$ 0.372 5.11%
Ocean Protocol (OCEAN) Rank 303
| Mkt.Cap | $ 228.2 M | Volume 24H | 12.48 MOCEAN |
| Market share | 0% | Total Supply | 502.39 MOCEAN |
| Proof type | N/A | Open | $ 0.35 |
| Low | $ 0.35 | High | $ 0.38 |
The Ocean Protocol — Ocean Protocol
Curated proofs markets that combine proofs with curation markets to incentivize people to contribute data to the commons. It will have enough functionality for people to build data marketplaces, data commons, and integrate data science tools. ImageNet is an open dataset with over 10 million tagged images—much larger than previous open image datasets.
This is because data owners fear of losing control and violating privacy laws with data sharing. AI start-ups and researchers are drowning in algorithms, but lack data.
All that leaves the data owner premises is the update to the AI model. Ocean orchestrates this process in a decentralized fashion, to minimize how much the data owner and the AI modeler need to trust each other, and to avoid man-in-the-middle privacy and security issues.
Ocean Protocol is a substrate that allows anyone to build data services and marketplaces on top and is launching with a mission to provide safe, privacy-preserving and borderless data sharing, to unlock the Data Economy. Ocean's beta network paves the ground for a series of private and public partnerships from the research, insurance, retail and healthcare sectors to deploy their Proof of Concept solutions on the blockchain-enabled data-sharing platform. Existing collaborators include AI Singapore, Aviva, Unilever, Johnson & Johnson and Roche, all aiming at using Ocean Protocol to set standards and demonstrate how to share data safely and securely without compromising privacy or ownership.
Our core team and advisors have converged from many different countries, industries, and backgrounds to collaborate on kickstarting a New Data Economy. Society is becoming increasingly reliant on data, especially with the advent of AI. However, a small handful of organizations with both massive data assets and AI capabilities attained worrying levels of control which is a danger to a free and open society.
AI models have limited accuracy and usability without appropriate data. Ocean Protocol provides the tools to unlock the remaining 99% of untapped data, connecting them to AI, so we can develop more breakthroughs to help our society.
Ocean Protocol does not use BigchainDB except as one of the many potential services to integrate into. 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.
Regulation and privacy laws combine to make organisations concerned about sharing data both internally and publicly unless forced to do so. The Health Insurance Portability and Accountability Act (HIPAA) in the US or the Data Protection Act in the UK explicitly state how and what data can and cannot be shared. The technical difficulty of implementing them, combined with bad UX means people err on the side of caution when approaching these issues. There is simply no incentive to outweigh the risk and hassle of sharing data.
Why we are investing in Ocean Protocol
As the development team thinks, when using Commons for building the own marketplace, it will be possible to publish data with a price. It allows users to check the status of all RPC network connections. However, just as the heroes of the DNS and other Web 1.0 visionaries found, we recognize that some parties aren’t going to be happy about Ocean Protocol. Some incumbents like Facebook and Google, with their huge siloes of data and complementary AI expertise, likely won’t be.
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.
What’s needed is a decentralised data marketplace to connect AI developers to data owners in a compliant, secure and affordable way. Visit docs.oceanprotocol.comto learn about the components of the Ocean Protocol software stack and how to use them. The Ocean network will continue to deliver software and network updates over the next two years, with five phases planned, each providing more sophisticated features, incentives and enhanced performance.
It exposes data, storage, compute and algorithms for consumption with a set of deterministic proofs on availability and integrity that serve as verifiable and provable service agreements that people can trust. Ocean Protocol has partnered with industry incumbents and startups to demonstrate how safe sharing of data can help companies gain competitive edge and improve people's wellbeing. In Retail, Next Billion is piloting a new data sharing model that rewards rural store owners for contributing sales data. Paradigm Fund is an investment firm focused on blockchain technology, cryptocurrencies and cryptonetworks shaping data economy and financial industry since 2013.
It has allowed AI researchers to train image classifiers with radically less error than before, for dozens of computer vision applications. Providing Data Commons on Ocean Protocol would benefit the whole world, providing accessible data to anyone.
There is no small group of gatekeepers that control whether an entity can use the network or become a validator of transactions. Updates to the protocol must follow a fair, transparent, inclusive governance process. Ocean aims to unlock data, for more equitable outcomes, using a thoughtful application of both technology and governance.
Ocean Protocol: Transfer Tokens between Ethereum Network and Pacific, Pricing Feature For Commons, Videos From Blockchain Week Berlin
- Network keepers support Ocean’s protocol by running nodes within the network.
- Most other projects are decentralized / centralized marketplaces or data brokers.
- It is complementary to the technical whitepaper for Ocean Protocol.
While existing tokens might serve as a means of exchange, the Ocean protocol requires a token of its own because it uses its a specific form of monetary policy and rewards. Users get rewarded with newly minted tokens for providing high quality, relevant data and keeping it available. This means the protocol requires control over the money supply and rules out using any existing general purpose protocols or tokens. Furthermore, from the perspective of Ocean users, volatility in an uncorrelated token would disrupt the orderly value exchange between various stakeholders in the marketplace they desire.
Marketplace Framework
Singapore is supporting an 18-month development roadmap with DEX and Ocean Protocol Foundation. We are partnering up with numerous multinationals from insurance, pharma, automotive, and other industries to develop the technology and provide data.
Data Economy Challenge
Marketplaces are critical to the development of the Convergence Ecosystem as they enable new data-based and tokenised business models that have never before been possible to unlock value. IOTA, SEED and now Ocean are unlocking data for more equitable outcomes for users. We are proud to be partnering with Ocean to make this a reality. We believe Ocean protocol is a fundamental requirement for the Convergence Ecosystem Stack. It is a protocol that enables a thriving AI data marketplace.
Ocean Protocol is the bridge between these two sides. By bringing together data and AI, Ocean Protocol will unlock a trillion-dollar market for data sharing. Helping patients with Parkinson’s Disease to achieve better and personalised treatment. Ocean Protocol is being built by a diverse ecosystem of contributors who share a common vision of unlocking data for AI.
Ocean Protocol is a decentralized ecosystem for sharing data, designed for scaling and unlocking data for AI. The Ocean Protocol is an ecosystem composed of data assets and services, where assets are represented by data and algorithms, and services are represented by integration, processing and persistence mechanisms.
Data Scientists and engineers can leverage the underlying Ocean API to search, publish, and consume data assets in the Ocean Protocol network. They can initiate personal JupyterLab instances running in local browsers, with Ocean Protocol pre-configured. Coupled with the launch is a reference marketplace for free and public data, to serve as a meeting point for public health, sustainability and environmental use cases. Though the world has been generating massive volumes of data, until now there has not been a safe, privacy-preserving and borderless solution to unlock the new Data Economy.
How to Monetize & Tokenize Data
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. 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.
Ocean’s Service Execution Agreements(SEAs) and decentralized access controlare major pieces and therefore get detailed descriptions. Overall this means that Ocean does decentralized orchestration.
Ocean Protocol allows data providers to share data, while maintaining control and having transparency.
We bring together decentralized technology, a trust framework, and an ecosystem for data and related services. This allows for data to be shared while guaranteeing traceability, transparency, and privacy to enable data owners to maintain control of their data assets and access a wide range of marketplaces and services. Ocean is a protocol and network on which data marketplaces can be built to unlock data for sharing and selling.
