Ocean Protocol — SnapShot
<not affiliated with the Ocean Protocol project. not financial or investment advice. this write up is simply my opinion>
Summary: Ocean Protocol is a decentralized data exchange protocol that lets organizations share/monetize their data while guaranteeing control, auditability, transparency and compliance across the parties involved in the data sharing. Organizations will be able to access data sets made available via Ocean Protocol’s sharing tech for training/optimizing their Artificial Intelligence (AI) instances.
Overview/Use cases: An inhibitor for widespread use of AI in business is the lack of access to the data sets needed to train AI instances. For example, a startup could have great ideas for developing innovative AI algorithms, but the startup lacks access to the volume of data needed to train and optimize the algorithms. Some of today’s biggest innovators in AI are large tech companies (Facebook, Google, Amazon) who use the large volumes of data generated by their businesses to create/train/optimize their proprietary AI algorithms. Businesses that could improve their operations via AI are limited today by their ability to generate the type and volume of data necessary to successfully train/optimize their AI’s.
Ocean Protocol’s primary use case is to enable Data Providers to securely share (and monetize) their data for use by Data Consumer’s AI instances. Data providers/consumers could be businesses, schools, individuals, governments, etc. Data consumers will get access to data shared by providers via the data sharing marketplaces enabled by the Ocean Protocol (including the Ocean Protocol’s own reference data marketplace). Ocean Protocol’s data sharing technology will enable AI applications run by entities of all sizes to help improve society, science, health, technology, etc.
Token Status — On February 15 2018, whitelisting will open on oceanprotocol.com. The public Pre-Launch contribution period will start in the first week of March. Token supply is capped at 1.41B tokens, with 45% or tokens being minted (blocks mined in seconds), with 25% of the tokens designated for Acquirers with 15% released on the network launch and 10% reserved for a secondary offering. Founding team’s tokens released via a vesting cycle of 6 tranches over 5 years. There are two current options being considered to release tokens to the public, (1) a “rising tide” approach or a (2) Dutch auction. All funds retained by Ocean Foundation will be audited by auditing firm PwC.
Token supply data was pulled from the Ocean Protocol Token Distribution article and the business whitepaper. For authoritative details on the token supply data consult the Ocean Protocol token article and white paper.
Partnership Activity: The government of Singapore is partnering with the Ocean Protocol team to help Singapore realize its’ vision of being a global hub for data sharing. Singapore plans to support an 18-month development roadmap (with the DEX organization and the Ocean Protocol Foundation) to enable safe, secure and trusted access to government and corporations’ data. The Ocean Protocol team plans to partner with multinational corporations from insurance, pharma, automotive, and other industries who will both provide data for sharing and help with the development/validation of the Ocean Protocol technology.
Coding Activity: The BigchainDB organization will build the mining software, client software, and technology specific plug-ins. The DEX organization will focus on activities related to regulatory sandboxes, compliance, marketplace development, business development and helping organizations adopt the Ocean Protocol technology. DEX will also be responsible for developing and deploying a data marketplace application on top of Ocean Protocol and working with public and private entities to help unlock and share their data.
No Ocean Protocol Github coding activity detected at this time.
Team: From the web site “The Ocean team combines a deep background in big data, blockchain, artificial intelligence and data exchanges, with real-world business experience as entrepreneurs, designers and technologists who have started over 20 companies.” The Ocean Protocol team is staffed by business/technical personnel from DEX and BigchainDB. The review of the Ocean Protocol team’s LinkedIn profiles (starting with Bruce Pon) indicates a legitimate team experienced in AI & blockchain tech as well as experienced in launching numerous tech related companies.
Advisors/Investors: Unclear from the review of the Ocean Protocol’s web site if they have independent advisors affiliated with the project or what the plan is for having advisors.
General Thoughts: The Ocean Protocol is addressing the need to unlock/share/monetize data sets that now exist in organizational silos across the globe. My opinion is that delivering technology to unlock data for optimizing the AIs of any sized company is a great business opportunity. Sharing data that is now inaccessible will increase AI usage at organizations that otherwise would not have access to the volumes of data needed to train and optimize their AI’s. The areas I find most interesting about the Ocean Protocol Project are:
- The government of Singapore is backing the Ocean Protocol initiative to help realize Singapore’s vision of being a global data sharing hub.
- The Ocean Protocol’s focus is not on general purpose data sharing but on creating a data sharing marketplaces specially targeted for AI which is one of the most important and rapidly growing technology verticals. Emphasizing the AI vertical is a great way to get early reference wins by working with companies that are excited to create AIs to optimize their operations.
- The Ocean Protocol's leadership, tech and biz dev teams have extensive expertise in block chain technology development/token economics and are already in place and ready to go.
I think this is an exciting project that is worth paying attention to during their initial token sale and as the Ocean Protocol team drives their roadmap forward during the next few years.
</not affiliated with the Ocean Protocol project. not financial or investment advice. this write up is simply my opinion>