The Next Wave
Market Meditations | March 22, 2022
Are there more drops in the ocean or data bytes in the world? Both are vast in their own way, but only one of them is growing at an exponential rate, doubling every couple of years. And with that growth, will the stranglehold of big data companies tighten as we sail towards an unavoidable dystopian future? Not if DeFi has something to say about it…
- Decentralising data is a mammoth task, but one that the developers of OCEAN Protocol have been working on since 2017.
- Sometimes people want access to specific data for a specific timeframe but are forced to buy a whole dataset outright.
- Data marketplaces could help solve this while also benefitting smaller businesses and entrepreneurs, who can now earn from their data.
- OCEAN tokens can be earned by: 1) providing data; 2) providing liquidity; 3) creating a data marketplace for others on the protocol.
- The price has rallied recently due to the impending launch of v4, which will include NFTs to manage data IP.
- However, data privacy compliance remains an important factor that will need to be managed.
To learn more about how Ocean monetises data using blockchain check out their academy. And if you’re still wondering, there are more drops in the ocean than bytes in the world. But that is all on course to change in the next decade.