Ocean Protocol Community AMA With Founder Trent McConaghy, Incentives @ Staking, August 2020

Sheridan- Hi everyone! It’s that time again. Thanks for joining this special #OceanAMA.

  • I’m moderating today’s session and I’m excited to be joined by Ocean Founder, Trent McConaghy.
  • Welcome Trent! Thanks for joining us today.

Trent- Hello! Great to be here.

Sheridan- Nice! So as announced this special AMA will focus on incentives and staking in Ocean v3 data tokens.

  • The community is really looking forward to this; this should be a really good session!
  • To help guide the discussion I’ll be drawing directly from questions that have been submitted from the Ocean community — thanks to everyone who submitted questions !!
  • Before we start and in case you missed it, I highly recommend reading this super informative data tokens blog that Trent recently posted:
  • So with that, let’s get started!
  • Before answering specific questions from the community, Trent can you please help set the stage and give us a quick introduction on the most important elements of Ocean’s token model in regards to incentives and staking.

Trent- My pleasure.

  • I will break it into a few quick sections. Here’s the first.

TOKEN MODEL : HIGH LEVEL

  • Ocean’s token model incentivizes people to supply useful data and add liquidity. It’s designed for long-term sustainability, with tactics for near-term growth.
  • Fundamental value grows as network volume grows. Here’s how:
    1, OCEAN-datatoken pool sales volume increases, means OCEAN staked increases, means OCEAN demand increases.
    2, Volume increasing means Network Revenue increases, which goes to community projects that drive growth in volume etc.
  • “Work” adds fundamental value to the network. Ocean incentivizes for work in these places:
    1, Marketplace Tools: Supplying data assets, providing liquidity, etc.
    2, OceanDAO Governance: Voting to direct the flow of resources to growth & sustainability.
    3, Ocean Workers: Building software, outreach, etc.
  • That’s the high-level token model.
  • I know that many of you are super interested in staking. So let’s drill into that a bit.

OCEAN MARKET AND STAKING

  • Ocean’s datatoken framing enables people to build data exchanges using with fixed price, order books, automated market makers (AMMs), and more.
  • AMMs are a particularly good fit.
  • Quick aside: I *love* robots, which is good because AMMs can be thought of as robots that are always ready to buy or sell. So every time I talk about AMMs I’m talking about robots.
  • Ocean Market uses Balancer AMMs.
  • Each AMM is a OCEAN-datatoken pool.
  • And here’s the key thing to understand about staking in Ocean:

1, ****OCEAN staking is the act of adding liquidity to a OCEAN-datatoken pool.****

2, Stakers aka Liquidity providers (LPs) earn a cut of the transaction fee proportional to their stake.

3, Since curators are LPs, it means that curators are incentivized to curate towards the most valuable data sets because it will earn them the most fees.

  • And now a little bit about…
  • That’s right! Farming!!
  • (That’s a pic from the McConaghy family farm.)

Let’s talk about OCEAN DATA FARMING:

  • To catalyze growth, Ocean Data Farming is a program to incentivize a supply of relevant and high-quality data assets into Ocean Protocol.
  • Ocean data farmers can earn OCEAN for providing liquidity to OCEAN-datatoken pools; the amount earned will be multiplied by usage of the datasets they stake on, and more.

And about TIMING:

  • Ocean V3 includes datatokens and Ocean Market. It was released to select private beta users weeks ago. Public release date is this month.
  • We announced Ocean Data Farming to give a thorough picture of the OCEAN token design leading up to public V3 release. We will provide a launch date for #datafarming after Ocean V3.0 has been publicly released and hardened further.
  • The “Ocean Token Model” blog post provides more detail. It links to other articles with further detail yet:
  • OK. That’s the high level overview. Back to you Sheridan! :)

Sheridan- Nice! Great stuff. Many thanks for that very thorough overview.

  • From staking to farming, Ocean datatokens obviously present plenty of exciting opportunities!!
  • So having set the stage, let’s drill down a bit more on some of the topics you raised.
  • I’ll start with the first question from the community.
  • Q: I believe we will be able to stake against specific data sets?

Trent- Yes.

  • OCEAN staking is the act of adding OCEAN liquidity to a OCEAN-datatoken pool.
  • So, you have to stake against specific datasets. You’ll earn more for data assets with higher sales & consumption volumes.
  • Back to you, Sheridan!

Sheridan- Thanks Trent. Sounds straight forward. Next question.

  • Q: What are the plans regarding the staking implementation methods? Locked in a wallet, having nodes, only via exchanges.

Trent- I guess this is a bit redundant with my previous answer, but it’s useful to repeat:

  • OCEAN staking is the act of adding OCEAN liquidity to a OCEAN-datatoken pool.
  • The easiest way to perform staking will be via Ocean Market’s webapp. But you will be able to do it directly at the smart contract layer too, or with apps that others build on top.
  • Easy peasy:).

Sheridan- Indeed! Thanks. Next question.

  • Q: Will there be a specific or/and minimum amount of tokens for joining staking ?

Trent- No. It will behave just like other Balancer pools.

Sheridan- Thanks for clarifying.

  • Next question.
  • Q: In what timeframe when staking?

Trent- Ocean Market has staking in the form of providing liquidity. Its public release date is this month.

Sheridan- Nice! October will be an exciting month!!

  • Next question.
  • Q:What incentives/rates will be given?

Trent- Great Q!

  • In Ocean Market, fees go to three groups: Ocean Community, Marketplace (consume side), and Liquidity Providers (LPs).

1, Ocean Community. 0.1% fee.

2, Marketplace (Consume side). 0.1% fee.

3, Liquidity Providers (LPs). The datatoken pool creator chooses; default 0.1%. LPs are incentivized to stake on pools with volume, e.g. stake on datasets that are useful. They’re also incentivized to refer others to their pools to earn more fees.

  • The Ocean Data Farming program will give additional incentive to LPs to stake on OCEAN-datatoken pools.
  • And since I said farming:
  • Here’s a swather from McFarms. They’re an essential part of harvest. Use them to cut down the grain to put in swaths. Which the combine then eats.
  • They’re really fun to drive because you can go really fast :)

Sheridan- You are obviously well equipped and well versed when it comes to farming!

  • Next question.
  • Q: In what currency will the staking rewards be distributed? In ocean? ETH?

Trent- OCEAN-datatoken pools are powered by Balancer, and as such, work like all Balancer pools. I’ll elaborate.

  • If you stake (add liquidity) in a OCEAN-datatoken pool, you receive “Balancer pool tokens” (BPTs) for that pool in return. BPTs represent your fraction of stake in that pool. They’re also a “proof of stake”.
  • At any point in time, you can un-stake (remove liquidity). What this does under the hood is send your BPTs of that pool back to the pool, and in return get back the proportion of OCEAN and datatoken.
  • Staking rewards are distributed to liquidity providers (LPs) whenever a transaction happens: it grows the value of the BPTs. Here are the specific mechanics. Whenever a swap happens on the pool, the transaction fee is taken by deducting the fee from the token amount being output. That fee increases the pool’s overall store of that token (OCEAN or datatoken). Therefore each BPT represents a slightly larger value of tokens staked.
  • Here’s the summary of the answer to the question: staking rewards are distributed as OCEAN and datatoken to BPT holders.
  • Ocean Data Farming will provide an additional incentive to stake (add liquidity). This will be distributed as OCEAN to BPT holders.
  • Here’s four grain bins under construction.
  • The first two are about to have cement poured. The other two (behind them) have cement drying already.
  • Cement + rebar (a metal) makes for an amazing combination of material. On its own cement is too brittle. Same for the metal. But combine them and you get something magical.
  • Strong enough to store thousands of bushels of grain.

Sheridan- Thanks for that. Next question.

  • Q: Regarding the rewards. Will they be available for withdrawal immediately?

Trent- Yes, rewards from transaction fees will be available for withdrawal immediately.

  • Details: Staking is the act of providing liquidity in OCEAN- datatoken pools. You and other liquidity providers (LPs) get rewards in the form of transaction fees, based on how much you have staked. Those fees go into the pool’s assets. When you un-stake (withdraw liquidity) then you get back your portion of the pool’s assets (which includes transaction fee rewards).
  • My previous answer discussing “BPTs” has more details.
  • The rewards from Ocean Data Farming may have a time element.
  • Farming:
  • That’s the happy half.
  • Here’s the unhappy half:
  • That was… (cough cough) my brother (cough cough).
  • That’s a scraper. Used for digging ditches so that water can drain, so that you have more clear land for farming.
  • All in the name of maximizing yield.

Sheridan- Great pics!

  • OK, back to staking.
  • Next question.
  • I’ll group these two together.
  • Q: Will staking require tokens to be locked up for a duration of time, or can they be released at any time. If both options are available, do lockups come with greater rewards as opposed to “ soft staking “? <and> Will unstaking have a certain time limit to it or will it be instant?

Trent- Staking tokens will not have any lockups over time. Withdrawal can be instant. This is behaviour like any Balancer pool.

  • The rewards from Ocean Data Farming may have a time element that rewards more for lockups over longer periods of time.

Sheridan- Thanks. Next one.

  • Q: Will there be an automatically re-stake option involved with your staking pool?
    <and>
    Do we get a dashboard where we can restake our profits without having to withdraw them first?

Trent- You can always increase or decrease the total amount you have staked in a pool. It’s the actions of “add liquidity” and “remove liquidity”.

  • There are not out-of-the-box tools to “loop” or leverage up. But, we encourage the community to build such tools! We think they have potential.

Sheridan- Nice. Looking forward to seeing what tools the community comes up with.

  • Next question.
  • Q: Will we be able to stake from ledger live?

Trent- No, you can’t stake from Ledger Live. But you *can* stake from Ledger via Metamask.

  • Staking is easy to do via Ocean Market. It has first-class integration with Metamask, which in turn has first-class integration with Ledger, Trezor, etc.
  • Ledger Live’s interface does very little: just sending and receiving tokens. Therefore no staking.
  • For even greater flexibility of wallets, you can stake more directly at the smart contract level (vs through Ocean Market or Ocean libraries).

Sheridan- Got it. Thanks for the insight on that. Here is one more question related to Ledger.

  • Q: When will Ledger live update the newest (hard fork) so that we can seemless send/receive our coins?

Trent- This is up to the Ledger team. You’ll have to ask them.

Sheridan- Thanks. Next question.

  • Q: Will there be plans for OCEAN token to become an asset available to loan/borrow on aave, comp, etc after v3 release?

Trent- Stay tuned.

  • Furthermore, we are excited about a future where *every single datatoken* becomes an asset to loan/borrow with such lending protocols.
  • We discuss this further in this post:
  • I have a feeling it’s going to happen sooner rather than later. Just a feeling.
  • BIG.
  • Guys, I have a family thing for 5 min. Will be back. You’re in good hands with Sheridan.

Sheridan- All good.

  • While Trent is out I have a reminder for all of you in the form of reading assignments.
  • These are the blogposts that Trent published in the last few weeks on v3.
  • Starting with his blog on the Web3 sustainability loop.
  • And this one on Ocean Market.
  • Read through these when you have a chance and if you have further questions please feel free to ask them in the channel and mark them with hashtag #v3iscoming.
  • We’ll make sure to answer all of the questions we get before the official launch.
  • We’ll continue with more community questions for this AMA shortly.

Trent- Hello, I’m back!

  • Thanks very much for your patience.

Sheridan- Super. Great to have you back. Let’s dive right in.

  • Q: “Right now, we have just under 2000 data sets registered in 30 categories.” — bruce in the last ama. Will those datasets be available on Ocean Market when it goes public?

Trent- These were datasets registered for Ocean Commons, a demonstrator for Ocean V1/V2 functionality running on Ocean’s “Pacific” POA network. Ocean Commons emphasized open / public datasets.

  • As of V3, Ocean is much more useful for datasets that people buy and sell. If people want to use open / public datasets, they can download them directly using Web protocols; there’s no need for Ocean to get in the way.
  • There is a place for open / public datasets in Ocean V3, however. You can download these datasets, add value to them, then sell the value-added datasets. Here are examples of ways to add value:

1, Download then *tag* or *label* them. For example, transcribing audio, or giving bird species to bird photos. This helps for AI “supervised learning”.

2, Clean them to make them easier for AI and analytics tools to consume. For example, scrape public websites and put the information into a format that’s easy to consume.

3, Build an AI model from public datasets, then sell the AI model.

  • That’s how public datasets and Ocean play well together.

Sheridan- Thanks.

  • OK. Next one.
  • Q: How would you model an asset with datatokens that contains information that is more valuable if less people have access to it e.g. a list of potential customers that gets worth less if more buyers contact them?

Trent- When you publish a data asset on Ocean Market, you specify the maximum number of datatokens. The lower this maximum, the more scarcity, the higher the value for each 1.0 datatokens (all else being equal). E.g. you could have 10 “limited editions” of a datatoken.

Sheridan- Super! Thanks.

  • Next one.
  • This one follows up on a previous question.
  • Q I am interested about how to price [something like the following]: If you have the information about a hidden treasure that you can access then it is losing value very quickly if someone reads it as they will then recover the treasure and the information becomes useless.

Trent- When someone does a “consume” of a datatoken, that event is recorded on the blockchain. Smart datatoken speculators would track those events. In the treasure map case, we would expect the value of a “treasure map” datatoken to drop to near-zero as soon as there is a single “consume”.

  • Going back to the 2000 datasets question: we were not counting datasets that various Ocean collaborators have, because those haven’t gone production live yet. E.g. Daimler or dexFreight.

Sheridan- Thanks Trent. Makes sense.

  • We’ve reached the top of the hour but we received so many good questions from the community that we’re going to keep powering on.
  • Next question.
  • Q: I heard a while back I believe that we would be getting staking rewards for having our ocean off exchanges in our own wallets for as far back as you can see. Is this true or has that changed?

Trent- Not true.

Sheridan- Got it. Thanks for setting the record straight.

  • Next one.
  • Q: I know from your Twitter activity that you are deeply knowledgeable of DeFi and yield farming, Trent. With V3 coming up and staking being connected to liquidity pools a LOAD of new people are going to be confronted with the concept and its quirks. Could you try to do a ELI5 of what is important to look out for to not get burned in the world of liquidity provisioning and will impermanent loss be a thing on ocean market?

Trent- The biggest thing to watch out for in AMMs is impermanent loss (IL).

  • IL happens when the ratio asset1 : asset2 in the pool deviates from the ratio at the time you provided liquidity.
  • For example, if I provide OCEAN to an ETH-OCEAN pool and OCEAN goes up while ETH stays flat, then the ratio of ETH : OCEAN will deviate. If I withdraw liquidity at that time*, I will experience a loss compared to simply holding OCEAN and ETH separately. If I wait and the ratio reverts to original (e.g. OCEAN goes down or ETH goes up) and I withdraw, then I won’t experience a loss.
  • I asterisk (*) this because for a complete picture, you need to consider transaction fees, data farming (liquidity mining), and IL at once. You have profited if, when you withdraw, (benefits from tx fees) + (benefits from data farming) > (impermanent loss).
  • OCEAN-datatoken pools will have their own quirk. It’s not a con, it’s just interesting. When a OCEAN-datatoken pool is first created, while anyone can add OCEAN, the only person able to add datatoken liquidity to the pool will be the publisher of the datatoken. Only once others have bought that datatoken will they be able to add liquidity for that datatoken. This means that we can expect that when a new OCEAN-datatoken pool is first released, with OCEAN staked by others, the price of the datatoken (in OCEAN) will go up at first.
  • AMMs are powerful tools; for all their pros they also have cons. We can expect that the pros and cons will emerge for OCEAN-datatoken pools too. We encourage everyone to take the time to understand AMMs, and as always, take responsibility for their own funds.
  • If you’d like to understand AMM pools more before the launch of Ocean Market (incl. Ocean staking), I encourage you to play with adding liquidity to OCEAN-WETH pools on Balancer and Uniswap. You should see the tx fees you earn and the liquidity mining earnings too (eg BAL).
  • Here’s the OCEAN-ETH pool on Balancer:
  • Here’s the OCEAN-ETH pool on Uniswap.
  • There’s lots there, I know. But in this case, knowledge is super super helpful.
  • Here’s a couple pics of an air seeder. It looks complicated but once you “get it”, then it is super super useful.
  • Same thing with AMMs.
  • And once again, here’s the easy way to think about AMMs:
  • AMMs are robots that are always there, ready to buy or sell.
  • Obviously there’s more to it, but that’s the 95% idea.

Sheridan- Thanks for the detailed answer and the useful links; definitely worth looking at more closely.

  • Great stuff.
  • On to the next question.
  • Q: A question about datatokens as they relate to dataset variations — if I take a dataset with an existing datatoken and improve it in some way (cleaning, data augmentation, optimizing for another domain, etc.), and then publish it under another datatoken, can the datatoken for the original dataset get credited automatically when people buy my datatoken? In other words, can one datatoken influence another (e.g. give 20% of the profit for each transaction) automatically?

Trent- If a DJ does a remix of a song, they need to get permission from the original songwriter etc. Same thing here. You can only publish data assets that you have the rights to. If you want to add value to an existing data asset, then you need to get permission from the rightsholder of that existing data asset. Usually this is done via a contract. Ocean doesn’t model this; you can do it offline using traditional contract law.

  • If a DJ does a remix *without* getting the rights first, they are infringing on copyright and subject to penalties. Same thing here. If you publish data assets that you don’t have the rights to, then you are infringing on copyright and subject to the usual penalties.
  • Therefore the easiest thing to do for now is: publish datasets you have the rights to. This is datasets you created from scratch, or improving on public datasets like mentioned above.
  • I just realized that it’s worth mentioning: if you *do* get the remix rights to someone else’s valuable dataset, it puts you in a really great position. To do that, go find the dataset, approach the person, and make a contract.
  • It would be cool if there was an Ocean-powered data marketplace that makes remix-rights for datasets easy. For example:
    A, Alice publishes data assets (that they have rights to) with terms that give remix rights to Bob who wishes to remix, for a fee (e.g. 20%).
    B, Bob remixes Alice’s asset, publishes it, and whenever Bob makes a sale it sends 20% to Alice.
  • It would be super cool if the community built something like this!

Sheridan- Thanks. Indeed. Once they’ve had time to process this I have no doubt they’ll come up with some exciting solutions.

  • Next question for you — we have about 4 more to go.
  • Q: Will there be a way to create or join pools that have a combination of pre-determined data sets staked against the coins held within a pool (a little bit like an etf or a fund)?

Trent- A “fund” of datatokens will be cool! And the answer is yes, there will be a way to create such a fund right away. Go to https://pools.balancer.exchange to create your own Balancer pool, then add in up to 8 tokens (e.g. 7 datatokens and OCEAN).

  • Other approaches include Set Protocol, Melon Protocol, and more. See the “Composable Datatokens” section in “Datatokens 2” post.

Sheridan- Nice. Thanks for the link too.

  • Next one for ya.
  • Q: Will exchanges be able to create pools of staking? For instance: Kucoin, Binance?

Trent- Yes. Any entity with an Ethereum address and OCEAN (or datatokens) can do it. That includes individuals and exchanges.

  • We encourage exchanges to publish their own exchange data, and stake on it.
  • Here’s why an exchange might be incentivized to do so:

1, It’s revenue potential to the exchange, unlocking the latent value of their data assets. (They can even do it in a privacy-preserving fashion using Ocean Compute-to-Data).

2, Each exchange will also be incentivized to make it easy to stake on the datasets that it published itself, and on others’ datasets, due to further revenue potential.

Sheridan- Cool! Incentivization all the way!

  • Next question.
  • Q: What custodial and non custodial options will staking support?

Trent- When you stake, it’s into a Balancer AMM pool. So it’s naturally non-custodial at the core.

  • Staking is easy to do in Ocean Market. It’s non-custodial for your stake: it has first-class integration with Metamask, which in turn has first-class integration with Ledger, Trezor, etc.
  • For even greater flexibility of wallets, you can stake more directly at the smart contract level (vs through Ocean Market or Ocean libraries).
  • Custodial and non-custodial service providers may emerge to facilitate staking even more. As mentioned, exchanges will be in a good position to offer such services because they have many valuable datasets themselves.

Sheridan- Thanks. Next question.

  • Q: What APY (Annual Percent Yield) can we look forward to?

Trent- Summary: For many people, Ocean provides more revenue opportunity than simply APY chasing, because they can sell their own data.

Details:

  • First, a note on APY. For anyone who is here just to maximize their APY, then move their liquidity on to the next project as soon as they see higher APY, then I encourage you to move on right now. Ocean is not for you.
  • Here’s the main way that people can earn in Ocean: supply data! If you supply data that others find truly valuable, then you could reap significant income. You earn
    A, From selling the data directly.
    B, From transaction fees as a liquidity provider.
    C, Ocean Data Farming rewards when that kicks in.
  • Incidentally, this will likely knock the socks off of any blind APY-hunting.
  • Everyone has access to potentially interesting or valuable data: your own data, or adding value to open data. (And if it’s your data you can preserve privacy via Compute-to-Data).
  • Therefore, everyone has the opportunity to get good earnings from the activities of selling data, staking, and data farming with Ocean. Whereas traditional liquidity mining programs are best suited for whales, Ocean spreads the opportunities to a much broader set of people. (And, Oceans have more than whales ;) It’s “liquidity mining for the people”.
  • For people who prefer to simply provide liquidity, that’s ok too! They’ll still earn from B and C above — transaction fees and Ocean Data Farming rewards. Be sure to choose wisely which datatokens to stake on, since one earns more from data assets with higher sales and consumption volumes. And the Ocean ecosystem wins from this: it’s curation signals towards valuable data assets.
  • Finally, we look forward to the community creating “calculators” for earning potential, for selling data + fees + data farming, etc. Like http://predictions.exchange for Balancer.
  • To recap once again: for many people, Ocean provides more revenue opportunity than simply APY chasing, because they can sell their own data.

Sheridan- Got it. Thanks for clarifying, Trent.

  • So, believe it or not this is the last question for this session.
  • Q: Trent hinted that v3 was near enough complete and going through a 3rd party audit. Can he give any updates on how that is currently going and if we are still on track for the first week or so in October for a launch?

Trent- The Ocean V3 security audit was completed a couple weeks ago. It had no major issues. Minor issues have been fixed, and are undergoing final review with our 3rd party auditor.

  • Ocean V3 includes datatokens and Ocean Market. It was released to several select private beta users over the last few weeks. Public release date is this month.
  • I will close with some pics from the “land of the living skies” (Saskatchewan). It’s also called the “bread basket of the world”. Basically, there are FARMERS EVERYWHERE.

Sheridan- Wow! Great pic to end on!

  • This has truly been an epic AMA.
  • Trent, you can be very proud — you answered ALL of the questions that the community submitted!
  • Amazing stuff!
  • Thanks for taking the time to dive deeper into data tokens and answer questions from the community.
  • We know you’re super busy so thanks again for joining us today, Trent.

Trent- It’s been my pleasure to answer these questions.

  • THANK YOU to the whole community for your great questions, and your interest in Ocean:).
  • I can stick around for a few minutes.

Sheridan- Indeed! I hope everyone enjoyed today’s session — thanks again for tuning in and thanks again for all the great questions.

  • Be sure to stay on top of all the latest updates and announcements by checking out our blog and following us on Twitter.

https://twitter.com/oceanprotocol

  • Take care out there everyone!

Donnie- @trentmc0 can datatokens be added to uniswap?

Trent- Yes. Each datatokens follows the ERC20 standard. Any pair of ERC20s can be created on Uniswap (or Balancer).

  • Ocean Market makes it easy to create an OCEAN-datatoken pair with a Balancer pool under the hood. Balancer has some benefits like adding liquidity for one token at a time, and weighting more on datatokens 90–10 so that you only need 1/5 the OCEAN liquidity compared to the 50–50 on Uniswap.

Donnie- Another question for @trentmc0 — how easy will it be for people to be able to create their own datatokens?

  • What is the process like?

Trent- It will be super simple. GUI-based via Ocean Market. This blog post gives a walk-through of screenshots of the process.

Question- I’ve recently (released 2nd October) read that Chainlink will enable anyone to easily sell their data directly via API.

  • Is this going to be a competition for ocean? Or will both systems coexist where each has it’s advantage?

Trent- From https://blog.oceanprotocol.com/ocean-datatokens-from-money-legos-to-data-legos-4f867cec1837:

Relation to Oracles

  • Oracles like Chainlink and Band help get data itself on-chain. Ocean is complementary, providing tools to on-ramp and off-ramp data assets. The data itself does not need to be on-chain, which allows wider opportunity for leveraging data in DeFi.

Question- Hope I can provide liquidity on Uniswap.

  • How do I supply data?

Trent- It will be far easier to provide liquidity via Ocean Market, which for V3.0 has Balancer tech under the hood.

Question- Will ocean protocol remain Erc20 or is Ocean team also looking for alternative like plugin on Ada (cardano)? #v3iscoming.

Trent- The core OCEAN token will remain ERC20 on Ethereum mainnet. But of course it can bridge across to other networks that support the ERC20 standard. Cardano does support it. Our friends at SingularityNet are using Cardano.

Donnie- @trentmc0 will ocean datatokens (currently erc20) ultimately become blockchain-agnostic via other blockchains/interoperability protocols?

Trent- ERC20 is a blockchain-agnostic standard. It just happened to be implemented for Ethereum first.

  • ERC20 plays well with polkadot, Cosmos, and many more.

Question- @trentmc0 What all geographical regions u guys are planning to expand to in future?

Trent- When Ocean V3.0 is deployed, it will be global from day 1.

Donnie- @trentmc0 when data is published on the ocean marketplace and datatokens are created, will we have to supply the ETH for this?

Trent- You will have to pay gas fees in ETH.

Question- @trentmc0 are there any guides or things to look at that you can point to on how to add value to public data?

Trent- I’d like to say that I’ve seen them. But I don’t recall right now. That would be a great thing to explore in this TG channel and the Farm Ocean one too.

  • Thanks very much everyone! Gotta run.

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