Why did I decide to invest in Ocean Protocol?
- Before I researched Ocean Protocol I was invested in four main projects, two of which I wanted to hold and two that I was looking to exit.
- I kept hearing a considerable amount of talk in other telegram groups and social media outlets about Ocean Protocol so I decided to do some research on this project to see if it was the magic 3rd hold I was looking for, below is some of what I discovered through my research.
What is Ocean Protocol?
- Ocean Protocol is a tokenized service layer that exposes data, storage, compute and algorithms for consumption with a set of deterministic proofs on availability and integrity that serve as verifiable service agreements. There is staking on services to signal quality, reputation and ward against Sybil Attacks.
- Ocean helps to unlock data, particularly for AI. It is designed for scale and uses blockchain technology that allows data to be shared and sold in a safe, secure and transparent manner.
How does Ocean Protocol work?
- Ocean Protocol is at once a business, technical and governance framework that is interwoven together to allow data and services to be shared and sold in a secure manner.
- Ocean Protocol stores metadata, links to data, provides a licensing framework and has toolsets for pricing.
- A multitude of data marketplaces can hook into Ocean Protocol to provide “last mile” services to connect data providers and consumers.
- Ocean Protocol is designed so that data owners cannot be locked-in to any single marketplace. The data owner controls each dataset.
What problem does Ocean Protocol solve?
- Ocean Protocol unlocks data so it can be used productively.
- The world’s data is growing exponentially yet is massively under-utilized.
- Most companies have tremendous amounts of data but have difficulty exploiting it. Conversely, many others are starving for data, particularly in AI.
- Ocean Protocol allows data providers to share data while maintaining control and having transparency.
Who are the main participants in Ocean Protocol?
- The main actors in Ocean Protocol are data providers, data consumers, data marketplaces, service providers and network keepers.
1, Data providers offer data.
2, Data consumers obtain data for their own use.
3, Data marketplaces connect data producers and data consumers.
4, Service providers provision computation, storage and algorithms for sale.
5, Network keepers support Ocean’s protocol by running nodes within the network.
What is Ocean Protocol Foundation?
- It is a Singapore based non-profit foundation.
- Its mandate is to ensure open access to the protocol and platform, provide long-term governance to the community and ecosystem and be a custodian of funds raised.
- DEX Pte Ltd and BigchainDB GmBH are the founders of Ocean Protocol Foundation Limited.
What is the relationship between Ocean Protocol and BigchainDB?
- BigchainDB will develop the protocol and network for Ocean Protocol.
- For details about the technical architecture, refer to the technical white paper.
Does Ocean Protocol use BigchainDB?
- BigchainDB is a persistent data store with blockchain characteristics of decentralized control, security and assets.
- Ocean Protocol does not use BigchainDB except as one of the many potential services to integrate into.
Who are Ocean Protocol’s competitors?
- Ocean is a protocol and network on which data marketplaces can be built to unlock data for sharing and selling.
- It enables data to be shared. Most other projects are decentralized / centralized marketplaces or data brokers.
- Ocean is complementary to both centralized & decentralized marketplaces because it provides an additional channel for the marketplaces to publish their services.
- Ocean consider projects like Enigma and Datum to be potential partners.
If Ocean is about trading data, can’t it use an existing cryptocurrency as its token, like Bitcoin or Ether?
- While existing tokens might serve as a means of exchange, the Ocean protocol requires a token of its own because it uses 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.
Ocean Protocol milestones
- V0.9 was the beta.
- Ocean V1 introduced infrastructure for decentralized access control. This is a foundation for people to sell or share data with others, without a centralized middleman compromising security or control.
- Ocean V2 brought in privacy, via the Compute-to-Data Feature. Compute-to-data enables publishers to sell private data while preserving privacy. The private data stays on the publisher’s premises, avoiding “data escapes.”
- Ocean V3 is the company’s most important release yet. It keeps the benefits of V1 and V2 but in a simpler yet more powerful system. Its foundation is datatokens.
- On top is the newly introduced Ocean Market.
- With Ocean V3 the company have 3 new concepts — datatokens, Ocean Market and Initial Data Offerings, therefore enabling data sharing in a Web3 native architecture making it simpler for people to publish, price and sell their data.
- Two weeks after V3 launch the response was strong. Ocean have more than 500 datasets with over 2 million OCEAN in liquidity pools.
- The numbers speak for the potential of sharing and monetizing data and the hunger in the community to be a part of a new Data Economy.
With regards to Staking & Governance, If one is interested in jоining ОcеаnDAO, how do you become a DAO maker and whаt bеnеfits will an individual dеrive frоm joining?
- Ocean Protocol are working on OceanDAO right now. More details will be released in December so people can participate as the company get the concepts out.
- Getting feedback earlier, is much more effective and worthwhile for everyone.
Tools for the Web3 Data Economy
- Use Ocean Market app to earn by selling data and curating / staking on data. Use Ocean Protocol libraries to build your own app for secure, privacy-preserving data exchange.
- In Ocean Protocol, each data service gets its own datatoken. This enables data wallets, data exchanges and data co-ops by directly leveraging crypto wallets, exchanges and more.
A marketplace to find, publish and trade data sets in the Ocean Network.
The people building Ocean Protocol
- Ocean Protocol is being built by a diverse ecosystem of contributors who share a common vision of unlocking data for AI.
- The core team and advisors have converged from many different countries, industries and backgrounds to collaborate on kickstarting a new data economy.
- The Ocean Protocol core team combines a deep background in big data, blockchain, artificial intelligence and data exchanges, with real-world business experience as entrepreneurs, designers and technologists who have started over 20 companies.
Obviously it takes more than two people to build a successful blockchain project on the scale of what Ocean Protocol are aiming to achieve but the two men leading this team and their experience can not be underestimated
BIO TRENT MCCONAGHY (Founder)
- I’m working on Ocean Protocol. We aim to make the opportunities and benefits in AI more equal.
- Ocean is a decentralized substrate for AI data & services. It’s designed to catalyze a data commons side-by-side with many data marketplaces, make verified & privacy-preserving compute more accessible and give provenance to training data, model building and prediction.
- This in turn can help catalyze autonomous driving, medical research and more.
- My long-term goal is to help ensure that humanity has a role in an increasingly autonomous world.
- I started my career by doing AI research for national defence in the 1990s, while still an undergraduate [paper].
- Then, in my first startup (ADA), we explored the relation between human creativity and AI-based machine creativity. Synopsys acquired ADA in 2004.
- I extended that work during my PhD from 2004–2008 and found a way to reconcile machine creativity with existing engineering knowledge. Here’s the book.
- In my second startup (Solido), we leveraged AI to help drive Moore’s Law, which was under threat due to high manufacturing variations.
- Here’s the book. Now Solido software is used for most modern chip designs. Siemens acquired Solido in 2017.
- My third and current startup is all about democratizing data for the planet.
- We hatched ascribe (2013) and BigchainDB (2015).
- Our focus is on Ocean Protocol (2017).
Other current activities:
- Advise Estonia, Germany and other governments about blockchain & AI strategies.
- Co-organize Berlin Machine Learning meetup with 8K+ members [link]
- Ambassador to AI XPRIZE
- Member of Advisory Board of Lifeboat Foundation
- Keynotes & invited talks. Examples: TedX, DLD, Consensus, Convoco Forum, Stanford, MIT, Columbia, Berkeley, Santa Fe Institute, Jet Propulsion Lab, Sony, Nvidia, Samsung, IFA+ Summit, PyData Berlin, Data Natives, more.
- PhD in EE from KU Leuven, Belgium. Awarded #1 thesis worldwide in the field.
- BE EE and BsC CS from U Saskatchewan, Canada. Awarded #1 final year thesis.
- Did ML research for Canadian Department of National Defense, in the second half of the 90s.
- Wrote 2 Books [1,2] on AI/ML, circuits and creativity. Also 35 Papers and 20 Patents on AI/ML.
- Co-organized workshops on AI/ML and circuits [e.g. 1,2,3,4]. TPC / reviewer for many conferences & journals [e.g. 1,2,3,4,5]. Lecturer at Data Science Retreat [link].
- Organized meetup “Singularity Meets Self Improvement” [link].
- Past projects: painting, BCI hacking, hypnosis, video game programming, surfing.
- Raised in a pig farm in Canada, hacking away on cold winter nights. 3D CAD tool, wordprocessor, dozens of games.
- Member of Advisory Group for the e-Residency team of the Government of Estonia.
Bruce Pon (Founder/Board member)
Founder / Board Member
Jun 2017 — Present2 years 7 months
Founder / CEO
May 2014 — Present5 years 8 months
Berlin Area, Germany
Founder / CEO
Jun 2014 — Feb 20161 year 9 months
Founder / Partner
Jan 2009 — Jul 20145 years 7 months
Avantalion International Consulting GmbH
International Project Manager
Oct 2003 — Dec 20085 years 3 months
Daimler Financial Services AG
May 1996 — Mar 20025 years 11 months
- Ocean Protocol have over 35 advisors spanning the globe with recognized expertise in AI, blockchain, big data, business and policy.
- Advisors were carefully selected based on an alignment of values towards unlocking data and AI for society.
- Advisors work to build meaningful collaborations, refer potential business partners, integrate with the protocol and provide guidance on governance.
Who are Ocean’s partners and early customers?
- Singapore is the lead government partner for Ocean Protocol.
- Singapore is supported an 18-month development roadmap with DEX and The Ocean Protocol Foundation.
- Ocean are partnering up with numerous multinationals from insurance, pharma, automotive and other industries to develop the technology and provide data.
- The company work closely with their collaborators to iterate on the network’s underlying technology.
- The following projects either have an agreement with Ocean Protocol or are actively working on integrating their project with Ocean Protocol.
I will provide a link to individual medium articles that I have written on some of these partnerships/collaborations:
Ocean Protocol & The Energy Web Foundation Announce Collaboration To Unlock IoT Energy Data &…
Mercedes-Benz (Daimler) Partner With Ocean Protocol To Allow The Ability To Build A Secure…
Due To The Significance Of This Announcement I will Do Things Slightly Different & Provide Some Information On Both…
Ocean Protocol, SingularityNET and NTH Opinion have joined efforts to utlilize the latest…
The CoVIDathon — Decentralised AI against CoVID-19
Ocean Protocol Partner with DAC to create Data-Driven Marketplaces powered by Blockchain
Who are DAC ?
Ocean Protocol and Zühlke team up to push an Open Data Economy for Healthcare
Ocean Protocol joins the Global Partnership for Sustainable Development Data
Ocean Protocol’s Partnership with Boson Protocol, a decentralized infrastructure for trading…
Recently the Ocean Protocol Community held an AMA with Justin Banon with regards to dexFREIGHT and their partnership…
Ocean Protocol partner with dexFREIGHT- PART 1
In late 2019 Ocean Protocol partnered with dexFREIGHT, this article is part 1 in a series of articles that will follow…
Ocean Protocol update- (MoCo Berlin),Europe has a plan to challenge the US and Chinese cloud…
MoCoBerlin- The new Economy of Movement
Ocean Protocol partner with MOBI to utilise blockchain and related technologies to make mobility…
The beginning of MOBI and how it was founded
Ocean Protocol partner with Enigma to help support and secure the decentralized web
Who are Enigma ?
Ocean Protocol partner with Couger to enhance Connectome’s ability to store and share unlimited…
Ocean Protocol partner with Johnson and Johnson to set standards and demonstrate how to use data…
About Johnson & Johnson
Ocean Protocol partner with ConnectedLife to advance Parkinson’s Disease Research
In March 2019 ConnectedLife and Ocean Protocol announce their partnership to advance Parkinson’s Disease diagnosis and…
Ocean Protocol partner with Digital Commerce Intelligence (DCI) to build a data marketplace on…
Digital Commerce Intelligence (DCI) uses data-driven intelligence tools to help brands, retailers, and shoppers make…
Ocean Protocol and how it can benefit the medical research field- partner with Roche Diagnostics
Medical research is a leading use case for data that must follow data protection regulations in support of privacy; and…
Ocean reveal successful POC with a leading car manufacturer was a success
On January 17 2020 Ocean Protocol revealed that their proof of concept (POC) with a leading car manufacturer was a…
Ocean Protocol partner with Altoros to unlock a new Data economy
Unlocking a new Data economy
For a transcript of the most recent AMAs refer to below article:
Join the Ocean Protocol Discord Server!
Check out the Ocean Protocol community on Discord - hang out with 1,481 other members and enjoy free voice and text…
Ocean Protocol is a decentralized data exchange protocol that unlocks data for AI. Ocean Protocol uses advanced…
Ocean Protocol has everything one should be looking for if wanting to invest in crypto.
- Amazing use cases that will be utlized on a global scale and change the world we live in.
- The amazing team leading this project and the extensive successful experience they have achieved in their past work history.
- The partnerships that have already been made public by company’s working with Ocean Protocol with many more to be announced and under NDAs.
- Ocean Protocol is only listed on two tier 1 exchanges being Bittrex Global and Binance (assuming many still regard these as tier 1 exchanges).
- Its just a matter of time before more tier 1 exchanges come along and see the huge potential this project offers, one can only imagine how this will affect the price when it happens, ofcourse exchanges are not everything but providing better liquidity to investors that will not currently use certain exchanges or are unable due to where they reside can only be seen as a huge positive.
- Having been employed in healthcare for many years (mostly Pathology and Forensics) I am very excited about the partnership with Connected Life with regards to AI and the Healthcare sector as this is a massive use case for Ocean Protocol on a global scale.