Ocean Protocol

A Decentralized Data Exchange Protocol to Unlock Data for AI

Full review available at https://coinsolidation.io/reviews/ocean-protocol/

Our world generates an enormous amount of data and while data was earlier considered as a side-effect of successful business operations, today it is a vital element in the smooth operation of all aspects of daily life for consumers, governments, and businesses. Massive amounts of data are collected and then data sits dormant on servers. It is estimated that less than 1% of it is analysed.

Ocean protocol helps to unlock data, particularly for AI. It is designed for scale and uses blockchain technology that allows data to be shared and sold in a safe, secure and transparent manner.

Idea

While Web 2.0 brought social perspective to Internet and gave the freedom and voice to big masses, the economy behind the information is largely privatized and monopolized by big behemots companies like Facebook without people really realizing the value that they’re giving up.

Data ecosystem

Ocean Protocol is a business, technical, and governance framework that is brought together to serve the needs all stakeholders in the data ecosystem. Ocean Protocol enables the safe sharing of data and ensures payment to the provider, while guaranteeing control, auditability and transparency to everyone.

Ocean protocol ecosystem consists of 5 groups:

1. Data provider is any enterprise, government, group or data custodian that possess data that is stored on a decentralized network (IPFS, Storj or other). They will use different pricing models to sell data through the Ocean protocol marketplace and define the usage model and royalties based on the data usage: time limited, one time use, perpetual or any other. At the same time they will remain full control over the data choosing who they are selling he data and who is using and accessing the data.
2. Data consumer is any enterprise, government, startup or university that needs data for analysis and training AI/ML models. They will buy data they need from the marketplace based on the data quality reviews and reputation rankings and they will be able to check the data samples to ensure the quality. They will deploy AI models on the data and work with the results without the need to see the data.
3. Community is represented by the general public, legislators, oversight agencies, internet advocates that wish to monitor and contribute their input to shape how data is used.
4. Marketplaces are represented by any portal that acts as a market, bringing buyers and sellers together. Each marketplace acts as the last mile in connecting buyers and sellers. Crucially, pricing offers are at the shared Ocean layer, not at the marketplace layer, to help liquidity and avoid lock-in of a dataset offer to a given marketplace.
5. Developers are represented by anyone who wants to build value-added services or marketplaces on top of Ocean Protocol.

Ocean protocol foundation

Ocean Foundation will strike a 5-year deal with BigchainDB and DEX to build the following components:

• Ocean Protocol core (Keeper) software
• Management & analytics of Ocean Protocol network
• Data marketplace template software & legals (to be used by DEX; open-sourced for others)
• Software & support to support the ecosystem and catalyze the community
• Enable and grow the two-sided marketplace

The Ocean tokens

The Ocean Tokens are used on the Ocean Protocol network as the means of value exchange, to power the protocol and incentive the keeper nodes of the network. Total amount of tokens will be limited and capped at 1.41 billion tokens.

Ocean Tokens will be issued as a native token for the Ocean network. It will not be issued as an ERC20 token.

Planned token distribution for the first six years:

As seen above, approximately 60% of all tokens will be emitted within 6 years.

Whitepaper

More business and marketplace oriented papers are available on the website.

Team

Ocean Protocol team is big and it would be too detailed to go into each member profile here in article. Need to make a note that lot of members have a cross roles on Ocean protocol and partner projects DEX and BigchainDB. General opinion is that team has a vast amount of experience both from blockchain and business perspective. You can check team member details at official page and social media accounts attached:

https://oceanprotocol.com/#team

Social media

Webpage: https://oceanprotocol.com/

Twitter: https://twitter.com/oceanprotocol

Telegram: https://t.me/joinchat/GUyxrE0Hi154D0NrlOqLFg

Blog: https://blog.oceanprotocol.com/

Verdict

Ocean Protocol aims to unlock data, for more equitable outcomes for users of data, using a thoughtful application of both technology and governance. This is important part of the infrastructure needed for many researchers and startups.

The data decentralisation goal of Ocean protocol is considerable in our opinion and it is perfectly aligned with Web3.0 idea and everything else that comes with it. Access to the data and running AI analytics on data silos will improve the modern era scientific breakthroughs and utterly bring us greater quality of life.

Team and idea is promising and we will keep a close eye on development of the project.

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