitrary logic as to how auditors detect violations and how this affects settlements, including how disputes are resolved when significant discrepancies between participants occur. A smart contract is automatically accepted by the parties buying and selling advertising inventory when the established rules match the requirements registered by parties in their smart contract registry.
For example, parties can automatically agree on the use of some auditor as a reliable source of fraud detection data for payment calculations.
Auditors are motivated to provide high-quality services impartially to gain reputation from both publishers and advertisers, allowing them to audit more traffic and receive a higher return. For additional protection, participants can connect several auditors and make collegial decisions on what constitutes fraud and violations.
The MVP implements a simplified logic under which advertisers can set policies in smart contracts, stating that, for example, payments will be made only for impressions marked “viewable” by the Papyrus Viewability Verifier.
Papyrus Free Trial and Demo
Papyrus gives everyone the opportunity to launch an advertising campaign with free test ERC-20 tokens tPPR, released in Ethereum TestNet Rinkeby.
The banner displayed in the Papyrus MVP already works on the main page of the site — check it out https://papyrus.global !
To run an advertising campaign, you need to register an Advertiser Account, order free tPPR tokens to your wallet, and create an advertising campaign. The Papyrus team reserves the exclusive right to moderate and select advertising campaigns. If you are a publisher, you can use the MVP to experiment with the placement of ad units. Also, everyone can see what the advertiser’s and publisher’s dashboards look like in demo accounts.
The Papyrus MVP is the first step to many future Papyrus blockchain applications in the advertising market. Papyrus does not plan to develop its own advertising network as a commercial business but focuses on creating an open-source blockchain architecture that will complement all existing platforms and ad networks, providing them with transparent and secure settlements through smart contracts.
The goal of Papyrus is to restore the trust lost between market players and significantly enhance the efficiency of the multi-billion dollar digital advertising market.