In my time as an investor within this space, there has been one project which has been
closest to my heart. This certified gem is hands down my favourite cryptocurrency in the
market, and one which I believe has the potential to crack the top rankings of the market
within the next few years. Today at Professionals Review I would like to introduce you to the giant of Ocean Protocol.
What is data, and how does it impact our lives?
Over the past few decades, data has been a value which has been created in an increasingly explosive manner. As of 2020, it has been found that 1.7MB of data is being created every second by every person, and in the last two years alone, an astonishing 90% of the worlds entire data has been created. This has been achieved through the digital world, which has estimated to have made up of 44 zettabytes of data since its inception. Despite this however, it has been found that only 1% of such data is ever analysed. The other 99% is often locked into silos which are never publicly available.
But how is data created? For the most part, data is created through our use of digital
technology, through everyday tasks such as tweeting or sending emails, which are things
often done in both our personal, and working lives every day.
But could a value be created for data? Of course, there could be a value for it, especially in the industries of computing and artificial intelligence. For the computing and A.I. industries, it has been found that millions of hours of data would be needed to ensure quick and efficient development of new advancements. Self-Driving cars for example, would need millions of hours of driving data to ensure that the vehicles would be able to drive the roads in an efficient and safe manner. It may be difficult or expensive however for a vehicle company to be able to obtain such data.
Imagine if developers of artificial intelligence could be able to purchase data and be able to utilise the data in their own projects. Could this allow for companies to speed up the
process and allow for the best possible results in their projects? I believe so. This is where
Ocean Protocol comes into play.
What is Ocean Protocol?
Ocean is an open-source protocol which aims to allow businesses and individuals to
exchange and monetise data and data based serviced. The technology created by Ocean
Protocol allows for a decentralised network which allows people to have full control over
who accesses their data and ensures that people can be rewarded for what they share. By
allowing people to have the ability to share their data in a safe manner will allow for data to be shared with ease. The individual or business can also be monetarily rewarded for sharing such information, which adds a further dimension as individuals can tap into a new source of monetisation through their work.
Ocean have created a data marketplace, which allows for data to be digitised and safely
protected through the use of smart contracts. By utilising a smart contract, it ensures safety for the buyers and sellers of the data, as the transaction will always be readily available within the blockchain. The usage of the data can also be governed within the smart contract, to ensure that the data can only be utilised for its desired purpose.
Ocean Protocol intend to create a community where data is shared, and people can be
rewarded for sharing it. No longer does this data have to be stored in a manner which is not accessible to industries, or to the public which may utilise it for whatever developments they may be creating themselves.
It would be impossible to fully explain the entire project within a few pages. Ocean Protocol is a very deep project which certainly requires some further research to understand. However, there are a multitude of learning resources available to increase your knowledge of both data, and of Ocean Protocol themselves.
We highly recommend that you spend some time researching the project, as we truly
believe it could revolutionise data and create a new data economy to be enjoyed by the
To learn more about Ocean Protocol, please visit the following links:
Website - https://oceanprotocol.com/
Medium - https://blog.oceanprotocol.com/
Telegram - https://t.me/OceanProtocol_Community
I would also recommend watching the TedX talk by Trent McConaghy, one of the founders of Ocean Protocol - https://www.youtube.com/watch?v=XN_PHg1K61w