Place/Date: Singapore - July 13th, 2022 at 11:31 am UTC · 5 min read
Contact: Monica Botez, Chief Marketing Officer, Source: Ocean Protocol Foundation
Ocean Protocol, the Web3 platform to unlock data services for AI and business innovation, announces the launch of ideation bounties in a joint initiative with its long-term partner Dimitra, a company guided by the mission to deliver AgTech globally to farmers. The competition is divided into two phases and has a total prize pool of $15,000 USD payable in OCEAN + DMTR tokens.
Smallholder farmers can play a huge role in solving the world food shortage, improving food safety and addressing food security issues. The partnership between Dimitra’s agricultural software and Ocean’s Web3 data sharing and monetization capabilities is focused on driving the next generation of agricultural solutions using data. As part of this vision, 100 million smallholder farmers will be empowered to maximize yields and mitigate operational losses by 2024 through open access to relevant, valuable data-driven information.
The Ocean Protocol-Dimitra bounty seeks to expedite this vision by encouraging data scientists around the globe to share valuable ideas on how particular agricultural datasets on the Ocean Market can be utilized to maximize yields and quality while minimizing risks for farmers. This competition builds on Ocean’s vision to spearhead the shift into a New Data Economy through the Ocean Data Bounty program by incentivising data-driven insights and the building of algorithms to solve complex business challenges. Dimitra is the first partner in this initiative.
Ocean founder Bruce Pon said:
“Data bounties will help to activate a global community of data scientists to build context around data. We’re excited to kick off this data bounty program with Dimitra to accelerate data-driven innovation in agriculture. By incentivising scientific participation, we hope to gather insights and ideas to solve pressing agricultural challenges at a global level.”
As part of the Ocean-Dimitra ideation bounty Phase 1: Ideation, the data scientists will be invited to generate ideas about how the datasets presented can be utilized and does not require testing or training of algorithms on the data presented. Participants may use any one of the nine datasets provided to derive insights or multiple datasets to identify correlations between them and provide aggregate insights. Specifically, they should reflect on how the model or idea can be used to discover valuable patterns, trends and features in the data, and how to exploit them in order to maximize crop yields and improve quality.
The rewards for phase 1 are – 1st place: $1,500, 2nd place: $1,000, 3rd place: $500, community award: $1,000, honorable mentions (10x): $100 (payable in OCEAN + DMTR).
In Phase 2: Algorithms, Analytics, Narratives & Reports – participants will be able to publish their algorithms that can be used live on the data on the Ocean Market using the Compute-To-Data feature. Submitted entries should contain well-documented use cases, as per Phase 1. Bonus points will be awarded for using published algorithms that discover/show valuable patterns and trends in the data. Out of a prize pool of $10,000 USD, the rewards for phase 2 are – 1st place: $3,000, 2nd place: $2,000, 3rd place: $1,000, Community Award:
$2,000 Honorable Mentions (10x): $200 (payable in OCEAN + DMTR).
The goal of Phase 2 is to develop analytics, narratives, and reports, but also to identify, create and publish algorithms that can be used to analyze the data. Participants are encouraged to publish algorithms that will be used live on the Ocean Market using the Compute-To-Data feature.
Bonus points will be awarded for publishing algorithms and/or using published algorithms to discover or show valuable patterns and trends in the data. Submitted entries should contain well-documented use cases, as described in the requirements for Phase 1.
A panel of evaluators from Ocean and Dimitra will independently review and rank submission entries selecting 1st, 2nd and 3rd place winners based on level of innovation, the value of opportunity, feasibility, presentation structure, approach and completeness. The selection will be announced publicly and the community will be invited to vote for the Community Choice award winner.
The Phase 1 bounties are live on Questbook and the entry submission deadline is August 12th, 2022. Phase 2 kick-off shall be announced at the conclusion of Phase 1.
Ocean Protocol is a decentralized data exchange platform spearheading the movement to unlock a New Data Economy, break down data silos, and open access to quality data. Ocean’s intuitive marketplace technology allows data to be published, discovered, and consumed in a secure, privacy-preserving manner by giving power back to data owners, Ocean resolves the tradeoff between using private data and the risks of exposing it.
Dimitra’s mission is to place technology in the hands of millions of small farmers around the world. By doing so, Dimitra aims to enhance productivity and therefore the lives of farmers, improve food safety, and enable greater food security globally.
In 2021 it has set itself two additional objectives. One is to advance AgTech innovation and the other is to secure operational grants for developing countries around the world to enable participation in the Dimitra ecosystem.
Disclaimer: Coinspeaker is not responsible for the trustworthiness, quality, accuracy of any materials on this page. We recommend you conduct research on your own before taking any decisions related to the products/companies presented in this article. Coinspeaker is not liable for any loss that can be caused due to your use of any services or goods presented in the press release.