Web 3 Data Marketplace on Ocean Protocol to Redefine Data Monetization

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The cryp­tocur­ren­cy indus­try has changed fun­da­men­tal­ly over the past years with new pro­to­cols devel­op­ing tools designed to explore pre­vi­ous­ly unchar­tered horizons.

Data has been at the fore­front of blockchain pro­to­cols for a long while, but now, with the advent of nar­ra­tives such as non-fun­gi­ble tokens, decen­tral­ized finance (DeFi), as well as the recent­ly boom­ing con­cept of Web 3.0, it has tak­en a leap forward.

ONDA is Ocean Protocol’s lat­est prod­uct release, a decen­tral­ized data mar­ket­place that pairs exist­ing DeFi tools, token stan­dards, and smart con­tracts across sev­er­al blockchain net­works, such as Ethereum, Polkadot’s Moon­beam, or Poly­gon. Sim­ply put, the Ocean Pro­to­col ONDA Mar­ket­place makes data an investable cryp­to asset class. What’s impor­tant to high­light is that the Mar­ket­place is not just anoth­er pure­ly spec­u­la­tive DeFi Mar­ket­place that offers its par­tic­i­pants an unre­al­is­tic yield. It was care­ful­ly designed to reward util­i­ty and gen­er­ate real world val­ue by ensur­ing a bal­anced foun­da­tion of data con­sump­tion and speculation.

Why is Data Consumption Valuable?

In our dig­i­tal age, data is one of the world’s most valu­able resources. Tech­nolo­gies like arti­fi­cial intel­li­gence rely on the avail­abil­i­ty of vast amounts of data to suc­ceed. How­ev­er, data is either exploit­ed by Web 2.0 cor­po­ra­tions or sim­ply remains locked up as com­pa­nies are too afraid to pub­lish it.

Ocean Protocol’s data mar­ket­place aims to incen­tivize data own­ers to take back con­trol of their data and mon­e­tize it using blockchain tech­nol­o­gy. Accord­ing to Ocean Protocol’s vision, their tech­nol­o­gy makes data an asset class that can be exchanged on an open-source data mar­ket­place. This could ben­e­fit data con­sumers, data sci­en­tists, and inde­pen­dent researchers to access more qual­i­ty data, allow­ing them to inno­vate, solve glob­al chal­lenges and gen­er­ate eco­nom­ic value.

Ocean Protocol’s smart con­tracts enable data own­ers to mon­e­tize their data by mak­ing it acces­si­ble for data buy­ers that are look­ing for datasets on the internet.

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How Can the ONDA Marketplace kickstart a Web 3.0 Data Economy?

The name ONDA was vot­ed in favor by Ocean Protocol’s com­mu­ni­ty, a diverse and engaged audi­ence of data sci­en­tists, data indus­try lead­ers, and cryp­to enthu­si­asts. ONDA sim­ply means ‘wave.’ And that is what Ocean Pro­to­col is look­ing to unleash – a util­i­ty so pow­er­ful for cryp­to that it could kick­start a nar­ra­tive known to Ocean’s sup­port­ers as the “Web 3.0 Data Economy”.

Ocean Pro­to­col deployed exist­ing blockchain tools and paired them with cus­tomized smart-con­tracts to put their vision into action. ONDA allows data own­ers to mint NFTs that rep­re­sent the exclu­sive licens­ing right to their data. Ocean calls these ‘DataN­FTs,’ a trans­fer­able license to dis­trib­ute and com­mer­cial­ize the under­ly­ing dataset that the NFT represents.

The own­er of the DataN­FT can then launch so-called ‘Ini­tial Data Offer­ings’ on the ONDA Mar­ket­place. Sim­i­lar to Ini­tial Coin Offer­ings [ICO], the DataN­FT own­er can mint fun­gi­ble ERC20 Data­to­kens on the ONDA Mar­ket­place, which offers a sim­ple web­site inter­face to eas­i­ly com­plete the process of tok­eniz­ing data. All this is achieved by using the OCEAN Token, Ocean Protocol’s native token that serves as the cur­ren­cy for the Web 3.0 data economy.

In sum­ma­ry, Ini­tial Data Offer­ings cre­ate Data­to­kens, which rep­re­sent data sub-licens­es with great poten­tial and utility:

  1. Data Access: Data con­sumers can spend a Data­to­ken to access the under­ly­ing dataset. This gen­er­ates rev­enue for the data owner.
  2. DataFi: Data­to­kens can be used for DeFi activ­i­ties, such as pro­vid­ing liq­uid­i­ty, data lend­ing, or borrowing.
  3. Data Spec­u­la­tion & Val­u­a­tion: Data­to­kens are also an invest­ment vehi­cle trad­ed by spec­u­la­tors like any oth­er cryp­tocur­ren­cy. This helps to curate and val­ue the under­ly­ing dataset.
  4. Data Yield Farm­ing: Ocean Protocol’s soon to launch yield farm­ing pro­gram will reward spec­u­la­tors that bet on Data­to­kens that are being con­sumed by data buy­ers. There­fore, Ocean rewards behav­ior that also dri­ves real-world eco­nom­ic val­ue with the help of the under­ly­ing data.

Ocean Protocol’s core team rede­fined exist­ing blockchain tools and pro­vid­ed an inno­v­a­tive approach to make data an asset class with the help of their ONDA V4 Mar­ket­place. Ocean Pro­to­col has been award­ed as a World Eco­nom­ic Forum Tech­nol­o­gy Pio­neer in 2021 and engages with sev­er­al insti­tu­tions that have already forked their tech­nol­o­gy to cre­ate their own data mar­ket­place, such as Acen­trik by Mer­cedes Benz. In addi­tion, col­lab­o­ra­tions with Chain­link and oth­er renowned projects set the foun­da­tion to kick­start the Web 3.0 data narrative.

When com­pared to pre­vi­ous ver­sions, the new­ly released ONDA Mar­ket­place pro­vides sev­er­al ben­e­fits for its par­tic­i­pants, such as pro­tec­tion against imper­ma­nent loss and rug-pulls, sin­gle-sided stak­ing, and util­i­ty-based yield farm­ing rewards. ONDA has been care­ful­ly engi­neered to offer the best DeFi expe­ri­ence linked to data exchange.

If you wish to learn more about the Ocean Pro­to­col ONDA Mar­ket­place, there’s more infor­ma­tion on Ocean Protocol’s offi­cial web­site and users can also par­tic­i­pate in the ONDA tuto­ri­als offered on Data Whale’s web­site.

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