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– TIMESTAMPS –
2:23 The Problem Ocean’s Tackling
7:16 What’s Wrong The Data Economy?
9:04 The Tech
12:26 Ocean Token
⛓️ 🔗 Useful Links 🔗 ⛓️
► European data market valued at €739 billion: https://ec.europa.eu/digital-single-market/en/news/final-results-european-data-market-study-measuring-size-and-trends-eu-data-economy
► Ocean Protocol business strategy & whitepaper: https://oceanprotocol.com/technology/roadmap#papers
► Google AI crushes Go grandmaster: https://www.wired.com/2016/01/in-a-huge-breakthrough-googles-ai-beats-a-top-player-at-the-game-of-go/
► Ocean token supply cap: https://blog.oceanprotocol.com/ocean-token-swap-completed-new-contract-live-f0768423b3e1
► Filecoin integration: https://blog.oceanprotocol.com/filecoin-storage-integrated-with-ocean-protocol-by-protofire-896dd03a1f04
❓What Problems Is Ocean Solving❓
The global data economy is vast and enpasseses a lot of different elements like data generation, collection, storage, processing, distribution, analysis and exploitation. How big, you might ask? Well, a fun European study estimates that its value in Europe alone stands at a whopping €739 billion per year.
Those are not rookie numbers and it is safe to say that the true value of the entire global data economy runs into the trillions of dollars.
Here’s the problem; we are creating a staggering 289,000 gigabytes of data every second and most of that is being siloed by giant tech firms. The worst part is that only 1% of that data is actually being used.
AI requires an astonishing amount of data to train and the barrier to entry is pretty high. That’s why AI development is pretty much limited to a few big tech giants and that limits the speed of developing this tech.
💰 Limitations of The Current Data Economy 💰
Tech giants are hoarding data and that means it is hard to connect problem owners to problem solvers and giving them access to the required tools and resources.
Part of the issue is that some data is private and its holder might not want to release that into the wild. Basically, what Ocean Protocol wants to do is to create a unified layer that connects these three pillars of the problem, solution and data together.
That involves unlocking access to private data and allowing people to use it, without it being left out there in the public domain. All that will enable data scientists to train AI models.
⚙️ The Tech ⚙️
In short, Ocean Protocol is a decentralized Ethereum powered smart contract platform running on proof-of-authority. This enables the safe sharing of data and ensures payment to the data provider, whilst guaranteeing control, auditability and transparency to everyone.
What this does is enable the creation of a two-sided data market where sensitive data can be used but not released into the wild.
📈 Ocean Token 📈
The Ocean utility token is used as the unit of exchange for buying and selling data, AI assets and AI services.
We can look at history to see how successful marketplaces like AirBnB were created. In a nutshell, it is all about building up inventory on the platform before looking to acquire inventory buyers.
Ocean is looking to do just that by incentivizing people to provide and curate data on the platform and 51% of the total supply of Ocean is dedicated to that cause.
Right now, only about 25% of Ocean’s final circulating supply has been released. That means holders should expect quite a bit of inflation. However, this does mean that the project has a sizable warchest to incentivise data provision for the platform and if Ocean can secure even a fraction of the global data market, then it will be damn valuable.
Oh yes, Ocean is also being considered for a Coinbase listing. So that could be some good short term news for the token.
🤝 Partners 🤝
Recently, Ocean has completed its integration with Filecoin and that means that the project boasts all of Filecoin’s decentralized cloud storage capabilities.
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.
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