Ocean Protocol 2023 outcomes: a leading Web3 project that pushes the boundaries of what is possible

Stip11
Coinmonks
Published in
11 min readDec 24, 2023

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Greetings friends, let’s summarize the year 2023 for Ocean Protocol, this article will highlight the major achievements, integrations and new products that makes Ocean Protocol a cutting edge and. fundamental technology no matter the complexities and market sentiment, enjoy your reading!

Introduction

The beginning and middle of the year posed significant challenges for the entire crypto industry. We witnessed a decline in overall sentiment, skeptical positions from governments and regulatory bodies regarding the crypto sector. We confidently navigated and are navigating a bear market by my personal evaluation criteria.

Throughout this period, Ocean Protocol remained resilient, resisting the prevailing panic. The project released several new products, underwent a complete reorganization, and refreshed the ambassador program.

Additionally, it seamlessly integrated with the global second-layer network project, Optimism, and proactively engaged with AI and data long before they became mainstream trends.

Let’s delve into each accomplishment individually in the following sections of the article.

About Ocean Protocol

Ocean Protocol is not just a technology, but an entire philosophy that seeks to change the world of data. Ocean Protocol is a decentralized platform that allows people and organizations to freely share, sell and use data without violating their rights and privacy, a kind of bridge between data and artificial intelligence that opens new opportunities for innovation and social good.

The Ocean Protocol token (OCEAN) is a multifunctional token that is used to validate the best datatokens and to allow users to participate in the management and buying and selling of data.

1. Ocean Protocol Ambassador Program Update

In 2023, the ambassador program underwent a comprehensive overhaul, introducing a clear structure with detailed task allocation, responsibilities, and rewards. Unique platforms for interaction, such as Rep3, were incorporated.

This platform allows you to create the industry’s first digital portfolio on the blockchain, showcasing all your work and achievements. This digital portfolio remains with you permanently and can be leveraged for your future career.

The Postmint platform was implemented to automate essential rewards for task completion and ensure transparency in participation. This allowed every bounty participant to verify the fairness of the competition based on task criteria and the results of their peers, which are accessible to everyone.

The revamped program now offers a career progression feature, starting from the role of a recruit and allowing you to ascend to the esteemed rank of a Legendary Ambassador. This journey includes the exciting prospect of securing your dream job within the project, enhancing your skills, and acquiring new ones.

I’ve witnessed individuals who have achieved this, and the potential for personal and professional growth is limitless for you as well.

For a more in-depth understanding of the program, a comprehensive guide, and initial steps, you can explore further in this article:

Ocean Protocol Ambassador Program Full Guide: Learn, Connect, and Grow with the Ocean Community

2. Ocean Predictoor launch

In the fall, Ocean Protocol launched a unique platform, Predictoor, enabling users to generate income through prediction activities, either as predictors or traders.

Operating on the Oasis Network’s Sapphire mainnet, Predictoor ensures maximum confidentiality and transaction security for each user. Ocean Predictoor serves as a decentralized application (dapp) and a prediction feeds stack. It maintains accuracy through betting, is globally distributed, and resistant to censorship since it operates on the blockchain.

The mainnet web app can be accessed at https://predictoor.ai, and the testnet at https://test.predictoor.ai.

Prediction channels operate on a crowdsourcing basis, where manual predictions and transactions are possible, but artificial intelligence plays a significant role in enhancing accuracy, eliminating emotions, and overcoming monotony.

The Predictoor ecosystem comprises two main sides:

  1. Predictors: These manage AI-based prediction bots (agents) that provide individual predictions and place bets on them.
  2. Traders: These oversee trading bots (agents) with artificial intelligence that consume aggregate predictions and utilize this information for their trading activities.

Engaging as a predictor on Predictoor involves earning income through providing forecasts for Predictoor contracts. The primary way to earn money is by selling predictions to traders. The better your artificial intelligence model and the higher the accuracy, the more income you generate. Additionally, a higher stake in OCEAN increases your earnings.

To get started running an AI-powered prediction bot, you can visit the pdr-backend repository.

Ocean Predictoor serves as both a dapp and a stack for submitting predictions. Predictoors’ AI bots submit forecasts for various currencies like BTC and ETH, while traders’ AI bots purchase the aggregate of these predictions.

3. Ocean Protocol Shipyard

I’m pleased to introduce you to Shipyard, Ocean Protocol innovative grant platform for early-stage projects.

Ocean Shipyard is an early stage grant program designed to fund the next generation of Web3 dApps built on the Ocean Protocol.

A chance for your Team and your product

Why this could be extremely valuable to you and your product?

If you have a talented team and a unique idea, Ocean Shipyards invites you to join and bring your project to life. This is a great opportunity for those who want to realize their ambitious plans and build projects based on Ocean.

Key Evaluation Factors

Shipyard adheres to two main criteria when considering projects:

  • Investment Performance: Ocean Protocol is interested in how quickly your project will begin to make a profit. They believe in effective investment and are committed to helping your project succeed.
  • Consistency with Ocean’s mission and values: The primary goal is to support projects that are consistent with Ocean Protocol’s mission and values.

What Makes Your Project Unique

It is important to remember that your project should have the following key characteristics:

  • It must be open source with a collaborative community management model. Ocean Protocol believes in transparency and collaboration.
  • Your project should contribute to the expansion of the Ocean Protocol ecosystem, helping to strengthen the technology network.
  • There should be a practical use case for your project. Ocean Protocol looks for real solutions to real problems.
  • An MVP or prototype is needed to demonstrate the potential of your idea.

The benefits of joining Ocean Shipyards are clear:

  • Funding of, on average, $30,000 over 3 months. This will help you get started on your journey.
  • Intensive 3-month project support, including technical assistance from Ocean’s experienced developers. Ocean Protocol will be with you every step of the way.
  • Building and developing a community around your project. This will help you get feedback and support from our developers and team.
  • Helping you develop your business strategy. Ocean Protocol is ready to help you form a successful action plan.

Ocean Shipyard Grantees Highlights

  1. Datalatte
    A two-way dApp that allows people to anonymize, tokenize and monetize their data and market it to researchers.
  2. Felt Labs
    FELT Labs is a tool for decentralized data science. FELT provides the necessary algorithms and tools to select datasets from Ocean and train machine learning models or compute statistics on them. Ocean’s comput-to-data system is used to preserve data privacy.
  3. Data Union
    Building Data-Unions-as-a-service to create AI ready data and co-owned insights.
  4. Algovera
    A platform for creating personalized AI assistants based on your data, A hub for AI startups, A lab for decentralized AI infrastructure
  5. WeDataNation
    WDN connects brands and fans, allowing them to build and succeed together. Brands have a direct link to engage and reward their loyal supporters for meaningful participation and insights to their personal information, in exchange for TGR tokens and other exclusive experiences.
  6. Brainstem
    IoT and mobile App to collect & use wearable health data.
  7. Directimo
    Real-estate property market
  8. Transport Genie
    Award winning sensor company and world leader in real-time precision monitoring for livestock.
  9. Reserved for your project 😊

Shipyard has funded over 2 million OCEAN and helped teams create and ship their MVP to market, stay tuned and apply to bring your project to life now!
Apply for the Shipyard program

4. Ocean Predictoor Data Farming

On November 9, 2023, Predictoor Data Farming was initiated, featuring a total weekly pool of $150,000 in Ocean tokens for active participants.

But what exactly is “Data Farming”?

It serves as the primary incentivization program of Ocean Protocol, rewarding participants for joining the protocol and creating value using tools that contribute to its development. Here, everyone has the opportunity to receive rewards through various earning methods.

There are two types of rewards for participants: active and passive.

  1. Active Rewards: Intended for those who curate and publish high-quality data assets and NFT data within the Ocean ecosystem.
  2. Passive Rewards: Open to all participants.

To participate in passive rewards, follow these steps:

  1. Stake your Ocean tokens.
  2. Receive rewards.

It’s as simple as that to start earning rewards through active participation in the ecosystem.

Active rewards in Data Farming are calculated based on three key factors:

  1. Challenge Data Farming: This factor takes into account participation in challenges, where Data Farmers provide high-quality data assets and NFT data in response to specific requests or tasks.
  2. Volume Data Farming: This aspect assesses the volume of provided data, where participants can earn active rewards based on the quantity and quality of data contributed to the Ocean ecosystem.
  3. Predictoor Data Farming: This factor evaluates participation in Predictoor, where active participants can earn rewards for their involvement in the Predictoor platform and related activities.

Rewards in the form of OCEAN tokens are distributed at the end of each Data Farmers’ week across two streams: Passive and Active. All streams and substreams refresh weekly, starting on Thursday at 00:00 UTC and concluding on Wednesday at 23:59 UTC. Various Annual Percentage Yield (APY) variables are applied to each stream.

For more information and to start earning rewards, you can find detailed instructions at the following link: https://docs.oceanprotocol.com/data-farming.

5. Ocean Uploader: Seamless File Uploads

Ocean Uploader simplifies the data uploading process for users by facilitating direct data transfer to decentralized storage platforms, such as Arweave. Traditionally, uploading data to Arweave requires AR tokens; however, Ocean Uploader utilizes Irys to allow users to pay for storage in MATIC instead of AR tokens. The Uploader efficiently manages all necessary conversions behind the scenes, leveraging the robust capabilities of the Ocean protocol stack.

Moreover, the Uploader offers a range of powerful features to meet the needs of decentralized storage management:

  1. User Content Upload: Users can easily upload their content through a user-friendly frontend interface.
  2. Payment Processing: The Uploader integrates with payment systems to manage the financial aspects of storage services.
  3. Decentralized Storage: Content is transferred to decentralized storage networks, such as Arweave, to enhance security and redundancy.
  4. API Documentation: Comprehensive API documentation for each repository enables users to understand and interact with the system easily.
  5. Uploader.js: A TypeScript library designed to simplify interaction with the Uploader API. This library provides a convenient and intuitive interface for calling API endpoints in the Ocean Uploader system.

Ocean Uploader is built on multiple layers. At its core is the backend layer, which provides public and private APIs for interaction with the frontend and microservices.

Additionally, there is a layer of microservices serving each decentralized storage (currently Arweave) and future options. Moving up the layers, we have an open-source library that provides a user-friendly interface for making API calls in the Ocean Uploader system.

Based on this library, we have also created a user interface component that can be easily integrated into your dApp, offering a range of functionalities out of the box. To complete this puzzle, there is a user interface deployed by Ocean, which you can readily use.

Ocean Uploader represents an evolutionary leap for all users of decentralized data storage systems, directly connecting data storage with data monetization solutions provided by the Ocean Protocol. By simplifying data storage, Ocean Uploader contributes to a broader adoption of decentralized storage options and new business models built upon them, ultimately benefiting both data providers and consumers.

Try it now:
https://uploader.oceanprotocol.com/

6. Ocean Protocol X Optimism

Optimism is compatible with the Ethereum Virtual Machine (EVM), allowing the execution of Ethereum smart contracts and the use of ERC-20 tokens. As a second-layer solution, it operates with lower gas fees and reduced latency compared to the Ethereum mainnet. This scalable solution enhances user convenience while maintaining security and decentralization.

Ocean Protocol on Optimism: Key Features

Deploying Ocean Protocol on Optimism includes:

  1. Ocean Market on Optimism: Users can now publish and consume data assets on Optimism. By specifying their wallet on the Optimism network, users can interact with data assets registered on Optimism.
  2. Developer Tools: Developers of decentralized applications (dApps) can use Ocean.js to build dApps on the Optimism network.
  3. Supported Components: Smart contracts, including Ocean, Ocean Market, Ocean Provider, Aquarius, and Subgraph, are fully supported on the Optimism network.
  4. Token Bridge: OCEAN tokens on the Ethereum mainnet can be bridged to the Optimism network and vice versa. Bridges with Ocean tokens can be established here. The official Ocean contract on Optimism is located here.

Key Benefits for the Optimism Community

Developers integrating Optimism with Ocean Protocol’s smart contracts will enjoy several advantages:

  1. New Data Exchange and Monetization Opportunities: Ocean, with its open-source code under the Apache 2 license, is primarily designed for data tokenization and monetization. Developers can fork it to create tokenized dApps or marketplaces with just a few steps. E

Innovative Solutions for dApps: Ocean.js empowers developers to:

  • Publish data services, including uploaded files or compute-to-data services.
  • Create ERC721 NFTs for each data service and ERC20 datatokens for access (1.0 datatoken for access).
  • Sell datatokens at a fixed price and trade NFT data.

These applications have diverse uses, from decentralized markets to peer-to-peer platforms and AI-generated art.

New Powerful Tools for Blockchain Developers

  1. Faster Data Retrieval: Efficient access to data related to datatokens, users, and balances using Ocean Subgraph, an off-chain service utilizing GraphQL.
  2. Efficient Metadata Querying: More effective ways to query, track, and cache on-chain metadata using Aquarius, particularly beneficial for search functions in dApps.

The collaboration between Ocean Protocol and Optimism Mainnet represents a significant leap forward for developers and data science professionals striving to create efficient, user-friendly applications for data and artificial intelligence. It marks a tangible step toward a future where consumer applications become an integral part of everyday life rather than a niche market.

We’ve covered the key achievements of Ocean Protocol, and this is just the beginning of a great future and further accomplishments for Ocean. Join this amazing ecosystem and start contributing as an ambassador, builder, developer, predictor, trader, and reap worthy rewards for your efforts! Best wishes for success and prosperity in the new year!

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Stip11
Coinmonks

≡ Ambassador ☱ Community Leader ☲ Writer ☴