Thread by @Wanderclyffe1

ATTENTION #OCEANERS !!!

This is part 1 of the 4 series @oceanprotocol mega threads where I will explain everything about $ocean in a simple manner!

In this thread ,I explained-
1) The data problem and why data sharing matters.
2) $Ocean data Marketplace

Enjoy 🌊

#AI #web3

Data is the world's most valuable resource and with the arrival of #ChatGPT , it has shown that our future depends on tech like AI, which can only function when large amounts of data are available . Society as a whole, is transitioning into a digital age from an industrial age .

And data has become a vital element in the daily life of consumers , governments and businesses. The magnitude of its involvement is so big that nearly half of the value on earth is IP and big data (nearly 100 trillion$) which is balanced on the other side by land, stocks etc.

By 2025,AI will affect nearly every sector of the economy whether it be healthcare,finance,retail, automotive, energy etc. But AI needs data and without it ,the AI models are not accurate/unusable
Only the Giants like Google and Meta are leading the way as they have tons of data

It has also been quoted by a very great AI researcher Alexander Wissner-Gross that "Many major AI breakthroughs have actually been constrained by availability of high quality training sets, and not by algorithmic advances" which clearly explains that data is the key limiting...

... factor to the development of the human-level artificial intelligence.
Another problem is that in the current #web2 economy ,the fundamental design of it causes data to be locked up in big silos... (stored up in literal tons and tons and tons of amounts in the Google servers)

...with only them having access to it . Doubt that ? Ever wondered why Google analytics are so perfect and how Facebook ads are so accurate ?

It's Data . Pssst sorry . It's our DATA !!!

Organisations have loads of data but are skeptical when it comes to sharing it .

And it's not them to blame for it . It's all about control, privacy and security as when the data is shared ,it's out of the hands of the owner and also, the valuing of data is not done properly.
But,as I said before, data sharing is vital for the advancement of AI and humanity.

To clarify, let's discuss a "case study"
Goldcorp, a near bankrupt business released a 400 MB. Zip file of geographical drilling data to the world with plea to submit potential mining sites . In return, goldcorp offered data scientists a reward for every submission.

The result was very astonishing as more than 80% of submissions led to exploration of profitable sites and goldcorp grew to become a multi-Billion dollar mining business .

You see now? How much potential will get wasted if we don't publish data openly .

Everything is clear now , modern society runs on data and more data means more accurate AI models which in turn will benefit society and business .
But, we need a safe and secure plus privacy preserving medium to share and access data and unlock the data at a large scale !

The rise of @oceanprotocol !

$Ocean protocol , by leveraging the blockchain tech and the tools of the token economy, created a Public utility network for buying and selling data for all humanity to use ( Big corps, governments , startups, individuals etc.)

$ocean protocol is led by @BigchainDB and Newton circus, who also built their several components during the first 5 years !
@BigchainDB was responsible for deploying the network, protocol and generalised marketplace components and Newton circus worked with public and private ...

... entities to help unlock their data . The creation of a value creating system is not easy but $ocean managed to unlock the whole new economy i.e. The new data economy !

The $ocean market - is a multi-chain ( native chain is ethereum but also deployed to other chains also ) , decentralised, privacy preserving and secure data platform for buying, selling and staking on data ( IP ) . By being multi-chain, $ocean is exposed to each blockchain's

Unique features and promote togetherness ( network value effect ) .
Okay, so for now , the $ocean market is a place where you can buy, sell, stake or compute on datasets by just connecting your #web3 wallet to the $ocean market .

Link - market.oceanprotocol.com

Every dataset published in the $ocean market is a NFT by default i.e. Data NFT (ERC721) and the publisher of that dataset can choose how many Datatokens (ERC20 ) he wants to mint off of that Data NFT . Now, if any user wants to access any dataset or algorithm...

... he has to buy the datatoken of that dataset . These datatokens are similar to any other crypto token and connect the worlds of Data and DeFi . These datatokens are fungible and if you have at least 1.0 datatoken , you can access that dataset .

Your Data NFT , your Data !

Here , data access is treated as a data service . The access to that dataset can be perpetual ( use as many times as you want ) or one time ( the token is burned after one time access ) . You can only access that dataset if you have that datatoken ,if you transfer that datatoken

To someone else's wallet the ownership is transferred too and you can no longer access it

Datatoken transfer = Ownership transfer
To simplify, Consider a Data NFT as master tape ( representing Base IP ) and datatokens as Music CDs ( licenses to access that dataset )

It also tackles the double spending problem ,only who has that Data NFT or datatoken can access that dataset .These Data NFTs datatokens are compatible with the existing crypto wallets and can be stored in your metamask wallet making them a whole new economy class i.e. Data*Defi

The data can be stored in various types-
Web2 cloud - AWS
Web3 non permanent - Filecoin
Web3 permanent small scale and large scale - Ethereum And Arweave
Web3 public and private data oracles - Chainlink and DECO

Thus, making it the most flexible of all Protocols out there.

Now, let's say that a company with extremely powerful medical data doesn't want to publish the data like the usual way but wants to preserve privacy while monetising it at the same time .
Here comes the $ocean Compute to data feature i.e. share data while preserving privacy

Let me explain to you the working of it with an example below -
Let's say Alice has some extremely helpful medical data and wants to monetize it while not exposing it at the same time . Then, she can go on the Ocean market, publish it and can select the access type as "Compute"

Then if any buyer , let's say Bob , wants to access that data , he can only do it via training its AI model or algorithm on it . That way he can get the desired output ( AL model ) and Alice is still able to monetize the same dataset
Example dataset - market.oceanprotocol.com/asset/did:op:2…

Another exciting feature of the $ocean market is that other data marketplaces can connect to Ocean protocol network to leverage their existing data and find new buyers. Meanwhile, Devs, govt, and corps with new ideas can build their own marketplaces on top of $ocean .

They can do it by simply forking the existing $ocean market or by using the @oceanprotocol components ( will be explained further in the next megathread )

Summarising it -
See, @oceanprotocol has not just built a data marketplace for us to transact data on it .

But also, the existence of only one data market will not fully lead to an advent of a new data economy and that's why $ocean built these tools so that anyone ( individual, govt. Or corp) can build their own data Marketplace on top of $ocean . That marketplace can be a niche ...

... marketplace or a general marketplace while offering the same features as the original $ocean marketplace features .

$Ocean is all designed for industrial scale usage .

Thus , the revolution begins 🌊