Ocean Protocol, a blockchain project that supports secure and privacy-preserving data sharing, while also providing a substrate for data marketplace to build on to unlock data for artificial intelligence, has announced the launch of its Pacific Network.
Building upon the successful launch of its beta version earlier in April this year, Ocean Protocol has now made the Pacific Network available for devs across the globe to build on with Ocean Token, as the native crypto asset.
Notably, Pacific will support smart contract deployments on Ocean’s Proof-of-Authority (PoA) network, to make life easier for data scientists.
The PoA network offers complete functionality with a reference commons market infrastructure which allows users to discover, upload and use datasets.
The platform also makes it possible to bridge the 690 million Ocean tokens in circulation to the Pacific PoA network for use.
Founder of Ocean Protocol, Trent McConaghy reiterated that:
“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 Ocean Tokens.”
With the launch of the Pacific Network, Ocean’s next aim is to attract node operators and bring compute data that will enable algorithms and models to travel to the set data, get trained and leave without necessarily exposing the data or keeping a copy.
This way, data privacy is excellently maintained, ensuring regulatory compliance.
Ocean Protocol also supports safe and secure data sharing, guaranteeing control and auditability while also protecting privacy.
The system makes it possible for users to set prices and trade data seamlessly without losing control of their datasets. The smart contracts on Ocean Protocol allow data owners to set the conditions of access, which are then carried out accurately.
This ensures transparency and security and guarantees of payment and use.
“Our role is to ensure we have a solid foundation and environment for data ecosystem to thrive. To kickstart the new data economy, we have forged multiple partnerships with startups and enterprises to demonstrate use cases,” said Bruce Pon, founder of Ocean Protocol.
About Ocean Protocol
Ocean Protocol is a decentralized data exchange that unlocks data for AI and it connects data providers and consumers through blockchain tech and smart contracts.
The platform allows data owners to give value to value and have absolute control over their data assets without being limited to a single marketplace.