Ocean Protocol Launches Global Data Economy Challenge With 3.4 Million Token Reward

Place/Date: Singapore - August 22nd, 2019 at 3:00 pm UTC · 3 min read
Contact: Ocean Protocol Data Economy Challenge, Source: Ocean Protocol

The 6-week competition calls for developers, hackers, tech talents to tackle issues around data marketplaces, network integrations, and more. 3.4 million tokens prizes await and participating teams are to produce a working Proof-of-Concept (POC) on Ocean Protocol under one of the following 3 tracks:

  • Data Marketplaces — kickstart the New Data Economy through building data marketplaces to connect data providers and consumers and expose data, storage, compute and algorithms for consumption.
  • Network Integrations — Use Ocean Protocol to help Data Scientists and unlock value from data. Whether for straight statistical analysis, machine learning modeling or visualization, a strong set of data science tools and services is essential to derive practical solutions for pressing industry and social problems.
  • Wild Card Submissions — Fill in the blanks and boost Ocean Protocol and its ecosystem to the next level and show to the world what can be built on Ocean to contribute to a new data economy.

Each track will have a total of 768,000 OCEAN tokens in prizes for the top 3 submissions.

  • 1st Place Winners in each track will receive 333,000 OCEAN tokens
  • 2nd Place Winners in each track will receive 270,000 OCEAN tokens
  • 3rd Place Winners in each track will receive 165,000 OCEAN tokens

Additionally, there will be prizes given for speedy submissions, entries using data found on the Ocean Data Commons, and more.

Data is everywhere, yet today data and AI are disjointed and only a few companies with both a massive amount of data and AI expertise are able to harness data to deliver powerful business value. In order to change this and to equalize access to data, Ocean Protocol brings together blockchain technology, smart contracts, tokens, a data sharing framework, and an ecosystem for data and related services to kick-starting a new Data Economy that touches every single person, company and device.

Trent McConaghy, Founder of Ocean Protocol, said:

“This journey cannot be completed by one organization or team. This is a journey for everyone.”

The Global Data Economy Challenge is a first step towards bringing together an ecosystem for a New Data Economy that gives power back to data owners and enables people to reap value from data to better our world.

McConaghy added:

“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.”

Registry for the competition is now open and submission starts on September 16. To better understand Ocean Protocol’s technology, interested parties can review the Ocean Documentation and GitHub Repositories.

About Ocean Protocol

Ocean Protocol is a decentralized data exchange protocol to unlock data for AI. Through blockchain technology, smart contracts, and tokens, 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.

Disclaimer: Ocean Protocol is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value or any value at all.