Ocean Protocol is a crypto-on-ramp for data services that makes data more valuable. It was started in 2017 and uses blockchain technology to connect data providers with people who want to use that data. Through the Ocean Market app, people who own data can sell it to make money while keeping their privacy and control. On the other hand, consumers can buy private data that they couldn't get before.
This is especially helpful for people who work with AI and data scientists because it gives them access to more data, crypto-secured proof of where the data came from, and ways to make money. Compute-to-data makes it possible to use private data in AI models and research without directly sharing it. Users of Ocean Protocol can also make money by curating data and staking on it. In the meantime, developers can use Ocean Libraries to build and launch their own decentralized marketplaces, wallets, and more.
Trent McConaghy, an AI researcher, and Bruce Pon started the Ocean Protocol in 2017. Before that, Bruce Pon started a company called BigChainDB that makes software for blockchain databases. Ocean Protocol Foundation, a non-profit decentralized autonomous organization, is in charge of the project. Aside from the people who started it, it has a team of experts in areas like AI, big data, business, policy, and blockchain. Since it began in November 2017 with Marketplace Framework and OCEAN token, it has grown slowly, adding more than 3,000 contributors in 100 countries, partnering with IBM Watson AI XPRIZE, and launching a decentralized marketplace.
Ocean thinks that "big data" is bad for users and network participants because it shares and sells their data without giving users much or any control over the process. To fix this, the Ocean team wants to build a decentralized data exchange protocol that lets consumers, corporations, and everyone in between exchange data with equal control and transparency. Ocean also wants to get people to use a lot of data that isn't being used or isn't being used at all by giving people money to do so. The ultimate goal of this protocol is to make sure that artificial intelligence (AI), which relies heavily on data inputs and a strong, reliable data market, keeps getting better. Ocean thinks that the key to a long-lasting, profitable data market is making sure that people who share data feel safe doing so. Ocean's solution is to use a peer-to-peer protocol to share data.
Ocean Market: The Ocean Market is an automated market maker (AMM) that was built to make it easier for data tokens to be made and traded. Unlike traditional order books, which match the "bids" and "asks" of the parties involved, automated market makers use a group of liquidity pools, like Uniswap and Balancer, that let each trade settle through a set of smart contracts.
Compute-to-Data: Compute-to-Data is an element of Ocean that lets users share data without giving up their privacy. Using this method, data tokens let users use parts of a dataset to run specific computing jobs. This helps research or artificial intelligence develop while keeping some user information private.
The OCEAN token is an ERC-20 utility token that can be used in three main ways. Firstly, the OCEAN token is a currency unit. It can be used to buy, sell, and share data on Ocean Market or on a market powered by Ocean that you make yourself.
Second, the OCEAN token is used by OceanDAO to run the Ocean Protocol and fund projects. Third, the OCEAN token can be bet on data to make it easier to buy and sell. Stakers get staking rewards and transaction fees, which makes it easy to make passive income with crypto.
OCEAN tokens are also called "the token for the Web3 data economy." The OCEAN token is distributed in the same way that Bitcoin is. The token should gain value over time as the Ocean Protocol ecosystem grows, and more people use it.
Ocean Protocol has shown that it has potential and has gotten a number of partnerships, which bodes well for its future. It has a big goal, but what has been done so far shows that it is very doable. Ocean protocol lets you see what data is really worth. At the same time, it wants to take power away from tech giants and give it to the people who actually provide the data. When people know that their ownership and data privacy are safe, they are more likely to share with ease. This makes it easier to get to data, connecting supply and demand.
Ocean Protocol