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The Ocean Protocol launches Data Economy Challenge – a six-week global development challenge to bring together top minds worldwide to tackle issues around data marketplaces, network integrations, and more.
The data marketplace is perhaps the most invaluable digital resource center spanning many economic sectors, and has over time evolved into a prodigious entity in the data ecosystem. Notably, this market is expected to reach a valuation of $3.6 trillion in just over a decade. However, the irony of this growth is that only a few corporate giants with access to extensive amounts of data and AI expertise are the beneficiaries of this marketplace.
Ocean Protocol, a decentralized data ecosystem is reconstructing the very fabric of the data economy by introducing blockchain technology and smart contracts to unlock the full potential of data through artificial intelligence. Moreover, it aims to connect both data providers and consumers to interact on a whole new economic level in a secure and transparent manner. This will allow data owners to give value to and have control over their data assets.
Admittedly, this revolutionary task is huge for a single company or entity to handle alone. Ocean Protocol understands this very well as Trent McConaghy, Founder of Ocean Protocol, commented saying:
“This journey cannot be completed by one organization or team. This is a journey for everyone.”
Therefore, the Ocean Protocol team is extending its vision of transforming the current data economy to the developer community. It appears that Ocean Protocol is optimistic about its goal to unlock data for AI as well as the roles they expect to play in the transformation of the data economy. McConaghy pointed out:
“We are thrilled to be launching this meaningful global challenge to kickstart the data ecosystem on Ocean Protocol. We’ve always envisioned Ocean to be the base layer for data innovation. This is in line with Ocean’s mission to equalize access to data and spread the benefit of data and AI to all. There is no better time to start this new movement and we are calling developers, hackers around the world to build this new open data economy together with us.”
A Race to Innovation
A 6-week long Global Data Economy Challenge has been launched for tech talents to develop innovative products inclusive of data marketplaces and network fabrics using Ocean Protocol’s development toolkits to connect data stakeholders to new heights of data economics. Ocean Protocol will incentivize developers to expand its vision and explore new ways to utilize its platform and features. Developers can focus on any of the following three areas to create value for the data ecosystem and its marketplace:
- Data Marketplaces : Develop turnkey data exchange infrastructure that could attract data providers and consumers which may include governments, market intelligence agencies and many types of data analysts and scientists to use the revolutionary product in real-time. The platform has provided an insight into the possible development strategies.
- Network Integrations : A product that demonstrates the use of Ocean Protocol to create a data value chain that connects data scientists with data systems to harness data manipulation constructs such as statistical analysis, machine learning modeling or visualization, and other strong sets of data science tools and services to optimize practical data value. For inspiration, Ocean Protocol gives examples that could help drive innovation.
- Wild Card Submissions : Ocean Protocol has an unlimited value creation mechanism for the data ecosystem waiting for the right developer to unleash their creativity. Ocean protocol is asking the developers to allow their imaginations to run wild and develop an astonishing proof of concept (POC) befitting of the new data economy.
The Incentive to BUIDL
3.4 million OCEAN tokens have been staked for all three tracks, to reward the top 3 POCs that meet the requirements with each 1st prize for each category being awarded 333,000 OCEAN, 2nd prize for 270,000 OCEAN, and 3rd for 165,000 OCEAN in each of the categories.
Other bonus rewards will go to the community choice for POC, the first 20 teams who successfully submit their entries – demonstrating speed, and teams who use data found on the Ocean Marketplace.