PRE meaning in Cryptocurrency ?
Answer:
To find out even more about this project, check out our deep dive of Presearch.
What Is Presearch (PRE)?Presearch is a decentralized search engine with more than 1.5 million users and over 10 million searches a month. It offers users three unique value propositions:
Having control over their data and privacy
Being paid for contributing value to the ecosystem
A decentralization of the search ecosystem
Presearch identified the problem of traditional search engines and turned it on its head. Instead of search engines monetizing the user’s data, the users monetize the data themselves. Presearch does this by paying its users to utilize its search engine. The company is designed to be a non-profit organization, thereby eliminating incentives of for-profit corporations that may run contrary to users’ best interests. It also achieves decentralization of its ecosystem thanks to the operation of its nodes by community members.
Presearch has an incredibly detailed roadmap that splits its evolution into three main phases. The first phase followed its launch in 2017 and was designed to establish a product-market fit. The second phase, which the company currently finds itself in, is dedicated to building a sustainable business model aimed at decentralizing search. The final phase will be dedicated to decentralizing governance through the establishment of a DAO. At the moment, Presearch is working on its mainnet launch and was listed by Google as a default search engine option on all new Android devices across the U.K. and Europe.
Who Are the Founders of Presearch?Presearch was launched by CEO Colin Pape and Thomas LeClair. Prior to founding Presearch in 2017, they had founded Shopcity.com, a turn-key shop local platform. They are complemented by CTO Trey Grainger, an experienced engineer and data scientist that joined the project’s advisory board in 2017. Tim Enneking is the chairman of Presearch’s advisory board and founder of the world’s first crypto fund.
What Makes Presearch Unique?Presearch offers several products with real-world utility. Its search tool allows users to search the internet in the same way they are used to with search engines like Google or DuckDuckGo. Users can choose between searching on the default Presearch engine or switching to results from more than 100 different providers. Presearch also offers search rewards to its users, paying them up to 8 PRE per day at a rate of 0.1 PRE per search.
For advertisers, Presearch developed a Keyword Staking mechanism. Token holders can stake their PRE against specific words or search terms to display ads to users. If a user searches for a term, the Presearch algorithm shows the ad with the most PRE staked belonging to this term. If there are no matches for a long-tail keyword, it breaks down the term into individual words and picks the ad with the most PRE staked on a single word from the search query.
Furthermore, Presearch offers a marketplace where PRE tokens can be bought and mobile apps that users can choose over traditional search engines. Presearch also provides a browser extension that enables users to search from their address bar in their web browser and use Presearch as the default search engine.
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How Many Presearch (PRE) Coins Are There in Circulation?The total supply of PRE is 500 million after half of the initial supply was burned to make the project leaner. The token distribution is as follows:
Current External Wallets - 140M
Staked - 47.9M
Portal (Crowd sale wallet) - 97.2M
Savings (Presearch Marketplace wallet) - 36.5M
Earned Rewards - 60.5M
Reward Reserve - 30M
Sales Reserve - 37M
Project Team - 50M
PRE has several use cases in the Presearch ecosystem: users receive PRE as a reward for searches, use it to make purchases in the store, and can stake it to display ads on the platform. In the future, they will also be able to stake it against ads they find undesirable, raising the cost of displaying such ads. Node operators stake PRE to secure the network, while partners can pay and stake PRE to be added as a search provider. Currently, revenue on the platform is distributed in the following manner:
20% node rewards
20% operations
30% token repurchases
5% platform improvement rewards
5% data partner rewards
5% development grants
15% search rewards
How Is the Presearch Network Secured?PRE is an ERC-20 token on Ethereum. ERC-20 is a token standard most new tokens follow when publishing on the Ethereum blockchain. Ethereum is one of the most popular blockchains and the go-to solution for many decentralized applications and exchanges to launch on. It is secured by a proof-of-work consensus mechanism that requires miners to mine new Ether. A set of decentralized nodes validates transactions and secures the Ethereum blockchain.
The platform is secured by nodes, which connect to a Node Gatewaythat receives requests from the server and removes personally identifiable information from the search requests. A node registry manages the identity of all nodes, the node stats and payouts. Nodes are compensated in PRE for different types of services:
1) Registering (all nodes). Registering with a Node Gateway, which can then route queries to the node if it passes health and security validation.
2) Validating (all nodes). Coordinating with a Node Validator to ensure that each node is only running trusted Presearch software (to avoid security issues from potential bad actors).
3) Coordinating. Processing and distributing queries sent by Node Gateways. This may require routing to multiple serving nodes and aggregating the results.
4) Federating. Proxying other data sources and returning their data as part of search results.
5) Serving. Hosting portions of the search index used to process queries.
6) Crawling. Crawling websites to build out search indices.
7) Indexing. Writing federated or crawled data to search indexes to be served by serving nodes.
Where Can You Buy Presearch (PRE)?PRE is available on KuCoin, HitBTC, CoinEx, ProBit Global and 1inch Exchange.
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