Ocean — A Decentralized Data Exchange Protocol
Alright spent a few hours this week researching the Ocean Protocol, here is an overview of my findings.
The problem that Ocean Protocol looks at is the amount of data available to the public is so limited right now thanks to big companies like Google, Amazon, Microsoft, Facebook, etc. hoarding tons and tons of data that is so valuable and locked away from the public, stored in data centers that may never be shared with anyone unless it involves making money for them by selling your data that we give up freely to them. There is no said number to give the worth of the amount of data in the world but the estimations are in the trillions. Data is also a key component to AI right now and in these times the AI economy is thriving and hungry for data, AI development companies will look at buying more data as opposed to hiring more developers.
A problem with current data marketplaces is that compliance and privacy issues emerge as soon as companies, governments, and citizens understand the power of their data and the risks associated with it.
The solution is to decentralize the data to provide a framework of trust, enabling control, privacy, security, compliance, and transparency.
Ocean Protocol has the potential to unlock data for anyone in the world by creating a Decentralized Data Exchange Protocol. This is like Uniswap but with Data. You can create a wallet with Metamask which anyone in the world can do as long as they have an internet connection, connect to the marketplace, and buy or sell data with the Ocean Token running on the Ethereum network. They took multiple ideas and combined them all together to do a multitude of things like
-Treat data like intellectual property that can be licensed and sold
-They have privacy mechanisms to give users full control over their data
-Governance models for managing a network from IPDB
-Marketplace framework from DEX
Network and Protocol is powered by the native token OCEAN just like Bitcoin and Ethereum, it is used as a means of exchange for the network.
Providers — Earn OCEAN when their data is sold
Consumers — Use OCEAN to buy data
Curators — Earn OCEAN for maintaining valuable public data
Developers — Earn OCEAN for building the marketplaces that bring communities together
Keepers — Earn OCEAN for providing network services
Will add more on partnerships soon.
Thank you for reading.
