Overview
Staking
Staking on data in Ocean Market is the easiest way to start with. In staking, you earn a cut of the transaction fees as a liquidity provider (LP). You’ll earn additional rewards from Ocean Data Farming program, when that launches.
Selling
Publishing and selling data in Ocean Market takes a bit more effort, but has far more earning potential. In selling data, you’re earning the sale value of the data asset itself, rather than a cut from transaction fees. This could be 100x or more upside than just staking.
Building & launching
Building & launching your own market takes the most work, but has the greatest potential earning. As the “house” you earn from marketplace fees: your own cut of every single data asset sold on your market.
Earn: Stake on Data in Ocean Market
Each data service gets its own Ocean datatoken. An Automated Market Maker (AMM) is a robot that’s always ready to buy or sell. Ocean Market makes it easy to create a datatoken, and an OCEAN-datatoken AMM pool. These pools auto-determine the price of the datatoken in terms of OCEAN.
OCEAN staking is the act of adding liquidity to an OCEAN-datatoken AMM pool. By staking, you become a liquidity provider (LP).
You earn staking rewards from transaction fees for sales (buying & selling datatokens) in this pool, and from Ocean Data Farming rewards (when it launches).
Staking Rewards from Transaction Fees
The creator of the OCEAN-datatoken pool sets the transaction fee going to stakers. This fee is a percentage of sales volume. The higher the sales volume, the more you earn. The default fee is 0.1%, but it could be 1% or 5% or more.
Stakers get paid proportional to how much liquidity they have provided, compared to other stakers.
You’ll want to stake on data assets with high sales volume, especially “undiscovered gems” with little stake so far by others (so that you get a greater cut).
Staking rewards from transaction fees flow immediately into the pool. Therefore you and that pool’s stakers collectively get more OCEAN liquidity with each sale.
You can always increase or decrease the total amount you have staked in a pool, via the “add liquidity” and “remove liquidity” actions. You can un-stake anytime. The funds enter your wallet immediately. A withdrawal includes your portion of staking rewards.
Staking Rewards from Data Farming
Ocean Data Farming rewards will be a function of stake on a data asset, amount of consumption of a data asset, and likely more factors. Time is a possible factor. We will release more information when the program launch nears.
Risks
Staking incurs these risks, which cannot be ignored.
Impermanent loss (IL). This is when the pool’s ratio of OCEAN to datatokens changes, compared to when you initially staked.
Rug pulls. This is is typically when a datatoken publisher pulls out their stake, in OCEAN. Therefore, remaining stakers’ OCEAN holdings in the pool drops, causing a loss.
Details are here.
Earn: Publish & Sell Data in Ocean Market
You can earn from selling your proprietary data, others' proprietary data that you’ve acquired the rights to, and open data that you've added value to.
Your Proprietary Data
Here, you create or dig up your own datasets, then post them for sale on Ocean Market.
It can be of personal data, like your location data, browser history, or data you’ve exported from Facebook. It can be business data that your company has accumulated over time, which might be of value yet is sitting latent.
If you’re worried about privacy or control of your data, consider using Ocean Compute-to-Data rather than making the data downloadable.
Others’ Proprietary Data
Here, you find a data rightsholder, then act on their behalf to sell their data in Ocean Market. Compute-to-data can allay concerns of privacy or control. In this case you are playing the role of data broker.
A variant here is to create a “remix rights” contract with the data rightsholder, where you would add value to the data in some way, sell this value-added data, and give them a cut.
Value-added Open Data
People who want to use open / free datasets, can simply download them directly from a browser; there’s no need for Ocean. However, there is a way to earn from open / free datasets: add value to them, then sell the value-added datasets. Here are some ways to add value:
-Tag or label data. For example, transcribing audio, or assigning bird species to bird photos. This helps for AI “supervised learning”.
-Clean it to make it easier to consume. For example, scrape public websites and put the information into a format that’s easy to for AI & analytics tools to consume.
-More. Data scientists have more opportunities yet; details are here.
Earn: Build & Launch a Data Market
Here, you're creating an Ocean-powered data marketplace. To do this, either fork Ocean Market or construct from Ocean building blocks. You earn a own cut of every single data asset sold on your market.