I'm taking part in the Presearch project for about 2 years now and have earned a little less than 3000 PRE tokens during that time. I have written previously several articles about it in which 55 people decided to join my network:
From my profile, I am able to see who from my referrals has been active recently. Of 50, that joined me before 2021 exactly 16 are active earning tokens. Of those 16, 13 earned 50 tokens the whole time they are using the system. Those 50 tokens are one of the 2 conditions for me to be able to claim the referral reward for sharing my referral link. My point here is: recently the Presearch team announced on Twitter that they reached the milestone of 2 million registered users:
In reality, if we take the numbers that I see in my profile about 60 to 65% of those 2 million users are inactive, which leaves the platform with about 600-700 thousand active users. Which is a shame. All this for over 2 years and I am NOT impressed at all. Let's look at the reasons why people join, see what's going on, and leave.
The ETH blockchain in its current state hangs like a millstone on Presearch's neck. The price for a simple transaction costs between 15 and 40 or even 50 USD depending on the load of the Blockchain. This means that every time a user cashes out the Presearch team has to pay the price for the transfer of 1000 PRE tokens to the user's wallet. These are tremendous costs for the project to pay the miner fees. This will only be relieved at the point when ETH 2.0 arrives(no ETA) and until then all the ERC-20 tokens are completely unusable due to high GAS prices. Especially for small-scale owners.
Way too high withdrawal limits
1000 PRE is the minimum and maximum that you can withdraw at a time. While until last month the maximum amount of PRE earned each day for web searches was 8 units this was putting the time table for a user to earn 1000 at 125 days or 4 months and 5 days. Assuming that 60-65% of the users you invite will not stick to using Presearch you don't have many options to speed up to earnings to 1000 PRE. Out of registered referrals, I got only 20 of them to earn 50 PRE and stick for 1 month to let me claim 25 PRE tokens per user.
About 1 month ago the Presearch team changed the rules for earning PRE tokens for searching, each search is now paid about half of what was before 0.12, instead of 0.25 PRE, and reduced the number of paid searches per day from 32 to 30. I am not sure what is the reason for this change, but to me, it looks like a measure against the high GAS prices to delay as much as possible the user's withdrawals. Because if before a minimum of 125 days were required for a user to reach 1000 PRE, now this minimum number goes up to 280 days which is between withdrawals which is a very long time in the world of crypto.
Not every search is actually paid.
My experience shows that on average only 1 of 3 searches is being paid from Presearch. This means if you will want to reach the threshold of 30 paid searches per day, you need to do about 90 searches in a day. This is one of the reasons it will take even more time for a user to get to 1000 PRE to withdraw.
Presearch is 3 to 4 times slower than Google when searching
Without claiming that my method of measuring this is the most precise I compared both speeds when searching and on average the same search in Presearch and Google takes 3 and 1 seconds respectively. We are talking about exactly the same browser and other settings with 300 Mb/s fiber optic connectivity. Since the changes of last year where no ads are displayed between the time where you press the Search and you get the results I see no good reason for the user's time to be wasted. If there were ads I would understand, but at the current point, it's nonsense to have those delays when using Presearch.
Now let's talk a little bit about what can be done to improve the project to be more attractive to new users and make them want to stay.
1) Find a solution for the high GAS fees. What are the options here:
- get off the ETH Blockchain. Not easy to do.
- Forge a contract with an Exchange where users can withdraw directly without additional costs to the Presearch team. Nicehash has such a deal with Coinbase - instant transfers between NH and CB without a fee via API. I believe Kucoin is a great option for this and has PRE already listed there.
All of those options can greatly reduce the GAS fees and can help with the adoption and utilization of the PRE token.
2) Reduce the minimum withdrawal significantly - 50 or 100 PRE at a time would be great, so their users to see some value of using Presearch in a foreseeable future. Currently, 9-10 months or more is way too long, especially in the time of a bull run when the token's price is rising, but by the time when a user is eligible for withdrawal at the current limits the bull run will be over and the PRE price will probably be back down under 1 cent which is not ideal for anyone involved in the project. I understand that lower limits will mean more GAS prices to be paid however if a solution at point one is found that wouldn't be a problem.
3) Improve vastly the requirements for referral bonuses to be paid - maybe not instantly, but reduce the time limit, lower the initial bonus for joining - 25 PRE is too much in my opinion. Instead, make it 10 PRE and make the requirement for the referral to be paid is for them to earn 25. This way both users will have a much bigger incentive to keep using the service - when they know they will receive the withdrawal and the referral bonus way sooner.
4) Currently due to the small number of actual PRE users the Keyword staking is not a really attractive option(at least for me). Very rarely when I search I see Presearch ads. Maybe consider adding a small APY for the users that do it, to give them the incentive to stake.
5) A Windows version of the Search nodes would be nice. Not everyone is familiar with Doker and Linux. And this can be intimidating. Also, there is not enough information on the web on what are the benefits of running such a node. Yea, they say you will receive some reward for completing the search, but there is no mention of how much.
6) Improve the search speed OR add back the ads during the loading time. This is a no-brainer. Don't unnecessarily waste your user's time. This is the most valuable thing a human has.
7) Make every single search paid, even if the reward is lower. Of course, there should be a threshold per day, but the point here is not to leave the users with the feeling they are doing nothing.
8) Partnership with any mainstream browser would be amazing - Brave, CryptoTab, etc. would also be an amazing improvement. This is going to attract even more users to join the community.
This is it from me. I think Presearch is a great project with an awesome idea, that has so much room to improve. The best part is that the total supply for PRE tokens is so small - just 500 million which could eventually lead to a point where the price can get very high if it will ever join the top 20 cryptos in the world. If we look currently at the coin that is in 20th place Filecoin(FIL) it has a market cap of about 4.78 billion USD.
If Presearch with its circulating supply of about 350 million coins would get to a market cap of 4.8 billion the price of PRE would be about $13 USD.
I truly wish this will eventually happen in a near future, but for that, we need vast improvements to the current system in order to keep the people around.
If anyone wants to join my Presearch network please use this link: https://presearch.org/signup?rid=734968
If you guys don't agree with my opinion, that's fine. But I am entitled to it.