Ocean Protocol and Balancer Labs Partner for The First AMM-Based Data Market
Community-based Ocean Market is a launchpad for Initial Data Offerings
● Balancer Labs and Ocean Protocol collaborated for Balancer-based automated market maker (AMM) pools inside Ocean Market, an open-source community data marketplace ● These pools enable automated price discovery, OCEAN staking, and authentic data curation.
● In turn, Ocean Market is a launchpad for Initial Data Offerings (IDOs)
Singapore – September 24, 2020 — Ocean Protocol is partnering with Balancer Labs to launch Ocean Market, an open-source community marketplace for data and the world’s first Initial Data Offering (IDO) launchpad. Powered by Balancer’s Automated Market Maker (AMM) technology and Ocean Protocol’s data tokens, Ocean Market offers automated data price discovery, OCEAN staking, and authentic data curation.
Ocean Protocol and Balancer Labs Partner for The First AMM-Based Data Market. Ocean Protocol helps developers build marketplaces and other apps to privately & securely publish, exchange, and consume data. Balancer is a protocol for programmable liquidity. Its highly flexible AMM technology has led to more than $700M USD in assets under management.
Ocean Protocol chose Balancer AMM technology for the release of Ocean Market for several reasons. First, Balancer lightens the liquidity burden for publishers. Balancer AMMs uniquely allow non-equal weights among tokens. This allows pools with 90% weight to the datatoken and 10% to OCEAN. This is 1/5 of the OCEAN needed compared to typical 50-50 pools. Second, Balancer gives the possibility for dynamically changing weights to bootstrap liquidity and mitigate impermanent loss. Finally, the teams have collaborated for years, most notably in Ocean Founder Trent McConaghy’s capacity as an advisor to Balancer Labs.
Data marketplaces are essential to Ocean’s mission to equalize the opportunity to access and monetize data. Past data marketplaces have had several issues: centralized control which requires the data publisher to trust the marketplace operator, loss of privacy, difficulty in determining price, and more.
Ocean Market resolves these issues. It makes it easy to publish data services as ERC20 datatokens, to auto-price data, to discover data, to purchase datatokens, and to consume datatokens as data services. This is all performed on a decentralized blockchain substrate. Privacy is preserved with compute-to-data technology, and price discovery is done through Balancer AMMs. Developers and entrepreneurs can fork Ocean Market to build their own data marketplaces.
“Data is a 377B EUR market in Europe alone. But how to price it has been a long-standing challenge. Ocean Market solves this definitively using Automated Market Maker (AMM) pools powered by Balancer. Adding liquidity to these data pools *is* OCEAN staking, as well as authentic data quality curation signals. It’s been a pleasure to work with Fernando and the rest
of the Balancer team to enable world-leading data marketplaces, and to help provide feedback towards their next generation of technology.” –Trent McConaghy, Founder, Ocean Protocol.
“At Balancer Labs, we continuously explore new ways to apply AMMs. Ocean Protocol’s usage of Balancer AMMs promises to add a massive new asset class — data — to the DeFi’s assets under management. Thousands of new data assets will lead to thousands of Balancer AMMs — a very long-tail of AMMs, the first of its kind for any AMM protocol. Trent and his team have been excellent collaborators in exploring use cases, integrating Balancer, developing Balancer drivers, and providing feedback to improve Balancer and make it more scalable. We are extremely excited with this launch!” –Fernando Martinelli, CEO & Founder, Balancer Labs.
This integration marks a collaboration of two years of collaboration between the teams.
About Ocean Protocol
Ocean Protocol is a decentralized data exchange protocol to unlock data for AI, launched in 2017.
Through blockchain technology and the OCEAN token, Ocean Protocol connects data providers and consumers, allowing data to be shared while guaranteeing traceability, transparency, and trust for all stakeholders involved. It allows data owners to give value to and have control over their data assets
without being locked-in to any single marketplace. By bringing together decentralized blockchain technology, a data sharing framework, and an ecosystem for data and related services, Ocean Protocol is committed to kick-starting a new Data Economy that touches every single person, company and device, giving power back to data owners, enabling people to reap value from data to better our world.
In summer 2019, the production-ready mainnet Pacific Network was released, just four months after the delivery of the initial Nile beta network. Pacific Network features smart contract deployment on Ocean’s own Proof of Authority (PoA) network, ensuring a high-performance platform for data scientists. With the
release of Pacific, Ocean Protocol is ready for the introduction of apps and integrations to facilitate the use of the protocol and grow the ecosystem. Released in May 2020, Ocean Compute-to-Data allows AI models to be trained on-premise, ensuring security and privacy for the data owner and minimizing the need to have trust amongst the different parties.
Visit oceanprotocol.com to find out more.
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