Place/Date: Singapore - July 8th, 2019 at 10:55 am UTC · 3 min read
Contact: Patty Lee, Source: Ocean Protocol
This is a significant milestone after the company’s launch of its Beta version back in April this year. The Pacific Network is now available for developers to build on with Ocean Tokens as a means for real value exchange.
In order to ensure performance for data scientists, Pacific will have smart contract deployments on Ocean’s own PoA (Proof of Authority) network. The PoA network will offer full functionality with a reference commons marketplace infrastructure, where users can discover, upload, and use datasets. In addition, the 690 million Ocean Tokens currently circulating on the Ethereum mainnet can be bridged over to the Pacific PoA network for use.
Trent McConaghy, founder of Ocean Protocol said
“A lot of hard work and research has been put into the release of this live network. Pacific marks the start of the new data economy with real value being exchanged on the network via the Ocean Tokens. We are excited to share this milestone with the public. With the token bridge, Pacific can be seen as an Ethereum sidechain. This aligns Ocean with its “multi-chain” vision of the blockchain ecosystem.”
Ocean’s next focus will be to continue to stabilize the network, onboard node operators, and bring compute to data so that algorithms and models can travel to the data, get trained and leave without exposing the data or taking a copy, thereby retaining privacy and ensuring regulatory compliance.
Ocean Protocol enables safe and secure sharing of data, guaranteeing control and auditability while protecting privacy. The technology allows organizations and individuals to set prices and trade data without losing control of their data assets.
Smart contracts allow data owners to program the conditions of access, which are then executed with precision. This gives data owners and buyers transparency, security, and guarantees of payment and use. By removing the friction around data sharing, data can be unlocked to advance AI and solve industry and societal problems.
Bruce Pon, founder of Ocean Protocol said
“Our role is to ensure we have a solid foundation and environment for a data ecosystem to thrive. To kickstart the new data economy, we have forged multiple partnerships with startups and enterprises to demonstrate use cases. We want Ocean to be a fertile ground for data innovation and a prosperous environment for data marketplaces and related services to operate in and integrate with. We call for developers and the data community to explore Ocean and build a new and open data economy together with us.”
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.
Visit datascience.oceanprotocol.com to learn about the JupyterLab instance.
Visit docs.oceanprotocol.com to learn about the components of the Ocean Protocol software stack and how to use them.
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 of any value at all. Token sales are only suitable for individuals with high risk tolerance. Only participate in a token event with what you can afford to lose.