Ocean V3 Brings Wave of Data Monetization Tools to Ethereum
Announced Tuesday, Ocean v3 brings the Ocean data market proposal to life with Ethereum-based datatokens, as well as a range of other features like initial data offerings (IDOs), staking, automated market making (AMM) functionality and the potential to share and monetize data smarts. Each data service on the market gets its own ERC-20 Ocean datatoken to provide access.
Ocean Market mockup Source: Ocean Protocol Assembling these component parts (DeFi uses the term “composability” for the Lego-brick way things can be clicked together on Ethereum) gives people a fighting chance to monetize their data in this new “shadow industry,” currently dominated by firms like Facebook and Google, said McConaghy. “To incentivize better data flowing into our COVID-projects database, and to facilitate cross-collaboration, the ability of the Ocean Protocol Market’s liquidity to double as a curation and investment mechanism is a logical step,” Vincent Verheyen, CEO and founder of CivicTechHub, said in a statement.
