Papyrus is a decentralized platform for the digital advertising industry.


12. Oct 2017


Min/Max cap

Papyrus is a decentralized advertising platform built on blockchain technology.  They describe themselves as “the world’s first fully comprehensive and highly scalable decentralized ecosystem for digital advertising which radically improves programmatic advertising stack to provide efficient, transparent and mutually beneficial environment for users, publishers, advertisers and decentralized applications (DApp) developers using blockchain architecture.”

After bushwhacking through that wordy sentence, one can conclude that essentially what Papyrus are aiming to make is a more efficient advertising platform, for all parties involved, using blockchain to replace middlemen such as Google AdWords and Microsoft Bing.

A few of the problems Papyrus lists on their whitepaper with regard to the current digital advertising industry are: poor user experience, user animosity, lack of data privacy, long and inefficient chains of intermediaries between advertisers and publishers, fraud, and inefficient value exchange.

Expanding on that, some of Papyrus’ main goals and objectives are to minimize the risks for advertising businesses from excessive government regulation as well as security breaches and criminal attacks. Moreover, Papyrus wishes to render the current system – which they feel is tedious and slow, devoured by transactional bureaucracy and corresponding offline paperwork –  useless, and in its stead bring forth an economic system that incentivizes the developer community to produce more and more efficient applications as well as dynamically balance the interests of users, publishers, advertisers and developers alike.

How does it work?

The Papyrus project aims to solve the existing issues in the digital advertising industry by creating a decentralized ecosystem for the exchange of value between users, publishers and advertisers.

To better understand Papyrus, consider the way the programmatic advertising ecosystem currently works. Data management platforms (DMPs) collect and store all the users’ data on central databases. Demand side platforms (DSPs) use this data and work with marketers/advertisers and help them access ad spaces, while supply side platforms (SSPs) enable publishers to sell their ad spaces. These transactions are enabled by multiple ad exchanges (AppNexus, Microsoft Ad Exchange for instance) and ad networks (AdSense, Clicksor, AdWords to name a few).

The Papyrus ecosystem runs with the help of dApps (Decentralized Apps). Papyrus will create decentralized protocols on how the ecosystem should function on the Ethereum blockchain. Using these protocols developers will be able to build any kind of dApps (which will be bound by smart contracts based on the aforementioned decentralized protocols) with integrated advertising monetization economies for use within the ecosystem.

For example, Papyrus will create a default dApp for setting up the user’s account which will manage his/her identity and configure their preferences regarding exposure to ads and data sharing. Using this dApp,  users will have the opportunity to control their own data and earn compensation for sharing their interests and other relevant ad targeting information with advertisers. There will be one default dApp for publishers which will identify them and create personalized advertising policies. Key elements of the advertising ecosystem like the DSPs and SSPs will have their own third party dApps and will be governed by Papyrus’ underlying decentralized protocols.*YBQufZ93GakFg9x7.png

Layer 1 — Papyrus Core

The Core is the very basic layer of ecosystem governance which includes the upgradeable Papyrus DAO, smart contracts to maintain registries of different ecosystem participants, contracts for identity management, and decentralized real time bidding (RTB) support. The Papyrus DAO is responsible for ecosystem governance, dispute resolution processes, voting on upgrade proposals and more.

Layer 2 — Papyrus Scalability

This layer includes technologies providing the scalability and performance consistency necessary for Papyrus applications in real world programmatic advertising, such as the decentralized RTB (dRTB) event log storage, state channels network, and protocol; The Papyrus ecosystem will introduce a dRTB protocol that will serve as an extension of the traditional OpenRTB protocol.

Layer 3 — Papyrus AdTech Infrastructure.

The Papyrus AdTech Infrastructure layer includes all the components required to establish a complete digital advertising cycle within the Papyrus ecosystem and to create gateways with traditional adtech systems.These include SDKs and libraries providing APIs for the usage of user data,  decentralized SSP and DSP implementations and gateways, and also an implementation of a unique market participant called an ‘auditor’ for fraud prevention and  reputation management.

Layer 4 — Papyrus dApps

On the basis of the three layers of Papyrus architecture, developers will be able to build any kind of dApps with integrated advertising monetization economies for use within the ecosystem. All dApps integrated with Papyrus will constitute this final 4th layer.

There are already several projects that aim to leverage blockchain technology in the area of digital advertising. Some aim to challenge a certain aspect of the digital advertising industry, while others wish to revolutionize the entire digital advertising industry – BAT and QChain are notable examples. Papyrus seems to be like an ecosystem which can integrate a project like BAT within it in the form of a dApp. Papyrus is expected to solve the issue of scalability relatively fast, as the network infrastructure will be similar to Raiden Network or Lightning Network which will help it to support millions of ad impressions every second.

The Token Sale

Papyrus is planning to use a milestone-based approach and schedule several token generation (“TGE”) rounds: one on October 12th; another, expected in the coming months, along with the deployment of permanent smart contracts and pilot integrations; and a third, no earlier than 2019 when the platform achieves traction and volume, for which tokens will be already allocated and locked. During the first TGE Round, Papyrus will be building out its prototype ecosystem and begin pilot integrations with partners (including antifraud vendors, publishers, SSPs and DSPs).

Papyrus will be introducing two different tokens the: PRP (Papyrus Prototype Tokens) for use in the prototype system), and PPR (Papyrus Permanent Tokens) for use in the permanent version deployed along with the second TGE round. All 100% of prototype tokens will be exchanged to 15% of the overall permanent tokens. Both PRP and PPR are ERC20-compliant and will be used for payments, compensations, proof-of-stake deposits, service fees, and governance (voting rights).  

More information can be found under our ‘ICO details’ section.


Despite being registered in Singapore, most of the team members are based out of Russia . The team members bring in varied experience from multiple spheres including digital advertising, mobile traffic analysis, PR & marketing, software development and research. They have also hired a blockchain expert to help integrate the systems. Papyrus has 11 advisors supporting the project which includes team members from Ark, Bancor, BIC, BotScanner and Netcracker. Although the core Papyrus team lacks experience in developing blockchain based projects, they seem to have compensated this by hiring blockchain experts and experienced advisors.

Alexander Shvets

Product Director

Alexander has more than 7 years of experience in ad tech and more than 12 years in software development He is a Papyrus Product Director responsible for product vision, coordination between the business, marketing and developer units. He is also a Papyrus evangelist representing the project at conferences all over the world. Before Marilyn, he was immersed in Aori, an advertising aggregator for SME since 2010. Alexander founded Famous meetups MoscowDigital in 2015, connecting advertising professionals from all sides of Digital.


Leo Eletskikh

Technology Evangelist

Leo is a visiting lecturer on Master’s program called ‘System and Software Engineering’ at the National Research University — Higher School of Economics.  Leo also has a background in investment and banking. He is the founder of @Tabee and @Softlation and continues to advise at these projects.


Elena Obukhova

Communications Director

Elena has more than 16 years of experience in marketing communications and PR in the spheres of Media and IT. Elena graduated with honors in 2001 from the Institute of International Business Education founded in partnership between the National Research University of Electronic Technology in Russia and the University of Tulsa, US. Her background in leading Media and IT companies includes international television and film production and right holder StarMediaGroup, Sheremetyevo International Airport, CTC Media Group, television channels holding NMG Group and social media network


Tanya Krishtopa

Product Manager

Tanya has over than 6 year of experience in web and mobile traffic acquisition. She shared her experience with such multinational companies as Banka Intesa, online travel agency and the largest Russian search engine Yandex. Her knowledge includes Infrastructure development for traffic acquisition and adtech processes automation.


Alexander Kholodov

Lead Software Engineer

Alexander is a Lead Software Engineer at Papyrus responsible for backend development and ad-related technologies. He has a solid background in advertising platform development from his 5 year tenure at and Yandex, two of the largest digital ad-systems in Europe. He has more than 10 years of experience in highload services development with firms such as, Yandex and badoo.


Andrey Vlasenko

Lead Software Engineer

Andrey has a degree in Computational Mathematics and Cybernetics from Moscow State University and has a strong technical background and hands-on experience in software engineering. Andrey has also been a Senior Software Engineer at Sberbank Technology where he has gained significant experience with instant payment technology and financial markets risk management automation in the financial sector.


Igor Sokolov

Block-chain Engineer

Before joining the Papyrus team as a Software Engineer, Igor had an extensive career at Computer Vision working on performance issues in the sphere of computer video and graphics. He has more that 5 years of C/C++ programming experience developing and optimizing critical performance for video decoders/encoders, video editors and rendering using OpenGL.


Alexander Telegin

Mobile Software Engineer

Alexander has a degree in Marketing from Saint Petersburg State University and in Information Systems Management from the London School of Economics. Previously he helped drive emerging markets growth in the CEE region at Google working closely with SME advertisers and ad agencies. Since his time with Google, Alexander has turned to iOS mobile development, working on a range of projects, including open source p2p communications framework Thali. Alexander lead iOS development at mobile VR startup FullDive.


Thomas Hulbert

Ecosystem Evangelist

Thomas has degrees in the Humanities, Communication and Philosophy from California State University,  Chico, in the US. He has worked in the US, the Netherlands and Russia and over the past 25 years has developed expertise in corporate communications as a writer, editor and spokesman in the sphere of PR, GR, shareholder communications, and client-side marketing.


Andrey Lyubimov

Research & Analytics

Andrey has a degree in Probability Theory from Moscow State University and has a strong mathematical and financial background. He worked as a Market Risk Analyst at Renaissance Capital and Promsvyazbank. Also he has held the position of Quantitative Analyst at Sberbank CIB. He has exceptional knowledge of critical finance-related IT systems such as Murex and Numerix.


Aleksei Pupyshev

Mobile Software Engineer

Aleksei has a degree in Neuroscience from Saint Petersburg State University. Previously he worked as a Data Scientist and Software Developer at QuantumBrains where he contributed to the development of quantitative trading and investment management. After QuantumBrains, Aleksei turned to client-side software development for both Web and iOS at Wrike Inc where he worked on a various projects, including features development for Wrike Workspace and iOS app analytics modules. In recent years Aleksei moved back to Data Science and Engineering. Aleksei lead the R&D team at Wrike Inc.


ICO Details

Crowdsale Details

Token Sale Dates

There will be 3 token generation events (TGE) conducted by Papyrus. The first TGE will begin on 12th October 2017.  The second one will begin by the end of the 2018 and the third TGE will be conducted in 2019.

Total Supply

There will be a total of 1,000,000,000 PRP (1 billion) divided as such:

▪  50% will be used for Papyrus ecosystem marketing and promotion, hiring business developers and                community managers in different regions around the globe, as well
as in building relationships with expert advisors and companies from the advertising
and blockchain industries, including making pilot integrations with ad networks, DSPs,
SSPs, antifraud vendors and other ad market players.
▪  25% will be used for research and development, including the hiring of development
team employees.
▪  5% will be reserved to cover infrastructure costs, such as hardware
and office expenses.
▪  5% is reserved for legal costs and counsel.
▪ 15% is reserved for motivation schemes for early project supporters and the project
founding team.

Pricing Structure

PRP price is denominated in USD and is specified as follows:
▪ During first 2 hours of the TGE Round 1 period, the PRP price will be $0,8;
▪ From the 3rd to the 24th hour (both including) of the TGE Round 1 period, the
PRP price will be $0,9;
▪ From 2nd to 7th day (both including) of the TGE Round 1 period, the PRP price
will be $0,95;
▪ After 7th day and until the end of the TGE Round 1 period, the PRP price will be $1,00.

Token Rights

Tokens do not represent or confer any ownership right or stake, share, security, or equivalent rights. The Tokens will only act as a means to participate, interact or transact in the Papyrus ecosystem.

Project Highlights

Technical White Paper

Being 46 pages long, it is quite long and methodical. It portrays the problems Papyrus is trying to solve as well as how they are planning to solve them. The team looks impressive and relevant. Technological blockchain summary and everything technology based is lacking.




Papyrus will run on Ethereum and will require ‘gas’ for transactions

Project Code



Product readiness

Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?

2 - Specs, no product.
Competitive advantage

Does this solution have a distinct edge?

3 - Average.
Size of addressable community

Is it mass market or niche?

4 - Can be attractive to wide variety of audience.
Space in the market

Are there many other similar solutions or is this one of just a few, or even one of a kind?

3 - Found some alternatives.
Innovation and IP

Is there (patentable) innovation and intellectual property?

3 - Possibly patentable, difficult to protect.
Use of Blockchain

Blockchain advantage

Is blockchain technology essential? Does it make the solution significantly different and better?

3 - Depends on other contingencies.
Precautionary measures

Is it safeguarded against misuse and corruption?

3 - Didn't stand out either way.
Need for a custom token

Is the token essential or could it be done just as well or better with fiat or Bitcoin?

2 - Would work, no real advantages.
Intrinsic value of token

Does the token provide holders with value other than as an investment?

2 - Difficult to see buying power.
Contribution to the blockchain economy

Does the solution contribute to the evolution of blockchain infrastructure and economy?

2 - No, but not harmful.

Is the token a utility, a security, or both? Is it compliant with relevant legislation?

4 - Probably not a security and is treated this way.


Does it cover the full scope of the problem and solution?

4 - Covers key issues, well written.

Is it easy enough to understand?

3 - Readable, takes some time.

Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?

2 - Unclear.
Business Plan

Does it contain a viable, comprehensive business plan?

2 - Some vision, less plan.

Does it present a well thought out technological architectecure? Does it address implementational challenges?

2 - Not enough.
Development Roadmap


Is there a concrete and practical development plan (vs. just a conceptual vision)?

4 - Yes, pretty concrete.

Is the development plan realistic? Is it based on reasonable goals and timelines?

3 - Probably, optimistic.

Is there a larger, long-term vision?

4 - Solid vision.

Does it seem as though a lot of know-how and experience went into the development plan?

3 - Enough.
Current position

Is the project currently sufficiently far along in its development plan (relative to its vision and plans)?

2 - Critical obstacles ahead.
Business Model


Is there a concrete business plan (vs. market descriptions, general sentiments, and fluff)?

2 - Yes, but elementary and superficial.

Is the business model realistic? Is it based on reasonable goals and timelines?

3 - Yes, however optimistic.

Are the solution's revenue streams, profit mechanisms, key KPIs, etc. clear and easy enough to understand?

1 - No. Can't be found.
Cost effectiveness

Is the project raising an amount of money that makes sense given what it needs to reach profitability?

4 - Yes, Seems Reasonable.

Is it safe from legal, moral or investor abuse?

2 - Not enough, can be abused.
Company and Team

Company stage and foundation

Is the company already established? Has it raised funds before? Is it mature?

3 - Company structure in place.

Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?

5 - Well known, accomplished; profiles and contact info fully available.
Core team

Is a solid, fully committed core team in place? Do they have online (e.g. LinkedIn) profiles showing sufficient relevant experience? Is their participation transparent?

4 - Team fully assembled, committed and transparent.
Advisory Board

What is the level of presence, added value, and commitment of the advisory board?

5 - Accomplished, committed, high caliber advisors, from varying fields of expertise.
Blockchain Talent

Are there enough sufficiently experienced blockchain architects and developers on the team?

3 - Some blockchain experience
Development Talent

Are there enough sufficiently experienced non-blockchain developers on the team?

4 - There is senior experience for both front end and back end development
Business Talent

Are there enough sufficiently experienced business developers on the team?

3 - Sufficient.
Legal Counsel

Does the team have good legal counsel?

2 - Not clear.
Overall Skill Set

Does the amount of talent and skill in each area seem to fit the project requirements?

3 - Solid correlation.
Token Sale

Raise Amount Max

Is there a clear cap? Is the maximum raise amount modestly sufficient (as opposed to either greedy or insufficient)?

3 - Pretty well balanced.
Raise Amount Min

Is the minimum raise reasonably enough to carry out the majority of the development plan? Are there raise amount dependent milestones?

1 - None; or no sense of what is actually necessary.
Fund Allocation

Is fund distribution and allocation reasonable and justified?

3 - Reasonable, sensible allocation of funds.
Token Sold / Kept Ratio

Is the ratio of tokens sold to those kept reasonable? Does it prevent the company from having too much control?

5 - Majority of tokens are sold to the community, kept tokens are released in accordance with development milestones.
Quality Campaign Stategy

Is the ICO well planned in terms of time, phases and scenarios?

4 - Professional
Media presence and following

Is the sale being talked about in Reddit, Bitcointalk, Social Media, Medium, etc.? Is information available and accessible? Is there interest?

3 - There is soical presence, but no outstanding interest