Ocean Protocol, the decentralized data exchange protocol that taps into data for AI, is pleased to confirm the introduction of DataX Protocol, an initiative financed via OceanDAO, Ocean’s community-curated grants program.
DataX Protocol has a lineup of various DeFi tooling solutions for datasets in the roadmap. Its goal is to create DataFi infrastructure to assist with onboarding consumers to the data economy and also enhance Ocean Protocol’s presence by implementing innovative tooling around data tokens.
As noted in the update, DataX Protocol is creating an open and decentralized financial layer on datasets. It aims “to create complementary infrastructure around Ocean Protocol’s data tokens that will boost new integrations into the Ocean ecosystem.” The DataX Protocol at the onset will “enable any developer or dapp to use its libraries and tooling to build and create multi-token trading and staking infrastructure.”
DataX tooling aims “to increase metrics in the Ocean ecosystem like the number of dapps being built, daily active users, total value locked, and trading volume of datasets.”
DataX Protocol also aims “to make data liquid and a dominant asset class,” the announcement revealed.
In order to further the adoption of the data economy, DataX Protocol is introducing the concept of Data Nation — which is described as a template for the states and countries who “treat their data as an important asset and engage in creating a data economy for their citizens.”
In order to implement this template and to make the prospect of staking and investing in data tokens for the masses interesting, DataX is also creating “a white-label platform named Datapolis.”
Datapolis is a virtual sovereign city-state that “prides itself as the world’s first Data Nation. It is also a showcase of DataX features,” the announcement noted.
Datapolis shows how an ideal real-world scenario could be “for sharing data, trading datasets, or earning from data.” Datapolis is built around the core principles of decentralization and democracy “where citizens have a say via voting, economic activities like trading and staking, or help grow the DataX Community and earn incentives.”
Trent McConaghy, Founder, Ocean Protocol, stated:
“Ocean was built with the aim to level the playing field around data & AI, so that everyone can be a participant in the new Data Economy. DataX Protocol strengthens the Ocean ecosystem by catalyzing data as assets and the communities that form around data assets.”
Manan Patel, Founder, DataX Protocol remarked:
“DataX Protocol will play a leading role not only in furthering the growth of the Ocean ecosystem but also in establishing data as a dominant asset class at the global level. DataFi holds the key to solving global issues from data privacy and data ownership to income inequality and even poverty. This launch of the DataX Protocol is a major step in that direction. The Datapolis platform will be launched in February 2022, with trading and staking datasets. In the long run, Datapolis will add more features to the roost, like data farming, data insurances, data loans.”
As noted in the announcement, the DataX Protocol is a DeFi protocol “building an innovative open financial infrastructure on datasets.”
DataX brings DeFi to data, and is a gateway “to unlock DataFi for the masses.” DataX is creating money markets “specially suited for datasets and related services with a goal to make data truly liquid assets and a dominant asset class.”