Ocean Protocol

Ocean Protocol is an open-source that allows businesses and individuals to exchange and monetize data and data-based services.

Overview

Ocean protocol is a crypto for data services that unlock the value of data. It uses 'datatokens' to get access to data sets. Some custom programs, called smart contracts, are then used to ensure each datatoken can be exchangeable across Ethereum’s blockchain and within its decentralized applications. Users in need of information can redeem the tokens.

For the ocean system to work effectively, it operates through three major components, providers, consumers, and marketplaces. The providers on the one hand mint the datatokens and sell the right to access off-chain data sets. The consumers, on the other hand, purchase datatokens and redeem access to datasets. The marketplaces connect providers and consumers and facilitate transactions.

The ocean token is used to validate datatokens, while the software is used to facilitate data exchange. The token is the protocol's native utility token and the default unit of exchange when buying and selling data on the Ocean Market. It is also used for administration and staking.

The cool thing about ocean staking is that ocean users can earn transaction fees which are a percentage of sales volume. They can stake liquidity on a datapool. This allows them to earn fees, but also risk losses and impermanent withdrawals. Ocean staking is different from that of other coins, as stakers become liquidity providers.

An ocean market is a place where datatokens are openly available for trade. It is an Automated Market Maker (AMM) that was built to facilitate the minting and exchange of datatokens. AMM uses a set of liquidity pools that allow each stage to settle through a set of smart contracts.The ocean token is said to derive its value from its utility. Ocean datatokens wrap data services as industry-standard ERC20 tokens. 

Product Detail

Ocean protocol has a ‘compute to data feature’ that allows data sharing. This allows data to be used in AI models, and also to aid research without directly sharing it. With this feature, datatokens allow consumers to leverage certain parts of a dataset to run specific computing jobs. Providers keep datasets on their own servers and sell parts of it to specific parties, or for particular uses.

Ocean protocol makes it easy to publish and consume data services. Ocean makes it easy to publish (deploy and mint ERC20 datatokens) and consume (spend datatokens). Datatokens are the interface to connect data assets with blockchain and Defi (Decentralized Financial) tools. Ocean-based Apps make data assets on-ramp and off-ramp easy for end-users. Crypto wallets become data wallets, crypto exchanges become data marketplace.

Ocean Protocol provides tools for companies to build and launch their own data marketplace. A decentralized market can be launched by companies with this protocol. Marketplaces connect providers and consumers and facilitate transactions between them. When consumers decide to redeem a datatoken, the data is decrypted and subsequently downloadable directly from the wallet connected to the marketplace.

Ocean protocol facilitates data exchange between the person who needs it, and the one who provides it. The blockchain technology of the ocean protocol connects users of data with providers of data. Data owners can sell data through the ocean market App, while consumers can buy private data they couldn’t previously access.

Ocean protocol has an unlocking feature. The protocol is said to be able to unlock unavailable data and make it available for use, especially for AI modeling algorithms. 

Ocean protocol allows publishers to monetize their data and still preserves their privacy and control in the process. The compute to data feature enables users to buy and sell data while preserving their privacy and maintaining their control. It solves the exchange between the benefits of using private data and the risk of exposing it. It allows the data to stay on-premise but allows third parties to run specific compute jobs on it to get useful calculated results. With this feature, private data isn’t directly shared, but rather specific access to it is granted. Private data is very valuable as it can aid research, leading to life-changing innovations and business solutions.

Ocean protocol provides an open market, where datasets can be bought, sold, published, and curated. On the ocean market, you can earn by selling data and models, and by curating (staking) that of others. Ocean markets help you find more data to improve your AI models. You even get to access private data to run your AI modeling algorithms. This means more data for you, including those that were previously accessible.

Ocean protocol provides a library and publishing feature. Developers can use ocean libraries to build and launch their own decentralized marketplaces, wallets and a host of other things. Publishing on the ocean market App is made possible for data owners and consumers.

Ocean protocol provides more data, provenance, and income opportunities. Provenance is the process by which data is published, purchased, consumed, and recorded on the blockchain to create a tamper-proof audit trail. Scientists can benefit from access to more data, crypto-secure provenance, and a lot of income opportunities for selling and curating data.

Ocean protocol grants users fine-grained permissions using role-based access control. Access control is a very big part of the ocean protocol, and it is handled primarily by datatokens. Users can access a resource by redeeming datatokens. Ocean fine-grained permissions mean that access can be controlled precisely at two different levels: market-place level permissions and Access level permissions.

Ocean protocol has a secure network. Ocean protocol prides itself on having a secure network, free from malicious internet hosts and activities. 

Ocean Protocol turns data into assets. It uses unique datatokens to do this. This provides opportunities not previously available in the data market. Not only can data owners monetize their data, the protocol also makes the data available to everyone, including data that would have originally been hard to access.

Recap

Ocean uses its blockchain technology to connect data owners to consumers. The Ocean market App monetizes data while preserving privacy, and granting access to private data. AI practitioners and data scientists benefit more because they have access to more data on the network. Ocean owners can curate their data by staking tokens in a liquidity pool. Staking is different from any other coin staking, as stakers become liquidity providers and depositing oceans into AMM pools acts as a means of curating data.