Ocean - A Decentralized Data Exchange Protocol
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Ocean - A Decentralized Data Exchange Protocol

By Keith Thuerk | New to Crypto's? | 1 Nov 2020


Ocean - A Decentralized Data Exchange Protocol

 

Apologies, if you already know all of this, Ocean is brand new to me. It was launched in Oct. '17 and on October 27, 2020 in Singapore Ocean V3 went live. So what is Ocean? Its a decentralized data exchange protocol to unlock data for AI. The concept is designed to leverage and take advantage of all the dark data pools residing in Enterprises and perhaps Cloud offerings; and bring value to that data. 

So what did V3 unleash?  Datatokens which are ERC20 tokens that represent both the value of the data asset and provide the access control to the data asset.  The other feature that V3 unleashed is the Ocean Market is a data marketplace to sell, buy and curate quality data, built on decentralized blockchain technology. Within the Ocean Market, data services are converted into data assets called datatokens.

So how does this market work? Data consumers buy datatokens to access data. Pricing for datatokens is achieved via automatic price discovery tools, via a pioneering approach of decentralized exchange technology integrated into Ocean Market.

"The publishing of a dataset as a tokenized data asset can be seen as an Initial Data Offering  (IDO) because that tokenized asset can now be used within an existing DeFi infrastructure. The Ocean Market is the world’s first IDO Launchpad."

How do people to earn in the Ocean ecosystem? There are three main ways:

1) selling data in the Ocean Market, curating, or (staking,) on data in the Ocean Market, and

2) building & launching their own data marketplace.

 

I can see HUGE potential for this one to Rocket off and look back.

Disclaimer, I currently do not own a position in nor do I work for Ocean am I an Agent of Ocean!

 

Enjoy the journey!


Keith Thuerk
Keith Thuerk

Currently learning about Crypto's and DeFi to combat the Inflationary Tidal wave coming our way!


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