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Ocean Protocol, an open-source and decentralized data exchange platform, is planning to access data for artificial intelligence. This will be supported through the newly-launched OceanONDA V4 upgrade.
This upgrade will cater to some of the key players in the data industry, including the publishers, consumers, and marketplace operators. The upgrade will also solve some of the popular problems faced in the current financial markets, including data management and rug pulls.
OceanONDA V4 upgrade launches
Ocean Protocol’s OceanONDA V4 will provide data non-fungible tokens (NFTs) that will provide better data management, one-sided staking to solve issues like rug pulls, and promote better monetization through fee setting.
The founder of the Ocean Protocol, Bruce Pon, commented on this upgrade, saying,
The OceanONDA V4 release is the most important milestone to date to fulfill our vision: Ocean Protocol as the orchestration layer of data services and AI, as the general-purpose data sharing and monetization infrastructure that brings data providers and data consumers together.
The upgrade will come with three new features to support the cryptocurrency community. These features include data NFTs that will promote flexible data IP management, staking that will solve rug pulls and a better way for the community to monetize.
The team announced that this upgrade creates on Ocean V3 datatokens. This will support “for data access control, automated data pricing, Compute-to-Data to retail privacy & control of data, and the Ocean Market DApp to publish, swap, stake, and consume data assets.”
Solving major issues
One of the solutions this upgrade provides is that it will promote Data NFTs that will support interoperability and composability “within the wide NFT, DeFi, and DAO ecosystems.” Data NFTs can also be used in other areas such as “comments & ratings, verifiable claims, identity credentials, user profile data, and social media posts.”
The upgrade will also solve the issue with rug pulls that “occurred in Ocean V3 when datatoken whales would pull out of their large liquidity position in data pools, negatively affecting other stakers.”
The OceanONDA V4 smart contracts also “enable marketplace operators to collect a fee not only in consume but also in a pool-based swap.” The team also estimates that the upgrade will support the business of data marketplace operators, as they have recorded a 100 times growth compared to the consumers.
Moreover, the OceanONDA V4 “enables third-party Providers to provide compute, for a fee. This supports the growth of the marketplace of Providers. This strategy will “work for centralized providers (that the data publisher and consume must trust), but also trustless providers (via decentralization or other privacy-preserving mechanisms.”
The upgrade will also introduce updates to the Ocean Market. Some of the updates include promoting an “easier-to-use publishing flow, one-sided staking in pools, updates to the asset detail page, and an NFT image generator”
The market updates will also allow the marketplace operators to gather commissions depending on the usage and fixed exchange rate. “Pool-based swap open up for new business models within the ecosystem as marketplace stakeholders can set their own pricing strategy and earn from usage but also from fixed price exchange and AMM swaps.”
Before the upgrade was launched, it was tested using a public testing program on Immunefi to detect critical security vulnerabilities. In the coming months, it is expected that stabilization and refinement.
Ocean Protocol is a decentralized data exchange platform that supports access to real-time quality data. The technology offered by Ocean also supports data publishing, discovery, and consumption securely and privately. Ocean will give power back to the owners, which will promote privacy and the concept of Web3.
To learn more 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.