Ocean v3 Goes Live on Ethereum Bringing DataTokens and Data Monetization
On the 27th of October, Ocean v3 announced the ocean data market proposal. The announcement introduced staking, automated market making (AMM), initial data offerings (IDOs), and Ethereum-based data tokens. Another benefit behind this innovation is to put into action the monetization and sharing of data smarts.
The Goal of the Ocean V3 Wave: Data Monetization
The main goal is focused on democratizing the gains of AI (artificial intelligence) and data across to the masses instead of being concentrated on a small number of tech companies.
The first step towards the monetization of data by businesses, individuals, and cities is the pricing of individual datasets.
Ocean v3 has generated a way to set price datasets, which is made possible through the fusion of decentralized finance (DeFi), a decentralized exchange (DEX), and AMM tools for price discovery.
Ocean founder Trent McConaghy explained the process as follows: the analogy under which data tokens work is “wrapping”. Wrapping is the representation of cryptocurrencies on Ethereum to make yield-returning DeFi assets.
McConaghy framed data tokens to be likened to ERC-20wrappers responsible for access control. The same happens when BTC joins the Ethereum ecosystem using the Wrapped Bitcoin hosting. Oceans bring data services to the Ethereum ecosystem as assets by wrapping the data.
Data Monetization Made Real?
Data monetization has been hindered by several items based on McConaghy. McConaghy listed items such as poor interoperability, difficulty in terms of data pricing, lack of privacy, fake curation signals, and lack of control.
According to McConaghy, Ocean has addressed two issues by the addition of DeFi elements and staking using v3. He also described a data marketplace as simply the DEX front end. Specifically, it is well-tuned to facilitate staking, trading, consuming, and publishing data.
Ocean v3’s major launch has been accompanied by partnerships. Ocean announced a partnership with the largest group of projects focused on fighting the COVID-19 pandemic, (CivicTechHub). Other partners include Human protocol, Transport Genie, Swash, and Thalus.ai.
Vincent Verheyen, CEO, and Founder of CivicTechHub said the ability of Ocean protocol market liquidity to double investments and the curation mechanism is a logical step towards incentivizing better data flow in the COVID projects database and enable cross-collaborations.