H2O is now LIVE on Ocean Market
Publish and consume data with H2O, a stable asset backed by OCEAN.
H2O is now integrated as a base token on Ocean Market. The H2O team is enthusiastic to position itself as a crucial component of the decentralized data economy by providing users of Ocean Market with a stable unit of account and medium of exchange for datasets.
Let’s explore how users now can publish and consume data on Ocean Market with H2O.
What is H2O?
H2O is a non-pegged stable asset, now serving as a base token on Ocean Market. H2O is free-floating, which means it’s not pegged to a fixed price. However, H2O settles around a target price, which has been ~$1.60.
There are two ways to get H2O:
- By locking OCEAN to mint H2O on the dapp; or
- By buying H2O on a decentralized exchange (ie: Uniswap.v3 H2O-USDC)
What is Ocean Market?
Ocean Market is a decentralized data marketplace allowing publishers to monetize their data and/or algorithms through Compute-to-Data, Ocean’s privacy-preserving approach. Ocean Market allows access to data, algorithms, and compute services via datatokens. Ocean is set to launch veOcean, which will be the main mechanism for staking OCEAN, for curation of datasets, and for Data Farming. It is lower risk than Ocean datatoken pools to achieve similar functionality for staking and curation. Learn more about veOcean here.
Pricing Data With H2O
This update allows publishers to opt for pricing in either H2O or OCEAN when publishing datasets. A “base token” is used to price data for publishing and consumption on Ocean Market. Prior to the integration, users could only choose OCEAN as it was the only base token available.
As key benefits, using H2O provides data publishers with a more predictable pricing model while data consumers more accurately predict the data cost. H2O enables stability when pricing data and mitigates volatility when compared to pricing in OCEAN.
Here’s a step-by-step guide on how buying and selling data with H2O works:
Publishing Data on Ocean
Step 1: Connect a wallet to Ocean Market. Find the Connect button at the top right corner of the page.
When connecting a wallet, a pop-up notification will appear. Click “Next” to continue.
Step 2: Set the metadata by filling out the Asset Type, Title, Description, Author, and Tags. Click “Publish” when done setting the metadata.
Step 3: Next, define access. Users have two options here–”download” or “compute.” Providing “download” access is the simplest way to give access to data. Users will be able to download datasets and access the raw data. However, if data is too sensitive, “compute” access is the better option. This allows users to directly compute algorithms on the dataset without being able to download or access the raw data.
The next step is to provide a URL to access the dataset. This can be through any centralized or decentralized storage provider. There will be a field for inputting the sample dataset. This will help users understand what publishers’ dataset is all about before they buy it.
Publishers can also choose datatoken names and symbols at this point. There are options provided in the marketplace. Publishers can either keep the default name and symbol or choose something they like.
Lastly, publishers need to set up the timeout. They can decide the length of time users can access their datasets after initial purchase. It’s recommended to set a short timeout if publishers update their datasets from time to time to allow data consumers to buy the latest copy.
Step 4: Create pricing. Currently publishers can either choose to price their datasets based on a fixed pricing model or list them for free. Once publishers choose their pricing model, it can’t be changed.
Fixed pricing is simple. Publishers set the price of their datasets and it’s what consumers pay. They can either set the price in OCEAN or H2O. Another option for publishers is to list their data for free.
Step 5: Publishers can preview and review relevant information before publishing the datasets.
Step 6: Submit and sign transactions. Here you’ll see the descriptions on creating tokens and pricing, constructing and decrypting DDO, and publishing DDO. Make sure you read them before submitting the transactions for awareness.
Looking Ahead
We strive to add more utility for H2O. We’re currently working on our roadmap that will include additional collateral types. So, stay tuned for all things H2O! Follow us on our social media channels below and never miss an update!
