Ocean Protocol, the AI-focused decentralized network for exchanging data, has introduced a new feature called OceanONDA V4. This component is an infrastructure for data exchange and monetization that can be utilized for a wide variety of purposes. Its three most important new features are data NFTs, which enable more flexible data IP management; one-sided staking, which eliminates rug pulls; and improved community monetization. Also, OceanONDA V4 updates existing token standards so that data NFTs are usable as the principal tool for promoting and unlocking data sovereignty and monetization.
OceanONDA V4 employs one-sided staking as a mechanism to prevent rug pulls. Using this approach, when users stake their OCEAN tokens in pools, there’s minting of data tokens. However, when there’s no staking, the data tokens get burned. As a result, staking is more secure, and there is no price slippage. Smart contracts built into OceanONDA V4 allow marketplace operators to receive a fee not just in consumption, but also in pool-based swaps. Third-party providers can also use the service for a fee. An ecosystem of service providers can form as a result.
The use of ERC721 data NFTs in OceanONDA V4 is in a way that could be disruptive to the NFT market. Data NFTs offer interoperability and composability within the larger ecosystems of NFT, DeFi, and DAO, in addition to a wide variety of uses that go beyond the “basic IP” use case. OceanONDA V4 is already on Ethereum Mainnet, Moonriver, Energy Web Chain, Polygon and Binance Smart Chain.
This post was last modified on Jun 10, 2022, 13:15 BST 13:15