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KuCoin Lists Oyster Shell Token

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KuCoin, a Singapore-based cryptocurrency exchange, announced on Thursday that it listed Oyster Shell, the new token of Oyster Protocol, a website monetization and distributed storage solution built on the IOTA Tangle and Ethereum blockchain.

Oyster Protocol has two utility tokens - Oyster Pearl, or PRL, and Oyster Shell. Pearl is an earlier Oyster token that is used for static data retention on the IOTA Tangle.

The Oyster Shell token trades with the symbol SHL and KuCoin supports the SHL/BTC and SHL/ETH trading pairs.

Previously, KuCoin took part in an airdrop for Oyster Shell token on April 13. The tokens were distributed to holders of Oyster Pearl in a 1:1 ratio. The Pearl is pegged to the market value of storage prices, while Shell is not. There was no Shell token sale.

The Shell tokens can be used to pay for connectivity and decentralized application or Dapp operation across the Oyster meshnet. They will eventually be used to access the decentralized web by bypassing the internet service providers or ISPs.

When websites install Oyster code to monetize, they will earn Pearl and Shell tokens.

When one uses Pearl, they are purchasing a utility token pegged to the size of data storage that can be used to upload. Data placed in storage is anonymized and encrypted with a single private key called Oyster Handle.

Meanwhile, Shell enables efficient, encrypted, internet access and peer-to-peer communication between any two endpoints that participate in the meshnet.

On May 9, the Oyster Protocol announced that it has reached a beta milestone of 1 Million transaction of encrypted data via its decentralized storage and encryption service Oyster Shell.

by Jyotsna VRTTNews Staff Writer

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