What is Ocean Protocol
The aim of Ocean Protocol is to spread the benefits of AI by equalizing the opportunity to access and monetize data. Verifiable data sources can maintain ownership and privacy whilst supplying their data (minting tokens) which can then be purchased (costing tokens) by data-hungry AI projects.
Ocean Protocol Explained
The Problem Ocean Protocol solves.
Modern society runs on data. The data could be anything from an individual’s use of their phone via a browser app to enterprise-level datasets on purchasing and anything in-between. Artificial Intelligence extracts value from that data. The more accurate the data available, the better the AI.
Currently, the greatest beneficiaries are the mega-companies like Google, Microsoft, Amazon etc as they have access to large sources of data and can therefore monetize their own AI.
Ocean Protocol is looking to equalize the opportunities around AI by creating a platform for enterprises to provide data and for others to consume that data.
The Ocean Protocol Solution
The Ocean Protocol has created a number of tools that allow the creation of a marketplace for data.
Whether you are an individual, company, organization, etc it is easy to sell your data or even your interpretation/use of the data. It is conversely easy to purchase the data that you require to create your value-adding AI.
- Data is minted into NFT’s; immutability, provenance, security, privacy, censorship-resistant
- Data is sold on the marketplace for OCEAN tokens.
- Data can be sold as one-time access, perpetual or even time-bound (e.g. 1 week only)
- Data can be dynamic and privately held i.e You could sell only the results of an algorithm
- Data publishers can simply upload the data or it can be collected privately; option to allow data to be held onsite so no GDPR problems
Ocean Protocol Tokenomics:
OCEAN is the default unit of exchange to buy & sell data in Ocean Market. The supply is capped at 1.41 billion tokens. 51% of this supply is disbursed according to a Bitcoin-like schedule over decades, to fund the community (Data Farming, etc).
It is also possible to stake OCEAN and this is then used for curating data assets and related Data Farming rewards.
There are three main methods for earning within the Ocean Ecosystem:
- Publishing – If you have data that you can publish, your own, or that you have analyzed, then you can sell that data via the Ocean Marketplace.
- Staking – You can buy or earn OCEAN tokens and then lock them up (stake them) to get veOCEAN tokens. These can earn a passive income but can also be used to earn an active income if allocated towards a particular dataset that is then purchased. Further information..
- Data Challenges – If you are a coder then various collaborations between OCEAN Protocol and other companies have created challenges where prizes can be won for various tasks. Further information..
Ocean Protocol, since 2017
BigchainDB blockchain database in 2015
ascribe NFT platform in 2013
Founder Solido; acquired by Siemens 2017
Founder Analog Design Automation; acquired by Synopsys in 2004
- CEO of a business, leading 400 employees and over 50M EUR turnover
- IT systems integration; Solution Architect in the Software Development Department to Chief Development Officer.
- Software Consultant in IBM
- Founder at Computer Universal; a company offering technical services.
Investors / Partners
- XPrize; Ocean Protocol helps bringing data and information to the IBM Watson AI XPRIZE® participants.
- Mobi; Using blockchain and related technologies to make mobility safer, greener, and more accessible.
- Mercedez Benz; Ocean Protocol has collaborated with Mercedes-Benz Singapore on an end-to-end enterprise data marketplace, featuring decentralized data sharing and data monetization.
- Roche; Roche Diagnostics has launched a pilot project to improve the current practice and standards of care for patients on blood-thinning therapy.
- Zühlke; solutions for pharma, medtech and life science companies that facilitate an open data economy.
- dexFreight; dexFreight and Ocean Protocol are building the first Web3 marketplace for the logistics industry to unlock and monetize data.
References / FAQ’s
What is OCEAN Protocol?
OCEAN Protocol is a crypto company that connects producers and consumers of data via a blockchain-based marketplace. They provide the tools for producers (individuals or companies) to monetize their data by creating NFTs that can then be sold via the OCEAN marketplace.
What Blockchain is OCEAN Protocol on?
The OCEAN Protocol is an ERC-20 token on the Ethereum blockchain.
What is the main advantage of the OCEAN Protocol?
The main advantage of the OCEAN Protocol is the ability for individuals or enterprises to monetize their data by publishing it via a secure, private blockchain while giving data consumers an easy, reliable, immutable source of data.