Ocean Protocol announces the launch of Oceanonda v4, an open-source, decentralized data exchange protocol to unlock data for AI.
The upgrade caters to data publishers, data consumers and data marketplace operators with data NFTs for more flexible data management, unilateral sharing to resolve rig bridges, and better monetization through fee setting.
Ocean’s founder Bruce Pon said:
“The Oceanonda v4 release is by far the most important milestone in the fulfillment of our vision: Ocean Protocol as the orchestration layer for data services and AI, as a general purpose data sharing and monetization infrastructure that supports data providers and Data brings consumers closer together.”
Oceanonda introduces three key new features: data NFTs for more flexible data IP management, unilateral sharing to solve rig bridges, and improved community monetization.
It builds on the Ocean V3 DataToken to publish, swap, share and consume data assets with data access control, automated data pricing, compute-to-data to maintain data privacy and control, and the Ocean Market dapp .
Ocean V3 ERC20 Data Token, where a DataToken is a license to consume the associated dataset. The ERC721 Data NFTs adds to the copyright or exclusive license model for Ocean V4 data assets. Data NFT maximizes flexibility in data IP management.
Data NFT allows arbitrary key-value metadata fields (via ERC 725y), on-chain data availability, and GDPR compliance (via on-chain encryption).
They provide interoperability and composability within the broader NFT, DeFi and DAO ecosystems. Data NFTs have many uses beyond the “Base IP” use case, including comments and ratings, verifiable claims, credentials of identity, user profile data, and social media posts.
rug pull solution
The rig bridge in Ocean V3 occurred when DataToken whales would exit their large liquidity position in the data pool, negatively impacting other stakeholders. OceanONDA V4 solves this through unilateral staking: DataTokens are mined when OCEAN is placed in a pool, keeping the price constant; When the ocean freezes, the DataTokens burn up.
This, in turn, increases staking security as whales cannot manipulate the price of staking or unstaking. This increases the chances of providing more liquidity while offsetting the fall in prices.
OceanONDA V4 Smart Contracts enables marketplace operators to charge fees not only in consumption but also in pool-based swaps. We expect this data to be of great help to trading for marketplace operators, as we have seen 100x volume on swaps compared to consumption.
In addition, OceanONDA V4 enables third party providers to provide computing for a fee. This enables the market of providers to emerge.
This would work for centrally trusted providers (that the data publisher and consumption must trust) but also for trusted providers (via decentralization or other privacy-preserving mechanisms).
ocean market update
OceanONDA V4 introduces updates to Ocean Market, including easy-to-use publishing flows, one-way stake in the pool, updates to the asset description page, and an NFT image generator.
Customization fees for marketplace operators to use and collect commissions on fixed-rate exchanges and pool-based swaps is open to new business models within the ecosystem as marketplace stakeholders can set their own pricing strategy and earn from use. But there are also fixed price exchanges and AMM swaps.
The Oceanonda V4 was tested through a public testing program on Immunefi to identify critical safety issues. Further stabilization and refinement is expected in the coming weeks and months.
Go here for more information.
About the Ocean Protocol
Ocean Protocol is a decentralized data exchange platform leading the movement to unlock a new data economy, break down data silos and open access to quality data.
Ocean’s intuitive marketplace technology allows data to be published, discovered and consumed in a secure, privacy-protected manner. By giving power back to data owners, Ocean resolves the tradeoff between using private data and its public display.