Ocean Protocol V3 is now Live, gets Deployed on Ethereum Mainnet

News / 27.10.2020

In a recent blog post, Ocean Protocol has announced Ocean V3, unlocking a new data economy. The Ocean V3 leverages the Ethereum blockchain network doing away with the Proof-of-Authority permissioned EVM network. Thus simplifying the Web3 native onboarding and taking a permissionless decentralized route. Ocean V3 also features datatokens, Ocean Market, and IDOs (Initial Data Offerings).

What is Ocean Protocol?

Ocean Protocol is a decentralized data exchange protocol leveraging the blockchain technology in tandem with artificial intelligence (AI). It aims to unlock the latent value of data and build a data economy by bridging data provides and researchers. The team behind Ocean Protocol believes the data should be used to power innovation rather than being locked in data servers in a centralized manner. As the data has already surpassed oil as the world’s most valuable asset, it’s time to give the data ownership back to users.

Ocean V3 features Datatokens, Ocean Market, IDOs.

Datatokens are said to be the core component of Ocean V3 as they represent the data in a tokenized manner as ERC20 tokens. These tokens represent the value of data assets along with access control. Therefore, whoever owns a datatoken will have the ownership of data and the ability to transfer it. First proposed in November’19 by the protocol, the concept of datatoken, if successful, will revolutionize the data economy. Being an ERC20 token will also simplify user interaction, leveraging the existing Ethereum ecosystem.

Ocean Market is an open data marketplace built on the foundation of datatokens. It can be explained as a platform where users can trade data assets in the form of datatokens. Thereby bridging the data owners and data consumers. The Ocean Market will be leveraging the Balancer DEX (Decentralized Exchange) technology to achieve data assets’ price value. Along with automatic pricing of data, the DEX technology will also enable the staking and data curation. The protocol also boasts of a Compute-to-Data feature to ensure data privacy while trading data assets.

Ocean V3 also introduces the concept of IDOs (Initial Data Offering). It will enable the publishing of a dataset as a tokenized data asset. The protocol says it could give birth to another IOC-like boom, only this time it will be called the IDO.

The vision

As of now, Ocean V3 is fully functional, and the Ocean Market is live. However, the blog post mentions that it is in a ‘blank slate.’ Therefore it needs to be filled with valuable data that can be shared and monetized. It also mentions a vision of activating Ocean DAO to increase the community’s control over the protocol. At the same time, encouraging the adoption of Ocean Protocol by integrating it with other Web3 tools and services. It also aims to port Ocean smart contracts to other L1 technologies such as Polkadot, xDAI, Binance Smart Chain, etc.

Narender is a digital nomad & crypto writer. He's currently living in this small Himalayan village with a perfect balance of wilderness and an LTE network. His love for Chai and mountains precedes everything. Often wonders about things like, "why $1 earned through leverage feels 100x better than $1 earned selling your time?"