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Ocean Protocol: Transfer Tokens between Ethereum Network and Pacific, Pricing Feature For Commons, Videos From Blockchain Week Berlin

Biweekly update 18th September — 2nd October

Greetings to all! We believe you remember Ocean Protocol, an ecosystem for the data economy and associated services, with a tokenized service layer that securely exposes data, storage, compute and algorithms for consumption. We have found a few news which we want to share with you.

Speaking of development, the Ocean team has done a great job over the past two weeks. The foundation released the Ocean Token Bridge. It can be used to transfer tokens between the Ethereum Network and Ocean’s Pacific Network. Users have to use their installed MetaMask to connect to the bridge and move their tokens. According to its statistics, only 16 Token Withdrawals and 29 Token Deposits have been done at the time of writing. In any case, we are looking forward to the further development of this service, as it will help Ocean become even more comfortable.

Moreover, in the previous article, we wrote about a pricing feature for the Commons. So, this one is under development. As the development team thinks, when using Commons for building the own marketplace, it will be possible to publish data with a price. Also, Ocean created the Ocean Status page. It allows users to check the status of all RPC network connections.

The Ocean team published a playlist of videos from the Blockchain Week Berlin. It is aimed to gain a better understanding of the overlap and synergy between AI and decentralization and discover new methods for searching, publishing, and consuming digital assets. As Ocean believes, this two-part interactive learning session is perfect for anyone passionate about building the New Data Economy and creating a world in which stakeholders have ownership and control over their data.

To summarize, we can confidently say that the foundation is interested in developing its project. Also, the team is looking for new development paths that provide more of an accelerant to the fire. We are going to continue to follow the news and try to tell you about them as soon as possible.

Development

GitHub metrics:

Development is ongoing. Commits on public GitHub appears regularly, several times a day.

Developer activity (from Coinlib.io):

Technical Update

Updates have been made to the Ocean Token Bridge. One is now able to transfer tokens between the Ethereum Network and Ocean’s Pacific Network. You need a web3-capable browser, e.g. with MetaMask installed, to connect to the bridge and move your tokens.

The bridge works bilaterally (Pacific <-> Ethereum). Token withdrawals are defined as tokens moving from Pacific to Ethereum. Token deposits are defined as tokens moving from Ethereum to Pacific. You can check out the bridge statistics to learn more about the activity.

  • Commons with Pricing Feature

A pricing feature for the Commons is under development. When using Commons for building your own marketplace, you will be able to publish data with a price. The consumer must pay for the asset once and will be able to download the asset as many times as they like. The entire value of the asset goes to the publisher.

Notes:

1. A data asset can have multiple files.

2. Commissions will be added in the future for the marketplace and other actors to receive a cut of the OCEAN tokens.

  • IPFS for Commons and Ocean Protocol

The Ocean team prototyped an InterPlanetary File System (IPFS) integration. With this, users will be able to store and share public asset files in IPFS, a distributed file system. OEP 15 outlines how IPFS is integrated. The team will continue to work on it. Stay tuned for the release.

  • Ocean Protocol Status

Creation of the Ocean Status page, where you can check the status of all RPC network connections.

Social encounters

Building a New Data Economy

A special Blockchain Week Berlin event to gain a better understanding of the overlap and synergy between AI and decentralization and discover new methods for searching, publishing, and consuming digital assets.

This two-part interactive learning session is perfect for anyone passionate about building the New Data Economy and creating a world in which stakeholders have ownership and control over their own data.

Upcoming events:

Finance

Source: CoinMarketCap

Partnerships and team members

ArBot, a Fetch-Ocean integration

  • Introducing ArBot

Ocean Protocol is a data marketplace. On the platform, datasets carry value according to their usefulness. Fetch.AI, in contrast, is an IoT economy which routes data to those who find it most useful. Through this routing, the data provider is paid by the data consumer for their services. Both Ocean Protocol and Fetch.AI wish to leverage IoT datasets, with a focus on performance in training machine learning algorithms.

There is a clear opportunity for bridging the marketplaces of Fetch.AI and Ocean Protocol. This is where the back-end of ArBot shines: through a easy-to-use pip module, anyone can move datasets between the two marketplaces, establishing a single, liquid data economy for the Convergence Stack.

Any given dataset may carry one price on Ocean Protocol and another on Fetch.AI. This opens up the opportunity to perform arbitrage with data as an asset. ArBot does exactly this: by translating the token value to an independent measure of value, it is possible to identify profit-making opportunities. After accounting for network fees, ArBot executes trades only in cases where profit can be made.

ArBot is a tool for triangular arbitrage with Fetch tokens, Ocean tokens and data. Where things get complicated is judging the value of datasets: in contrast to the tokens, datasets are non-fungible. To make matters worse, two completely different datasets could be equally valuable. Consider a plant-identifying AI which could use either a daffodil dataset or a tulip dataset to improve its accuracy by 2%. To the AI, both are equally valuable, however it would not be immediately clear to a human which is worth more.

  • Managing Data Arbitrage Risk with Specificity

The key parameter for executing execution risk in data arbitrage is specificity. By limiting ArBot’s search space, it gets stronger guarantees that the consumer it is selling to is receiving what they expect. Thus, specificity allows users of ArBot to choose their own appetite for risk. At low levels of specificity, there is a high risk that the consumer will reject the dataset offering, but there are far more opportunities available. At high levels of specificity, there are fewer opportunities, but the consumer is much more likely to buy.

An example of a high-risk strategy for ArBot is feeding it the query ‘daffodil flowers.’ There may be a seller of data labelled daffodil flowers on Ocean Protocol and a buyer looking for daffodil flowers on Fetch.AI, however their uses for the data might be different. The seller could be in possession of art, and the buyer may want to train their flower-identifying AI with many pictures of daffodils. In this case, provided the seller’s price is lower than the buyer’s (factoring in network fees), ArBot will take the risk of the buyer not wanting to follow through with the transaction. The benefit of this strategy, however, is that there will likely be a multitude of results for the query daffodil flowers, many of which will result in successful arbitrage.

In contrast, a low-risk strategy would be to feed ArBot the query ‘1000 daffodil flowers classification AI dataset.’ In this case, there will likely be few results, however, the buyer and seller likely refer to the exact same thing. With a low-risk strategy, the probability of failed arbitrage is low.

  • Getting Started

ArBot is open-source and available on the Outlier Ventures GitHub. It is one of The Convergence Stack bridges, joining the ANVIL and H2O family. As an integration of Convergence Stack technologies, ArBot is an example of what will being looked for in the Integration Track of the Diffusion DevCon. If you think you can do better, sign up for the Diffusion DevCon and prove it!

Social media metrics

Social media activity:

Considering that Ocean Protocol is not an old project and its IEO was conducted only on 2nd May 2019, Ocean has a great community.

  • Social media dynamics:

The graph above shows the dynamics of changes in the number of Ocean Reddit subscribers and Twitter followers. The information is taken from Coingecko.com.

This is not financial advice.

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