Ocean Protocol (OCEAN) Protocol - ICO Review, Rating and Details of Ocean Protocol ICO (Token Sale) - Rating: Pass

Ocean is a decentralized protocol and network of artificial intelligence (AI) data/services. It aims to spread the benefits of AI, by unlocking data while preserving privacy. It helps power marketplaces to buy/sell AI data & services, software to publish and access commons data, and AI/data science tools to consume data. Ocean does decentralized orchestration: at its core are decentralized service agreements and decentralized access control, which execute on decentralized virtual machines. This allows connection to, monetization of, and curation of arbitrary data services. On that, Ocean adds network rewards to incentivize data sharing, including privacy-preserving data commons.

Features & Highlights

  • Service Agreements & Access Control: 
    • The Ocean network is composed of data assets and services. Assets are in the form of data and algorithms. Services are processing and persistence which leverage assets. The assets and services are made available for consumption via the network. At the heart of this are decentralized Service Execution Agreements (SEAs) and decentralized access control, which together power data service supply chains. This allows connection to, monetization of, and curation of arbitrary data services. This allows compute to be brought to the data, thereby solving the concern of data escapes since sensitive data never needs to leave the premises (just the results of computation).
  • Proof-of-Service, and Incentives:
    • On top of the SEAs infrastructure, Ocean adds network rewards to incentivize data sharing, which will lead to a commons. Specifically, Ocean incentivizes participants to submit, refer, and make available (provably) quality AI data & services, via a new construction that we call a Curated Proofs Market (CPM). A CPM has two parts: predicted popularity of a dataset/service, and its actual popularity.
  • On-Chain Bounties:
    • Ocean will be a utility network to serve the public at large. Therefore it must be self-sustaining; and the technology and ecosystem need steady improvements, by the community and for the community. To this end, the Ocean network will have an on-chain bounties system where a portion of the network rewards are for technology improvement and ecosystem development. We elaborate on this in a later section.
  • Permissionless: 
    • Ocean will go from PoA to permissionless, while maintaining performance. Technology options include ETH2.0, Parity Substrate, and Cosmos SDK.

Token Allocation

"Network Reward","Token Acquirors","BigchainDB","Newton Circus (DEX)","Foundation" {"name": "Network Reward","value": 51},{"name": "Token Acquirors","value": 24},{"name": "BigchainDB","value": 10},{"name": "Newton Circus (DEX)","value": 10},{"name": "Foundation","value": 5}

Token Utility & Use Cases

Ocean Tokens are the main tokens of the network. We denote Ocean Tokens as “Ọ” or with ticker symbol OCEAN. They are used in several ways.

  • Ocean Tokens are used as a unit of exchange for buying and selling data/services. A marketplace would price data/services in Ocean Tokens (OCEAN), or any other currency of the marketplace’s or vendor’s choice, such as USD, EUR, ETH, or DAI. It the latter, the marketplace would use a crypto exchange to convert just-in-time to OCEAN. Therefore the Ocean network would only see OCEAN. We explicitly chose a one-token design over two-token design for simplicity, and to help equalize the access to upside opportunities of owning assets. The appendix has details.
  • Ocean Tokens are used for staking. This includes staking in each given dataset/service, and introduce a long tail of additional tokens called drops. Drops are derivative tokens of Ocean tokens denoted in “Ḍ”. Each dataset would have its own derivative token. For example, 100 drops of stake in dataset X is “100 ḌX”. Drops relate to Ocean Tokens via curation markets’ bonding curves, which determine the exchange rates between them for different dataset/services.
  • Ocean Tokens are used in dispensing network rewards, according to Ocean’s inflation schedule.

Roadmap & Updates

  • November 2017 - Seed
    • Ocean Token seed distribution
    • Technical Primer
    • Marketplace Framework
  • February 2017 - Whitepaper
    • Released Technical Whitepaper and Business Whitepaper
  • March 2018 - Pre-Launch
    • Ocean Token pre-launch distribution with 3500 Contributors in 100 countries
    • Activated community
    • Built up the team
    • Announced partnership with IBM Watson AI XPRIZE
    • Advisor Program launched with 40 advisors in 20 cities
    • Bounty Programs launched with 15 bounties and 88,000 PROCN tokens offered
  • December 2018 - Test Network
    • Development and documentation of Ocean network components
    • Trilobite test network deployed
    • Building global community: 130+ events, 35+ advisors, 120+ ambassadors in 40 countries, 15+ bounties
    • Partnerships & collaborations: MOBI Grand Challenge, Fitchain
  • March 2019 - V1 Tethys
    • Service agreements
    • Access control
    • Metadata store
    • Commons marketplace
    • Data Science Layer
  • 2019 - V2
    • Case specific Marketplaces
    • Web 2.0 integration (for compute and storage services)
    • Improved Service Execution Agreements: staking conditions; slashing conditions; bounty rewards; competition rewards
  • 2020 - V3
    • Verification and Validation of conditions and service (cryptographic proofs)
    • Incentives / network rewards for different actors (including verifiers)
    • Web 3.0 integration (for example: with other decentralized projects)
  • TBD - V4
    • Bounties on-chain (DASH style model)
    • Clan governance (enable marketplace specific governance, group governance, etc.)
  • TBD - V5
    • Fully permission-less Ocean Protocol
    • Balanced governance: transparent process for updating protocol that balances stakeholder needs (keepers, service providers, curators, validators)

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