Data-driven, programmatic ad buying for online and mobile is now an established industry, but it suffers from numerous problems. Fraud is a major issue, as well as ‘viewability’ (dealing with ad blockers), too many middlemen taking a cut of profits, as well as long settlement times, where content publishers often have to wait for up to 90 days for payment.
Papyrus hopes to address these issues by disrupting this entire industry with a decentralized, blockchain-based advertising marketplace platform.
Its technology leverages a fork of Ethereum that handles transactions with delegated proof-of-stake, a semi-permissioned approach that avoids many of the issues burdening cryptocurrencies like Bitcoin.
Furthermore, Papyrus’s architecture has two layers: a channel layer for processing data and a blockchain layer for executing smart contracts. If this architecture works as planned, it will deliver scalability and performance sufficient to meet the extraordinarily high demands of the programmatic ad business.
The company is currently working with large advertisers, content publishers, existing programmatic ad platforms, and ad agencies to achieve the critical mass of participation necessary to overcome the network effect tipping point.