#75 Ocean Protocol and decentralized data market
Data is being generated everywhere and by everyone. Still valuable data is often locked up and therefore difficult to exploit. Data should be available and shared in ways that proof fully controlled ownership and privacy.
Most likely the future of the data economy is based on decentralized data exchange. The benefits of decentralization are undeniable. Ocean Protocol aims to solve the ownership and privacy challenges and treat the data as a intellectual property in decentralized model.
What is Ocean Protocol?
Ocean Protocol was founded in 2017 by a group of experienced consultants and entrepreneurs. Is is supported by a Singapore based non-profit Ocean Protocol Foundation. Ocean Protocol is decentralized and open-source data exchange protocol and it intends to create decentralized data markets (DEX – decentralized exchange) and policies. Aim is to promote the joint creation of global data by rewarding data providers, curators and administrators. The Ocean Protocol network is powered by its own cryptocurrency called OCEAN. Ocean protocol is also an ecosystem for the data economy and related services. It has a tokenized service layer that exposes data, storage, algoritms and compute for data usage and consumption.
How does it work?
Ocean Protocol is simultaneously a business, technical and governance framework that enables the secure sharing and sales of data and services. Ocean Protocol stores e.g., metadata, manages links, provides data licensing and methods for pricing.
The key feature in Ocean Protocol is that the data owner does not lock in one marketplace but retains control of the data in all situations. Ocean Protocol aims to increase the usability of data and, through it, productivity. Of particular interest is the monetizing data and exploitation of artificial intelligence, while maintaining control and transparency.
Ocean protocol, built on top of the Ethereum blockchain, uses Ocean Datatokens to create access data. It means that data is tokenized (ERC20 datatokens) and listed to Ocean Market. Users who need access to the data will redeem the Ocean datatokens. Ocean Protocol has the ability to enable transparent, secure, and traceable data sharing with privacy.
To make the system work, Ocean Protocol operates through three main components:
Providers – Create datatokens and sell the right to access data sets
Consumers – Purchase datatokens and redeem access to datasets
Marketplaces – Connect providers and consumers and facilitate transactions
How to start buy and sell data?
Anyone can buy and sell data (publish) by downloading the Ocean Market app to publish the dataset, Ocean Market users can just click "Publish", fill in the metadata, enter the URL of the data location and add price information
Ocean protocol OCEAN exchange rate 12.11.2021: 0.788011 €
To purchase data or dataset users can download the wallet at OCEAN and connect it to Ocean Market. Data stays on-premise while allowing others to use data. Ocean Libraries in turn provides tools needed for developers to build and launch their own data marketplaces.
Please read more about: Ocean Market: An Open-Source Community Marketplace for Data