Ocean Protocol: Unleashing the Data Economy

Published on
January 4th, 2021
38 minutes

Ocean Protocol: Unleashing the Data Economy

The Interview - Crypto ·
Featuring Bruce Pon and Sebastian Moonjava

Published on: January 4th, 2021 • Duration: 38 minutes

Bruce Pon, CEO and founder of BigchainDB, joins Sebastian Moonjava, Real Vision associate crypto editor, to discuss the Ocean Protocol, data tokens, and the data economy. Pon explains the importance of the data economy and how Ocean protocol hopes to become the primary platform for data markets. He explains a bit about initial data offerings (IDOs) and how data tokens can be utilized to find the accurate value of datasets. Pon points out that there is already expansive infrastructure built for decentralized finance and that data tokens, enabled by Ocean, can leverage this infrastructure. Filmed on December 2, 2020. Key Learnings: Data is becoming an increasingly valuable commodity, but there have not been structured ways in which we can value this data. The Ocean Protocol provides a platform to tokenize data and find its value. The data economy is massive, and the Ocean protocol aims to provide a platform to enable data markets. Identifying the protocol that will contribute to the full utilization of the data economy before it becomes standard could be very valuable. Viewers of this video will have a better understanding of the potential hurdles/risks involved in the data asset class.



  • PJ
    Praveen J.
    12 January 2021 @ 06:17
    Hi, Can you do an interview on FileCoin guys.
  • CD
    Carl D.
    11 January 2021 @ 06:13
    I watched the whole interview and I still don't get it. Why should Joe six pack speculate on IDO tokens, for example, unlocking access to Daimler IT data? Cause he thinks Daimler IT data is underpriced and wants to front run actual customers of that data? But then if Joe six pack buys the ocean token, he's speculating that their marketplace for this data is undervalued?
  • ND
    Nivtej D.
    8 January 2021 @ 16:52
    Great interview! Thx. I am having difficulty understanding if ocean county would be an investment in terms of how much a coin for example couple be worth in the future??
  • XS
    Xander S.
    7 January 2021 @ 16:18
    Very great project! Makes me think about de OriginTrail Protocol and their Decentralized Knowledge Graph. Building products on top of that based on global supply chain industry standards such as GS1 & BSI.
  • TP
    Timothy P.
    4 January 2021 @ 18:21
    Ah yes, another ERC-20 token. They're thick like ticks on a dog's back after a walk in the woods. Lets dive in, shall we? Ocean - 0.38 USD Last traded, 1.41 Billion Supply (lol), 419 Million in circulation (Coinbase) This token has traded flat to nothing for most of its life, only getting a partial bid because of the DeFi degen betting craze. It didn't last, as most tokens found out, and is now languishing nearly -50% from its best price. "Bitcoin is really crappy for the transfer of data" -- what Headphones means is that they had to pay a fee for trying to stuff data into the chain, essentially trying to treat it like their personal hard drive. The "crap" was that fees would increase if they tried to open the firehose of data, which wasn't the reason the fields they were stuffing with data existed in the first place. Naturally, they migrated to ETH, because they have no such prohibitions on exploiting the blockchain at the expense of other projects, which incidentally contributed to the "CryptoKitties" incident where a simple collectibles game essentially ate up all the capacity on the ETH blockchain. Headphones goes on to describe how Ocean is the perfect token for disseminating quote data, including fanciful explanations of how it could be used to create a virtual bucket shop ticker with existing legacy instruments/equities. Problem is, quote data is VERY intensive. There is no way in hell that this token can take the absolute bursting-at-the-seams-quotes-per-second that is required from a full spread of indexes, options data, futures contracts including all months (and THEIR options too) without seizing up the chain that its based on. My fav quote is "... we based it on a decentralized chain" -- oh my, Headphones doesn't understand what he's building on -- ETH is far from that status, and with the pending panic-pivot to Proof-of-Stake, it will become less so from the externalized demands on its validator nodes. I'm just glad that Headphones is trying to burden ETH with this project, because frankly its a data-bandwidth nightmare that I doubt this team will solve. The market price thinks so too, apparently.
    • BP
      Bruce P.
      4 January 2021 @ 20:32
      Glad you like the headphones. Ocean smart contracts allow the enforcement of access control for any service (data, compute, algorithms, analytics, etc) while datatokens act as the access key. If there's a service that is scarce, the value of the "key" to access it can be priced by the market using Balancer as the underlying engine. Appreciate that you listened through the whole interview. On some deep level, it means that the content resonates with you.
    • TP
      Timothy P.
      4 January 2021 @ 20:39
      @Bruce P - thanks for not addressing any of the points I've made. I'm sure it will bode well for your token as you slowly wind down to irrelevance.
    • MH
      Michael H.
      4 January 2021 @ 20:51
      the contrarian in me finds this type of condescension to be extremely intriguing and likely bullish.
    • DQ
      Don Q.
      4 January 2021 @ 21:32
      ERC-20 is a standard, and ocean token can migrate to any chain which scales better than ethereum. Also the data isn't stored on-chain, which is the central point of your post. You seem to have very little understanding of the protocol. Good FUD though :)
    • TP
      Timothy P.
      4 January 2021 @ 22:26
      @Don Q - Even if you "offsource" the payload to access-control only, the frank and truthful problem here is that ETH can't scale for what this token's demands are. Your assertion that they could jump to another chain is interesting -- I thought they picked the "best"? Oh right, its CYA time just in case they screw up. Think Polkadot will save them? (or any other?) Doubtful. Nice, keep on pumping money into these schemes. I've outlived many of them, and this one isn't any different -- just remove the bandwidth considerations and just look at how they depend on ETH's ability to scale, its the same problem.
    • JB
      Jack B.
      5 January 2021 @ 02:13
      Thanks RV for the interview for more knowledge. Some people spend their energy adding value, some people are energy vampires.
    • EO
      Eric O.
      5 January 2021 @ 03:36
      @Timothy P. - can you clarify if the root of your criticism... is it that you don't think that securitization of data is a problem worth solving? or more a criticism of the feasibility of the way they are using the ETH blockchain? or maybe it's both? Since you mentioned Taproot and Schnorr maybe you are saying that BTC already has a viable mechanism? I have no opinion. I know nothing about this, like most people and RV subscribers.
    • IO
      Indi O.
      5 January 2021 @ 16:00
      I resonate with your skepticism about the practicality of (really any) token running on ETH having high tx throughput, simply because of how the blockchain is already so congested many transactions get abandoned. To me the reason they've started on ETH but in a way that allows them to transition to other chains is as he said, ETH has the infrastructure right now. They can get going quicker on ETH. But I'm sure they're hoping the timing works out well between there being demand for what they do that requires a transition to a faster chain at the same time a new DEFI chain emerges that can at least run along side ETH. Personally, I've gotten so frustrated with ETH that I don't even bother with it anymore. I know a lot of people saying the same. Not just DEFI. Even artists creating NFTs complain about the fees being more than they're trying to sell the art for. Like $250 to mint an NFT that is intended to sell for $200. That's not including the fees of the actual sales transaction. Gas fees have effectively become the "accredited investor" barrier to DEFI and other smart contract use cases. Ocean and other tokens that leverage the ETH first mover advantage while allowing for an easy transition to another chain are the only ones I'm even considering at this point.
    • BP
      Bruce P.
      6 January 2021 @ 11:26
      @Indi O - Yes, this was exactly our thinking. In 2019/2020, we experimented extensively with all the PoA networks (xDAI, Cosmos, EWT, POANetwork, Polkadot, Binance Smart Chain) and none of them were at the level of maturity that we could deploy production smart contracts, so it was a no-brainer to remove the complexity of dealing with a new, immature, unadopted L1 chain and go straight to Ethereum so that we could focus on Product-Market Fit and rely on the existing ecosystem of the Ethereum community for AMMs, LPs, staking, wallets, etc. 2021 will see some of these L1 chains reaching a level of maturity, adoption and feature functionality to allow us to port Ocean to lower cost, higher throughput, lower latency chains. In the meantime, we are focusing on Product-Market fit and building towards this.
  • sp
    spencer p.
    5 January 2021 @ 18:41
    can we still share these videos? i dont see the share button.
    • CA
      Chris A.
      6 January 2021 @ 02:23
      You don't need the power share button because crypto is free. Just send the URL
  • JK
    John K.
    5 January 2021 @ 20:05
    OCEAN Protocol is going to be revolutionary.
  • sp
    spencer p.
    5 January 2021 @ 17:04
  • tc
    thomas c.
    5 January 2021 @ 01:31
    Excuse my near total ignorance here but does The Graph (GRT) interact with any of this or visa versa or not at all. Seems Graph is creating block chains of data. I understand data but get lost in the technical abstractions so common in crypto world.
    • BP
      Bruce P.
      5 January 2021 @ 11:16
      Ocean Protocol uses The Graph for storing underlying metadata about the datasets - https://github.com/oceanprotocol/ocean-subgraph#-get-started
  • JT
    Jackson T.
    5 January 2021 @ 10:48
    Heard ocean is giving away 51% of their supply, as Andre Cronje say earn it don't buy it.
  • TM
    Tyler M.
    4 January 2021 @ 20:00
    Bitcoin is nice, but eth projects are actually charging into the technological frontier. So much more interesting than a simple store of value. So glad to hear more than price predictions regarding bitcoin. So boring and something you can get anywhere. This was great!
    • TP
      Timothy P.
      4 January 2021 @ 22:18
      I'd mention Taproot and Schnorr, but you've already made your mind up -- like most of RV subscribers. No wonder retail gets plastered, no one asks the hard questions.
    • TM
      Tyler M.
      4 January 2021 @ 22:27
      Tim, no need to mention, already know of them. In fact, I learned of them from Sebastian's content. I'd say anything now but I'm sure 'you've already made up your mind' based on the microaggression releases. Stay positive buddy!
    • TP
      Timothy P.
      5 January 2021 @ 04:30
      @Tyler M - "microagression" - how Neu-Speak 2020 of you. This is what we get now, people who are offended at everything. I'm sure it works just great in an investment thesis. Do you have an Outrage Investment Index? lol
  • NM
    N M.
    5 January 2021 @ 01:57
    Ocean Protocol have skills and functionalities nobody else has. They are working with the Central Bank of Germany (as per publicly published tender), Daimler, GAIA-X and numerous others, including 3 global companies under NDA. Sharing data while retaining privacy and control and being GRPD compliant is simply a unique value proposition.