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Ocean Protocol (OCEAN)
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Ocean believes "big data" severely disadvantages users and network participants by sharing and monetizing their data while users have little-to-no control over the process. To fix this, the Ocean team aims to build a decentralized data exchange protocol that lets consumers, corporations, and everyone in between exchange data with symmetric control and transparency. Ocean also aims to activate massive amounts of dormant or un-used data by incentivizing participants through monetization. The ultimate goal of this protocol is to fuel continued artificial intelligence (AI) innovation, a technology that relies heavily on data inputs and a robust, reliable data market. Ocean thinks the key to a sustainable, profitable data market is ensuring that providers and custodians feel safe when sharing data. A peer-to-peer protocol for data sharing is Ocean's solution.
Ocean Protocol relies on four different parties for network security and data exchange. Providers are participants who may offer data, data storage, and computing power, purchasable with Ocean's native token. Marketplaces are participant-built environments that facilitate (1) data discovery (2) transactability and (3) verification. Alongside these marketplaces are data commons that interface with websites, libraries, etc. Last, Ocean has keepers that support the network via running and Ocean node and are compensated via block rewards. Data is exchanged in a three-part process that starts when the client initiates an offering, which is accepted and purchased by data service providers and then verified by keepers.
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