The news broke hours after Ocean, a platform that facilitates the building of marketplaces to privately and securely publish, exchange, and consume data, unveiled the V3 iteration of their protocol.
Ocean v3 introduces an all-encompassing protocol that allows software engineers to democratize the value from data and artificial intelligence (AI). The trustless, decentralized data service brings together concepts of big data and AI to develop a platform where data is freely shared while protecting user privacy.
Ocean has leveraged BigchainDB, the scalable blockchain database provider for developers and enterprise, to monetize data created by persons and business entities.
The goal of the ocean project is to combine elements of DeFi and automated market making (AMM) price discovery tools with decentralized exchange (DEX) tech to efficiently price individual datasets.
The Monetization of Data
Ocean v3 brings the first AMM for data in collaboration with Balancer Labs. The blockchain-based data monetization protocol allows individuals and startups to unlock data and monetize it, thus stretching the benefits of data and AI beyond a few internet giants.
The partnership announced on Oct. 27 will enable the Ocean project to develop efficient data marketplaces via ETH-based data tokens, which can represent a particular dataset.
Ocean founder Trent McConaghy explained that just as developers bring BTC to the Ethereum ecosystem by wrapping bitcoin, Ocean is wrapping data to integrate datasets into the ETH blockchain. The ETH-based Ocean data tokens function as an on-ramp to the data, allowing users to store it anywhere.
Furthermore, the Ocean V3 protocol is building a marketplace where this tokenized data can be published, priced and traded using the native OCEAN token or other digital assets such as ETH or DAI.
Oceans open-source community marketplace for data supports “automatic determination” of price using an AMM powered by Balancer.
“Each data asset has its own ERC20 datatoken and its own AMM pool, deployed in a gas-efficient manner. In each pool, anyone can provide liquidity by adding datatokens or OCEAN,” McConaghy noted.
OCEAN Protocol Token Hits Short-Term High
The Ocean protocol’s native token has benefited from the news of an imminent collaboration with the Central Bank of Germany.
Over the past week, OCEAN made a low of $0.325 and a high of $0.456. The token is up by over 2% at publication time to trade at $0.538, as per data from CoinMarketCap.