Ocean Protocol was set out to answer, “how can we equalize access to data and give everyone the chance to participate in a new Data Economy.” Based on the early internet and early blockchain ideals of decentralization and data sharing, Ocean Protocol was founded. Their mission to unlock data for more equitable outcomes, using a thoughtful application of technology and governance, is parallel to their core values. Their values include making data more accessible to a more extensive range of people, transparent governance, personal data privacy and consent, the spread of value, and following laws that promote the human right to privacy and data.
The founders of Ocean Protocol noticed that each year, there are large amounts of data gathered. Yet, the exchange and analysis of said data have not been occurring because of concerns over trust and security. The lack of data exchange means that AI cannot advance and help improve the world we live in nor offer solutions to problems. Ocean Protocol’s goal is to provide a platform that connects consumers and data providers to allow data sharing while also guaranteeing traceability, transparency, and trust for everyone involved. Ocean Protocol offers a place where data owners can control their assets rather than being locked into one single marketplace. They are working to help lead off a new Data Economy that “touches every single person, company and device, giving power back to data owners, enabling people to reap value from data to better our world.” To do so, they are bringing together a multifaceted platform composed of decentralized blockchain technology, a data-sharing framework, an ecosystem for data, and more.
Ocean V3 presents the Ocean Market & Datatoken
With the release of Ocean V3 comes the Ocean Market, an open-source community marketplace for data. Ocean Market is a place for users to publish data, stake on data, and buy data. Data publishers can be confident that they are maintaining privacy and control over their data while getting the benefit of sharing and monetizing it & data consumers will now have access to private data. When a dataset is published, it becomes a data asset with its own ERC20 datatoken. Datatokens are used in the Ocean Market to connect the data assets with blockchain and DeFi tools. When a user holds a datatoken, it gives them the ability to access the data. Ocean Market allows for automatic determination of price using an Automated Market Maker (AMM). As each data asset has its ERC20 datatoken, it also holds its own AMM pool. Since staking & liquidity are equivalent in AMMs, anyone can provide more liquidity by adding more datatokens or OCEAN. Ocean Market has many other benefits: login via Web3 wallet, being non-custodial, decentralized, censorship-resistant, and preserving privacy. Users can earn in a few different ways such as staking OCEAN on datasets in Ocean Market or publishing and selling your data in Ocean Market.
Ocean Market is just the first of many marketplaces in the minds of the Ocean creators. In addition to utilizing Ocean Market itself, developers can build their own Ocean-powered market by forking Ocean Market or create their own, using Ocean tools. Developers also have the power to earn by building & launching their own market. Third party marketplaces can be used for verticals like logistics or mobility!
Ocean Protocol’s Currency: OCEAN
The Ocean utility token is the key to accessing all that the Ocean Protocol network offers. It is a unit of exchange for buying and selling data and AI services. The token is used for staking on the Ocean Market to add liquidity, earn transaction fees & staking rewards. It will also be used for governance in OceanDAO to govern which Ocean community projects to fund. OCEAN is an ERC20 and can be stored in any wallet with ERC-20 capabilities, and there is a maximum of 1.41 billion supply of Ocean tokens.
Ocean token distribution was done differently than most cryptocurrency distributions. To align with their goals as a platform, Ocean Protocol distributed their token in an inclusive, fair, and transparent way.
Although Ocean Protocol does not have their own wallet app, all users must have some type of wallet where they can manage both their Ocean Tokens and Ether. A cryptocurrency wallet is an app that stores private and public keys and interacts with various blockchain to allow users to both send and receive digital currency as well as check their balance.
Latest News, Partnerships, and Announcements
Ocean V3 Is Now Live
Ocean Protocol launched Ocean V3 with core components, datatokens, Ocean Market, and IDOs. Datatokens are ERC20 tokens that represent the value of the data asset and provide control to the access of the data asset. Datatokens are at the core of Ocean V3 because they simplify the process of data sharing while promoting “Web3 mental models for custody, wallets, liquidity, staking, and farming.” Ocean Market is an open data marketplace for the Ocean community. Ocean Market runs on datatokens & incorporates “Balancer DEX technology for staking, automatic pricing of data, and data curation.” Ocean Protocol will activate OceanDAO to increase the community’s control over the protocol to reach more of their milestones.
Ocean Protocol Devs Introduce Data Mining to Incentivize a Supply of “Relevant” and “High-Quality” Data Sets
Ocean Protocol introduced Ocean data mining, which is detailed as a program to “incentivize a supply of relevant and high-quality data assets.” Ocean data farmers can earn OCEAN tokens when they provide liquidity to OCEAN-data token pools. Also, the number of tokens earned will be “multiplied by the usage of the datasets they stake on, and more.” This program will be analyzed by program managers at Ocean, who will distribute the allotted weekly token amount to the actors based on the actor’s weekly performance towards the RF. These program managers will also work towards fine-tuning the reward function (RF) to ensure that it promotes “the most relevant and high-quality datasets, and away from ‘gaming’ that is against the spirit of the program.”
Ocean Protocol Team Introduces Program for Web 3.0 Startups that Will “Unlock” AI and Innovative Data Management Apps
Ocean Protocol announced a new program called Ocean Shipyard, an early-stage program for Web 3.0 focused startups and projects, to help create a more even-handed society by unlocking data and AI (artificial intelligence) for everyone. Ocean Shipyard is an initiative to help support passionate business owners and entrepreneurs that are using Ocean technology to build solutions with impact, all while adding value to the Ocean Protocol ecosystem. Ocean Shipyard is part of the Ocean Protocol Foundation Community Fund, which will provide as many as 20 million Ocean Tokens over the next few years to fund various initiatives and teams interested in developing solutions on the Ocean platform. Ocean Protocol noted the Ocean Shipyard program would allow these businesses and entrepreneurs to experience 1-1 support with Ocean Protocol team members.
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