Ethereum data monetization tools have been added to the new version of the Ocean protocol

Ocean developers released the third version of the protocol. Among the changes - the launch of data tokens on the Ethereum, Primary data placement (IDO), Stayking and automated market maker.

The purpose of the Ocean project – democratize the value of data and artificial intelligence (II), which, usually, accumulate in the hands of several Internet giants. For data monetization, effective methods of pricing of individual data sets.

To solve this problem, Ocean uses elements of decentralized finance (DeFi), Combining tools for determining the prices of an automated market maker with decentralized exchange technology. Founder Ocean Trent McConagi (Trent McConaghy) explained, How data tokens work:

"By analogy with that, how BTC is tokenize in the Ethereum to ensure tokens, Ocean presents data as assets on the Ethereum ".

McConagi identified several main obstacles, which restrain people's ability to monetize data: Lack of control and confidentiality, Data evaluation complexity and poor network compatibility. Ocean solved these problems, By combining the functionality of blockchains and adding the elements of Defi and Stayking to the third version of the protocol.

By the Slaw McCo always, The data market can be considered as a DEX interface, configured to data and allowing you to easily publish data and buy it, and also trade them, block for stakeing and so on. Each data data service receives its own ERC-20 Ocean data tokens to ensure access. The more data tokens are blocked for stakeing in a particular pool, the more likely, that the pool provides quality data.

“When people buy and sell data, It is necessary to create a measure of the reliability of this data ", – McConagi said.

Ocean tokens model also shows itself in conjunction with an automated market maker.

“Steering adds liquidity, and adding liquidity – This is staying ", – McConagi said. “These tokens are not just blocked, They increase the value of the pool ".

Automated market maker offers a simple way to launch the so -called primary data placement (IDO) To create a market in a particular data set. These data tokens can then get to DEX. At the same time, centralized exchanges can create their own trading platforms based on data tokens, and also sell data sets they generated.

Simultaneously with the launch of the third version of the protocol, The Ocean project announced partnership with Civictechbub – database of projects, dedicated to the fight against pandemia Covid-19, and also with swash, Human Protocol, Thalus.ai и Transport Genie.

Recall, that in September Ocean Protocol united
with Balancer Labs to create an automated market maker (AMM) tokenized data.