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Ocean Protocol (OCEAN) has been launching a number of events, contests, and challenges recently, seeking to provide excitement for its community and the ability to earn funds while participating. Right now, the project is hosting a brand-new event of this kind, known as the ETH Prediction Challenge.
The challenge went live yesterday, October 3rd, and it seeks to incentivize strategic insights and predictions on Ethereum’s prices post-Merge. The project also announced that the prize pool for the winning predictions will be $5,000, paid to the winners in OCEAN tokens.
The first ETH Prediction Challenge by Ocean is now LIVE!🌊
It seeks to incentivise strategic insights and predictions on ETH prices post the recent Ethereum Merge✨
— Ocean Protocol (@oceanprotocol) October 3, 2022
What is the contest all about?
The contest is open to everyone, and those who choose to participate in it are invited to use the ocean.py library, which is where they can retrieve data assets and publish their predictions. As the name suggests, the challenge itself is to predict the price of Ethereum. More specifically, to predict the price of ETH over a 24-hour period.
The first prediction will be on Monday, October 17th, 2022, starting at 01:00 am UTC. After that, users are expected to try and predict the price of the coin every hour, on the hour, for a total of 24 individual predictions.
Those who get it right will win rewards from the prize pool. An individual who has the more accurate predictions will win first place and the prize of $2,500 in OCEAN tokens. 2nd place will get $1,500 in OCEAN, while the reward for the third place will be the remaining $1,000, also paid in OCEAN.
All valid entries submitted will receive an award of 250 OCEAN tokens as a reward for participation and for helping the event be as big and attract as many participants as possible.
Conditions of the contest
One thing to note is that, apart from giving predictions, contestants will also have to share slides that describe their approach to predicting the prices, difficulties encountered along the way, and any insights that they gained while trying to come up with the most accurate prediction.
Apart from that, contestants will also have to follow a number of precise steps outlined on the project’s page related to the contest in order to be considered for entry and participation. In short, the steps only include three things to keep in mind, and that is retrieving Ocean data assets, such as the historical price of ETH; building an AI model and running it to make ETH predictions; and finally, all predictions must be published as Ocean assets, and granting access to the organizers so they can review it all.
The project’s founder, Bruce Pon, stated that the challenge is the first of its kind to enable the wide-scale building of context around on-chain data and incentivize a global community of crypto users to adopt the Ocean ecosystem.
The datasets are already live on the Ocean Market, where they can be purchased, and the entry submission deadline is October 16th, at 11:59 pm UTC.
To learn more about Ocean Protocol, visit our Investing in Ocean Protocol guide.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.