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FAQs Frequently Asked Questions about Ocean Protocol

FAQ

Have some questions about Ocean Protocol?

Hopefully, you'll find the answers here! If not then please don't hesitate to reach out to us on discord - there are no stupid questions!

General

How is Ocean Protocol related to artificial intelligence? AI models require data, and Ocean offers a suite of tools to facilitate the supply, management, and monetization of that data. Through tokenization, Ocean empowers web3 wallets to securely access data, facilitates decentralized data exchanges, unlocks token-gated APIs, ensures data sharing provenance, enables compute-to-data processes, and much more.

In the realm of policymaking, a dynamic and intricate field, Ocean Protocol's stance is clear: data creators should possess the means to control data usage and partake in profits when their data is commercialized. Ocean Protocol was established to forge technology for a Data Economy situated at the convergence of blockchain, data, and AI. We've been trailblazers in multiple domains, including the original NFT patent, token engineering, data tokens, and other innovative technologies.

How is Ocean Protocol aiming to start a new Data Economy? Ocean Protocol's mission is to develop tools and services that facilitate the emergence of a new Data Economy. This new economy aims to empower data owners with control, maintain privacy, and catalyze the commercialization of data, including the establishment of data marketplaces.

Founded to create technology at the intersection of blockchain, data, and AI for the Data Economy, Ocean Protocol has been at the forefront of innovation. We've pioneered various technologies, including the original patent for NFTs, token engineering, data tokens, and more.

To learn more about our vision, check out this blog post.

How does Ocean Protocol generate revenue? The protocol generates revenue through transaction fees, which are levied on all Ocean component transactions. These fees serve multiple purposes: they fund the ongoing development of Ocean technology and support the buy-and-burn process of the Ocean token.

To get a glimpse of the revenue generated on the Polygon network, which is the most frequently used network, you can find detailed information here.

What are the steps needed to encourage people to use the Ocean ecosystem? There are a wide host of technical, business, and cultural barriers to overcome before volume sales can scale. Blockchain and crypto technology are relatively new and adopted by a niche group of enthusiasts. On top, the concept of a Data Economy is still nascent. Data buyers are generally restricted to data scientists, researchers, or large corporations, while data providers are mainly corporations and government entities. The commercialization of data is still novel and the processes are being developed and refined.
How does Ocean Protocol enforce penalties if data is shared without permission? Determining whether someone has downloaded your data and is reselling it is quite challenging. While they are bound by a contract not to do so, it's practically impossible to monitor their actions. If you want to maintain the privacy of your dataset, you can explore the option of using compute-to-data(C2D). Via C2D your data remains private and people can only run algorithms(that you approve of) to extract intelligence. This issue is similar to what any digital distribution platform faces. For instance, can Netflix prevent individuals from downloading and redistributing their content? Not entirely. They invest significant resources in security, but ultimately, complete prevention is extremely difficult. They mainly focus on making it more challenging for such activities to occur.
Who is the CEO of Ocean Protocol? Ocean Protocol is an open-source project with no official lead. The protocol is permissionless and all the code and components are available for free. For administrative purposes, there is a limited liability non-profit company registered in Singapore with three directors including Trent McConaghy and Bruce Pon, co-founders of Ocean.
Is Acentrik from Mercedes Benz built on top of Ocean? 3rd party markets such as Gaia-X, BDP and Acentrik use Ocean components to power their marketplace. They will likely use another currency for the exchange of services. If these marketplaces are publicly accessible, indexable and abide by the fee structure set out by Ocean Protocol, transaction fees would be remitted back to the Ocean community. These transaction fees would be allocated according to plan set out (https://blog.oceanprotocol.com/ocean-token-model-3e4e7af210f9).
Is the Ocean Shipyard funded by $OCEAN? Ocean Shipyard is an early-stage grant program established to fund the next generation of Web3 dApps built on Ocean Protocol. It is made for entrepreneurs looking to build open-source Web3 solutions on Ocean, make valuable data available, build innovations, and create value for the Ocean ecosystem. More info on the [Shipyard](https://oceanprotocol.com/shipyard) page.
Is my data secure? Yes. Ocean Protocol understands that some data is too sensitive to be shared — potentially due to GDPR or other reasons. For these types of datasets, we offer a unique service called [compute-to-data](../developers/compute-to-data/README.md). This enables you to monetize the dataset that sits behind a firewall without ever revealing the raw data to the consumer. For example, researchers and data scientists pay to run their algorithms on the data set, and the computation is performed behind a firewall; all the researchers or data scientists receive is the results generated by their algorithm.

Tokenomics

Is OCEAN the only currency used for exchanging data?

Ocean Market currently supports only $OCEAN and H2O for the exchange of services. Markets such as BDP and Acentrik use another currency for the exchange of services.

Is there a burn mechanism for OCEAN tokens?

A portion of the revenue earned in the Ocean ecosystem is earmarked for buy-and-burn. If the transaction volume on Ocean reaches scale and is broadly adopted to the point where the buy-burn mechanism outruns the emissions of Ocean token, the Ocean token supply would deflate.

(this question should be removed as it is already covered in the question "How is the fee distribution made, and what is the percentage allocated to burning, rewards, and revenue?" in the 514th line )

What is the circulating supply of Ocean token? What is the emission schedule for $OCEAN?

All 1.41 Billion Ocean have been minted with approximately 700 million Ocean in circulation. The remaining 51% of the supply is earmarked on an emission schedule identical to Bitcoin's emission mechanism, including the 4-year half-life.

((the answer is duplicate to the question "Where can I find information about the tokenomics and economic aspects of the Ocean Protocol project?" in the 533 line and i think we should remove this and keep the one which sounds more professional )

How does the $OCEAN token capture value?

The $OCEAN token is used as the glue for the Ocean ecosystem. A 0.1% or a 0.2% fee is applied to all transactions performed using Ocean components. This fee is used for further development of Ocean technology and for buy-and-burning of the Ocean token.

How does the ecosystem and the Ocean token benefit from the usage of the open-source tech stack when transactions can be paid in any currency?

You are right, all Ocean modules and components are open-source and freely available to the community. Developers can change the default currency from OCEAN to a different one for their marketplace. But, there is a community fee involved in all transactions hapening in the ecosystem.

The ocean community fees are though dependant on the token used. There is a 0.1% fee for transactions performed using the Ocean or H2O tokens and a 0.2% for transactions using other tokens.

veOCEAN on the other hand, follows the model of other ve tokens, where it can be used for passive and active staking. By locking up your $OCEAN to veOCEAN, you automatically receive passive staking rewards. You can also earn active staking rewards by assigning your veOCEAN directly on datasets or through a proxy (psdnOCEAN), who deploy your veOCEAN at no risk, in order to gain a share of active rewards. Active rewards are based on transaction volume on specific data assets.

Can $OCEAN supply become deflationary?

A portion of the revenue earned in the Ocean ecosystem is earmarked for buy-and-burn. If the transaction volume on Ocean reaches scale and is broadly adopted to the point where the buy-burn mechanism outruns the emissions of Ocean token, the Ocean token supply would deflate.

(this question should be removed as it is already covered in the question "How is the fee distribution made, and what is the percentage allocated to burning, rewards, and revenue?" in the 514th line )

How many tokens did the core team receive?

The Ocean token supply is fixed at 1.41 Billion. To date, all tokens have been minted and approximately 720m OCEAN are allocated towards data farming and network rewards. Of the total supply, 10% was allocated to over 100 members of the founding team and developers in exchange for a 5 year commitment to the project.

Does OCEAN have a vesting schedule? How were OCEAN tokens allocated during the launch?

All 1.41 Billion Ocean have been [minted](https://blog.oceanprotocol.com/control-over-the-ocean-contract-to-be-revoked-soon-overview-6c5b15be2db ) with approximately 700 million Ocean in circulation. The remaining 51% of the supply is earmarked on an emission schedule identical to Bitcoin's emission mechanism, including the 4 year half-life.

(the answer is duplicate to the question "Where can I find information about the tokenomics and economic aspects of the Ocean Protocol project?" in the 533 line and i think we should remove this and keep the one which sounds more professional )

How many tokens have been burned so far?

You can view the transactions for the burned tokens on etherscan. As of September 2023, approximately 1.4 million tokens have been burned.

How is the fee distribution made, and what is the percentage allocated to burning, rewards, and revenue?

A portion of the revenue earned in the Ocean ecosystem is earmarked for buy-and-burn. If the transaction volume on Ocean reaches scale and is broadly adopted to the point where the buy-burn mechanism outruns the emissions of Ocean token, the Ocean token supply would deflate. Also, 5% of Ocean network revenue is assigned for burning.

If any token can be used for payment on marketplaces, how does OCEAN token capture value over time? Where does the higher demand for OCEAN come from?

The $OCEAN token is used as the glue for the Ocean ecosystem. A 0.1% or a 0.2% fee is applied to all transactions performed using Ocean components. This fee is used for further development of Ocean technology and for buy-and-burning of the Ocean token.

(IMO, this question should be removed as this is already covered in the question "How does the $OCEAN token capture value?" in the 461 line)

Where can I find information about the tokenomics and economic aspects of the Ocean Protocol project?

All 1.41 Billion Ocean have been minted with approximately 700 million Ocean in circulation. The remaining 51% of the supply is earmarked on an emission schedule identical to Bitcoin's emission mechanism, including the 4 year half-life.

Which wallet is best for storing $Ocean tokens?

OCEAN Token is a standard ERC20 token, so any wallet that can hold ERC20 can hold OCEAN as well. However, we always recommend hardware wallet for security reasons. For Hardware wallets - Ledger, trezor are of the best quality.

Can a hardware wallet be used to lock Ocean tokens?

Yes, either through Metamask (or another software wallet that can connect to a hardware wallet) or through your hardware wallet software - Ledger, Trezor etc. (this question should be removed as well as the question "Which wallet is best for storing $Ocean tokens?" above answers it.)

Is Ocean deployed on the BSC network? What is the contract address?

Yes, it's 0xDCe07662CA8EbC241316a15B611c89711414Dd1a. ( idk why but i think this quesion is kind of overpopulating the docs and should be removed. this is well documented as well)

Can the Ocean tech stack be used without utilizing the OCEAN token?

All Ocean modules and components are open-source and freely available to the community. Developers can change the default currency from OCEAN to a different one for their marketplace.

The ocean community fees are though dependant on the token used. There is a 0.1% fee for transactions performed using the Ocean or H2O tokens and a 0.2% for transactions using other tokens.

When is the next token release scheduled?

There will not be a next release for the token. To date, all tokens have been [minted](https://blog.oceanprotocol.com/control-over-the-ocean-contract-to-be-revoked-soon-overview-6c5b15be2db ) and approximately 720 million OCEAN are allocated towards data farming and network rewards. (this is already answered above in the question "Where can I find information about the tokenomics and economic aspects of the Ocean Protocol project?" in the 533 line and this question should be removed)

Does the OCEAN token also have governance functionality?

During the Ocean DAO grants program (2021-2022), the Ocean token was used for community voting and governance. Currently, there are no governance functions associated with the Ocean Token. In the future, when there is a broader adoption of Ocean technology and a vibrant community and ecosystem has formed around Ocean, further options for community governance with the Ocean token will be explored.

Could you explain the impact of EUROe on the utility of OCEAN? If transactions are made with EUROe within the Gen-X and GAIA-X ecosystem, how does it affect the use and value of OCEAN?

3rd party markets such as Gaia-X, BDP, and Acentrik may use another currency for the exchange of services. If these marketplaces are publicly accessible, indexable, and abide by the fee structure set out by Ocean Protocol, transaction fees would be remitted back to the Ocean community. These transaction fees would be allocated according to the plan set out.

Does the increasing number of transactions and demand for OCEAN tokens result in a dampening effect due to higher prices?

$OCEAN token is designed as a utility token, which becomes deflationary when transaction volume reaches scale and exceeds the value of $OCEAN being emitted via Data Farming. Learn more here.

Is there a stablecoin backed by OCEAN tokens?

No, there is no stablecoin issued that is backed using $OCEAN.

Which blockchain network currently has the highest liquidity for Ocean?

The Ethereum network has the highest liquidity for $OCEAN.

Data marketplaces

What is a decentralized data marketplace? A data marketplace allows providers to publish data and buyers to consume data. Unlike centralized data marketplaces, decentralized ones give users more control over their data, algorithms, and analytics by minimizing custodianship and providing transparent and immutable records of every transaction. With features such as Compute-to-Data (C2D), data and algorithms can be ingested into secure Docker containers where escapes are avoided, protecting both the data and algorithms.
Considering that the Ocean Market is open source and there are no incentives for industry players to use it, what are the future plans for the project in terms of its economic direction? The Ocean Market has consistently served as a showcase for the practical application of Ocean technology. Moreover, it has the potential to set a precedent for the development of other marketplaces within the Ocean ecosystem. However, it's important to note that participants using the Ocean stack are subject to transaction fees, which vary depending on the chosen token, either 0.1% or 0.2%. These fees serve the dual purpose of furthering the development of Ocean technology and facilitating the buy-and-burning of the Ocean token.
Is there a website or platform that tracks the consume volume of the Ocean market? Yes there is - the [Autobot](https://autobotocean.com/) one.

Data Storage

As Google Drive is not supported in the Ocean ecosystem, what are the alternative options for storing a file and then publishing it?

Google Drive is an awesome product, but is designed for file sharing between a small group of users and is not properly working with our architecture. There are a bunch of other systems you can use that work smoothly with our stack. Here are some alternatives.

Do you have a tutorial for using Arweave as storing solution for assets?

You bet we have. Here it is 😎

Data Challenges

Is there a repository or web page with previous data challenges and submitted solutions?

You can find a list of past data challenges on our website. Accessing the submitted solutions is currently a work in progress, with one solution already available for the Catalunya challenge. (imo, this question should be removed as the question "What are the potential consequences of the data challenges and the value of the algorithms? How do you plan to use the submitted results?" in the 653 line covers this)

What are the potential consequences of the data challenges and the value of the algorithms? How do you plan to use the submitted results?

That's one of the objectives: to cultivate exceptional, valuable algorithms and make them accessible. Currently, the process of accessing the submitted solutions is in progress, with one solution already available for the Catalunya challenge.

When can we expect to see buy/sell activity on the Ocean market based on the DeFi challenges? What factors are currently impacting market activity?

Soon 😉 Right now we have one for the Catalunya challenge. The others are work-in-progress.

((imo, this question should be removed as the question "What are the potential consequences of the data challenges and the value of the algorithms? How do you plan to use the submitted results?" in the 653 line covers this)

Data Selling

How are organizations leveraging data sharing?

For the most part, organizations are leveraging data sharing to benefit from data monetization, however, increasingly organizations are also sharing data in order to boost their progress on sustainability goals. For example, data aggregated from vehicles can not only bring new revenue streams to automotive firms but can also be used to battle pollution.

Does it pay to become a marketplace operator?

Yes. Marketplace operators benefit from earning commissions on marketplace transactions related to data consumption. Ocean Market is primarily focused on monetizing data however it is also designed to handle the sale of any digital asset or service. As a result, the total addressable market goes way beyond revenues from just selling data. Operating costs for an Ocean-powered marketplace are moderate and the base code is open source and available free of charge under the Apache 2 license.

Why Publish?

Publishing data, algorithms, and other digital assets and services on an Ocean-powered marketplace offers numerous opportunities to earn on the future revenue streams connected to that data as well as build a lucrative ecosystem that adds value to the published asset. It also allows for the discovery and insights into new use cases and applications of the published asset. ( this question is really overpopulating the faq page and should be removed)

What about the price fluctuation of Ocean?

Price fluctuation is mitigated through the use of the Ocean backed stable coin H2O. (again, this question is irrelevant and i think we should not highlight or mention price related questions in the faq page or wherever in the docs)

Who pays for gas fees?

Gas fees for marketplace transactions are paid by the user initiating the transaction (for publishing, consuming, etc). (this is common web3 knowledge and the question is also not related to OP. Hence, should be removed)

Where do the docker containers run?

Dockers containers can run anywhere. Ocean Market uses a docker run by the Ocean Protocol Foundation OPF); limit: 1 CPU limit / 60 seconds max. NOTE: This means OPF technically has access to data. In the case of a forked Ocean-powered marketplace, the owner of the marketplace must set up a computation environment. If individual users of the marketplace are concerned with security they should be prepared to host both the data and provide compute-to-data services on-premise. (this can be included in the docs and can be removed from here as well)

Who pays for the computation?

The marketplace owner. ( again, this question seems unnecessary to be here and does not add any significant value)

What cryptocurrency do I need for transactions?

The type of cryptocurrencies needed for transactions on the marketplace depends on which network(s) the marketplace is running (Ethereum, Polygon, EWT, BSC, Moonriver, etc.). Regardless of network, users will need to have Ocean tokens as well as the corresponding network token, which is used to pay for gas. (this is common web3 knowledge and the question should be removed from here as it is not directly related to OP )

Can I use the off-the-shelf CSS available in the repo?

The marketplace name, logo, and typeface must be changed by the client. A slight modification would be enough for compliance. For more information consult the READ ME file on GitHub.

What kind of data can be sold on Ocean Protocol? Is it limited to trading, analysis, etc.?

Any type of data can be sold via Ocean Protocol. AI data, music data, image, video, trading, tickets. Anything that can live behind a URL.

What type of data can be sold via the Ocean Market? Can I sell an ebook through Ocean Protocol Market?

Yes, any type of data can be sold via Ocean Protocol. Ai data, music, image, video, trading, tickets. Anything that is accessible online. (the above question "What kind of data can be sold on Ocean Protocol? Is it limited to trading, analysis, etc.?" in the 745 line covers this subject and this question should be removed)

Data Farming

Is there historical data for Data Farming APYs to get an idea of what to expect?

Yes. Just, Scroll down to the Data Farming History Section.

Why both my passive and active rewards appear to be the same and why I can't see the APY for active rewards.

Passive rewards are distributed relative to your % ownership of veOCEAN.

Active rewards are distributed relative to your ability to curate assets that are driving revenue. If you are able to curate quality assets better than others, you are able to receive a larger % reward. Therfore, even though the total reward budgets are the same, the way you can earn rewards are not.

APY for active rewards is ~0% at the moment as most assets are not driving sales.

As a passive APY, what should I expect to receive? I locked 8057 Ocean three epochs ago and received 3.30 OCEAN so far.

That's a valid point, and we greatly value your feedback. We are continuously enhancing the Data Farming UI based on input like yours.

Here's how the frontend logic works: We round your APY to two decimal places. So, if you've locked 8,000 OCEAN for a short period, it's possible to see a near-0% APY.

To boost your APY, consider locking your OCEAN for a more extended period. It's not only about the amount you lock but also the duration of the lock that matters most. Longer lock periods yield more significant results. You can find further insights in this document.

Is there a dashboard to view the volume of DF-main?

Yes

DF Dashboard (per round). Autobot (historical).

Do we still receive rewards if there is no consume volume?

Yes, you will still earn Passive Rewards. However, Active rewards need "Data Consume Volume". More info on the docs.

What is the APY of data farming and is it rewarding to participate considering the high gas costs?

The amount of rewards is highly dependent on the locking period. the longer you lock your tokens, the greater the rewards. You can use this document to estimate the amount you'll get.

Likely because the sales were small and only 0.01% of sales volume is considered for rewards.

This data and information are well documented on the Farms page.

For data farming, will my stacked Ocean tokens be locked, or can I withdraw them anytime?

Your locked amount cannot be withdrawn before the lock ends. Your rewards in return can be claimed/redeposited whenever you want. If you don't claim, they just stack up. There is no loss.

Can I allocate my veOCEAN tokens for farming at any time, including now?

Allocations happen instantly. However, your allocation power is counted progressively throughout the week and requires you to leave it there for it to work. Learn more by going through the documentation.

Is there any guidance or tutorial available on when and where to allocate veOCEAN for data farming active rewards?

For sure, here is the intro tutorial. We cannot offer guidance related to where to allocate your tokens, that's your decision. Your tokens, your curated assets.

Do we need to claim data farming rewards weekly? What happens when the lock period ends? Are rewards automatically claimed?

They can be claimed/redeposited whenever you want. If you don't claim, they just stack up. There is no loss.

Are active rewards higher than passive rewards? If I engage in active Data farming will I earn less passive rewards?

Engaging in active data farming does not diminish your passive rewards. By default, you will receive your passive rewards, and in addition to that, you'll also earn active rewards on top.

You have the flexibility to participate in every available reward stream.

What is the Data Farming APY? Can you provide a tutorial for staking OCEAN and information on APY and locking time?

Active rewards are dependent on data assets actually making sales for you to receive rewards. If you have veOCEAN allocated to a data asset that doesn't get consumed/has no demand, you do not receive rewards.

Tutorial

Calculator

How to choose the right asset to allocate veOcean?

Active stakers can select datasets to stake on based on several factors such as publisher reputation, number of previous consumes of the dataset, ratings and comments of others.

What assets are eligible for Data Farming?

The data asset may be of any type — dataset (for static URIs), algorithm for Compute-to-Data, or any other Datatoken token-gated system. The data asset may be fixed price or free price. You can find more details in the DF Background page

When exactly does counting start and finish, for a given week?

The counting starts at 00:00 am on Thursday UTC and ends at 11.59 pm UTC on the following Wednesday.

The datatoken price may change throughout the week. What price is taken in the DCV calculation?

The price is taken at the same time as each consume. E.g. if a data asset has three consumes, where the price was 1 OCEAN when the first consume happened, and the price was 10 OCEAN when the other consumes happened, then the total DCV for the asset is 1 + 10 + 10 = 21.

Can the reward function change during a given week?

No. At the beginning of a new DF round (DF1, DF2, etc.), rules are laid out, either implicitly if no change from the previous round, or explicitly in a blog post if there are new rules. This is: reward function, bounds, etc. Then teams stake, buy data, consume, etc. LPs are given DF rewards based on staking, DCV, etc. at the end of the week. Overall cycle time is one week.

Caveat: its no at least in theory! Sometimes there may be tweaks if there is community consensus or a bug.

Is it possible to use the Ocean tech stack without involving the OCEAN token? If fees are paid in other currencies, are they swapped to OCEAN to some extent? How does this impact the passive revenues of veOCEAN?

Ocean Market currently supports $OCEAN and $H2O for the exchange of services. Markets such as BDP and Acentrik may use another currency for the exchange of services. If these marketplaces are publicly accessible and indexable by Ocean Protocol, they are included in the data farming rewards program. If the marketplaces are closed and private, which cannot be indexed and tracked, then assets and activities are not part of the data farming program.

What is the use of Autobotocean.com?

Autobotocean.com can be used to explore Ocean-related metrics like $OCEAN locked vs. time, data consume volume, and more.

I locked my OCEAN for veOcean but can't see the rewards. What am I missing?

Please hang in there and stay patient, as it can take almost two weeks to receive your first reward. 😊

What is the APY of DF?

You can use this document to estimate your APY. Please keep in mind that the algorithm offers higher incentives for longer lock periods. So, the longer you lock your assets, the greater your rewards will be. Once you go through our documentation, you'll have a better understanding of how it all works.

How do the data farming rewards work? Can rewards be claimed monthly or automatically deposited?

Data Farming serves as the fundamental incentive system within Ocean Protocol, offering diverse opportunities for participants to contribute to the protocol's growth and success. This system is divided into two rewarding streams:

  1. Passive Rewards
  2. Active Rewards By actively participating in our available programs, you can earn both passive and active rewards. Your total rewards will be a combination of these two substreams.

The best part is that you have full control over claiming or redepositing your rewards at your convenience. Unclaimed rewards accumulate over time without any loss.

It's important to note that your veOCEAN balance will gradually decrease once you receive it. This decline occurs linearly over time until it reaches the Lock End Date. For instance, when your lock time has reached the halfway point, you will possess 50% of your initial veOCEAN balance. Once your lock time concludes, your veOCEAN balance will reach zero, allowing you to withdraw your OCEAN tokens.

Learn more in the documentation.

veOCEAN

Are the veOCEAN tokens tradeable or have a market price?

No. They cannot be traded, transferred, or sold. You can delegate veOCEAN to others in order to facilitate farming, however, you need to understand how this works. You can get the necessary info in the docs. (this is already in the docs and should be removed from here )

Do you offer staking of $OCEAN? Is there a tutorial available for staking, and can I learn about the APY and locking time for unstaking?

Absolutely, we've adopted a staking approach similar to veCRV, allowing you to lock your Ocean tokens for veOCEAN to enjoy both passive and active rewards. Here are some handy resources to help you get started:

  1. Tutorial
  2. Estimate your APY

Feel free to explore these links for step-by-step guidance and insights into maximizing your staking rewards with veOCEAN.

PS: We cannot offer guidance related to where to allocate your tokens, that's your decision. Your tokens, your curated assets. (again, this is explained in detail in the docs and does not need additional space in the FAQ page)

Is there a way to transform VeOcean to Ocean gradually over the lock period? Also, how will VeOcean be distributed over a certain time frame, and will Ocean tokens be reduced at the end of the lock period?

No, you can't convert your VeOcean to Ocean during the lock period. However, you have the opportunity to earn rewards (in $OCEAN) through active or passive staking. When the lock period concludes, you gain access to all your locked Ocean tokens. You can find additional information about OCEAN emissions here. It's important to note that you won't lose Ocean tokens by locking them, and they won't be reduced at the end of the lock period. To learn more about VeOcean, check out this resource. (again, this is explained in detail in the docs and does not need additional space in the FAQ page)

Is there a way to check the duration and amounts of veOCEAN locked on-chain for all wallets?

Yes, this information is available. Indeed, there is a technical aspect involved. You'll need to have some technical knowledge because you'll be required to query our subgraph. You can find a working example in our documentation. Feel free to run the script by clicking on the "run" button. (if this is already included in our docs, then imo we dont need to make a specific question out of it in the docs)

What is the official formula for the Linear Decay?

The Linear Decay formula for veOCEAN can be expressed as follows in python.

FOUR_YEARS = 60 * 60 * 24 * 7 * 52

veOcean_balance = OCEAN_amount_locked * (your_unlock_timestamp  current_unix_timestamp ) / FOUR_YEARS

To learn more about systems driving veOCEAN and Data Farming, please visit our df-py github repository. (the very fist page of the veocean chapter in docs has the info to this question and i dont think it needs further explanation in the FAQ page )

Can I stake OCEAN tokens on the Binance Smart Chain protocol?
  1. veOCEAN exists on the ETH mainnet only.
  2. Data Farming Active Rewards has native multi-chain support. (again, it is just overpopulating and dont need further mentioning in the faq page)
What's the amount of veOcean one can get for locking 1 Ocean token?

1 veOCEAN if you lock for 4 years. Learn more about VeOCEAN here. (should be removed as it is already in the docs, we are redirecting the user "from the docs, to the docs" which doesn't make sense)

Are there any liquid staking wrappers for veOCEAN?

You can also earn active staking rewards by assigning your veOCEAN directly on datasets or through a proxy (psdnOCEAN), which deploys your veOCEAN at no risk, in order to gain a share of active rewards.

Why the ratio between psdnOCEAN and OCEAN tokens is not close to 1:1?

The ratio stands at 80% to 20%, creating an imbalanced pool that minimizes price fluctuations. You might find this resource valuable.

How to convert PsdnOcean back to $OCEAN ?

You can convert psdnOCEAN back to $OCEAN using the Balancer AMM liquidity pool.

Price information for psdnOCEAN.

Staking

What is veOcean and staking in context of Ocean Protocol?

veOCEAN (vote-escrowed OCEAN) is a special token in the Ocean Protocol ecosystem. Users can obtain veOCEAN by staking their OCEAN tokens for a specific period. This shows commitment to the network. Longer lock periods for veOCEAN typically yield higher rewards. You can lock your Ocean Token at - df.oceandao.org

Could you explain the benefits of staking $OCEAN tokens and how the APY is calculated?

Yes, You can find the details in these resources.

  1. Benefits.
  2. Passive Rewards.
  3. Emissions & APYs.
What is the percentage of tokens currently staked?

You can find the statistics for the number of locked tokens here. As of September 2023, there are approximately 700 million Ocean tokens in circulation, out of which approximately 30 million have been locked.

Is there any value to veOcean tokens? When staking them on datasets, do you receive veOcean or Ocean tokens instead?

veOCEAN is locked $OCEAN and thus has exactly the same price as $OCEAN when unlocked. When veOCEAN is staked, rewards are granted back in veOCEAN. veOCEAN can be converted to $OCEAN at any time by the owner after the locking period ends.

Are there any risks associated with staking Ocean tokens? Can the owner of a dataset run away with my coins? Are there any potential penalties or slashing mechanisms?

There are no counterparty risks associated with staking $OCEAN. Ocean uses standard, tried-and-audited "ve" smart contracts without modification. It is nonetheless conceivable that there exists a yet-to-be-discovered vulnerability that may be exploited in the future so put only amounts at risk that you are comfortable losing.

Is active staking on datasets limited to the ones I specifically staked my veOcean on? Do I receive active staking rewards only if the datasets I staked on receive DCV?

Yes, you will receive active rewards if the assets you've curated have Data consume Volume(DCV).

What is the current APY (Annual Percentage Yield) for staking?

The APY is highly dependent on the locked amount and more importantly on the locking period. A good tutorial to estimate the APY is available on our documentation.

How do I analyze projects and decide where to allocate? Do I look at current and past APYs, or is there more to consider?

Active stakers can select datasets to stake on based on several factors such as publisher reputation, number of previous consumes of the dataset, ratings, and comments of others.

If I stake my Ocean for 6 months and the price of Ocean goes up during that time, will my staked tokens increase in value as well?

Yes. When you lock Ocean tokens, you'll receive them back at the end of the lock-up period. If the value increases during this time, your Ocean tokens will appreciate in worth. The same principle applies in reverse if the value decreases

I'm new to Ocean and I want to stake my Ocean tokens. Can you guide me on how and where to do this?

You can lock your Ocean tokens in exchange for veOcean tokens and participate in the Data Farming program. Please go through the mechanics and details of data farming to make informed decisions. Here is a good start.

Should I passively stake and earn income, or is it better to be an active speaker? Are there any risks associated with active staking?

You can't be an active staker without being a passive one first. In order to actively participate in data curation you first need to lock your OCEAN tokens and receive veOCEAN. In conclusion, the first and easiest step is to passively be part of Data Farming. There are no risks associated with actively participating in Data Farming, you are just pointing your voting power received by getting veOCEAN towards high-quality assets. Please keep in mind that active rewards have costs associated with mainly represented by the gas fees of the transaction(s) you need to do to actively allocate your voting power to certain data sets.

When I stake my Ocean tokens, do I need to restake them manually, or is it auto-compound?

They are not auto-compounded.

They can be claimed/redeposited whenever you want. If you don't claim, they just stack up. There is no loss.

Is it possible to participate only in passive income staking without participating in the active one?

Yes. You are participating by default in the passive rewards when you lock your Ocean tokens.

When one withdraws all locked amounts, the active and passive rewards are automatically claimed as well?

No, when the locking period concludes, and you withdraw your tokens, the rewards (passive or active) are not automatically claimed. You must claim them separately.

How much Ocean do I need to stake to earn interest?

There is no minimum amount. The rewards will depend on the amount you lock. You will get passive rewards by default when you lock tokens. On top of that, you can get active rewards if you actively participate in the program. Here are some resources.

Does the lock open at 00:00 on the unlock day?

The lock opens at the time you lock your tokens.

What is the best time to lock OCEAN to avoid high gas fees? Do I need to approve twice? What is the best time to lock OCEAN to avoid high gas fees? Do I need to approve twice?

When gas prices are low, which you can check here, the locking process occurs in two phases. Initially, you must approve the amount you wish to lock, and subsequently, you execute the lock transaction. If you've previously approved the desired amount for locking, there's no need to repeat the approval step. You only need to approve once, unless you intend to lock a higher amount than what you've already approved.

What about passive stakers — people who just want to stake in one place and be done?

Earnings are passive by default.

What about active stakers — people who want to do extra work and get rewarded?

Half the DF revenue goes to veOCEAN stake that users can allocate. Allocate well → more $$.

How can I use my OCEAN tokens to earn more OCEAN? What is the role of curators and keepers?

"Staking" is similar to Ethereum or Chainlink where it gives you access to passive rewards. You can use OCEAN to access both passive and active rewards in Data Farming and earn more OCEAN.

Yes, there is active work in curating data assets. Both keep growing and you can now use delegation to make active rewards easier to access.

More info here.

Should I focus on passive income or be an active staker? What are the risks involved with active staking?

To optimize your rewards, you can choose to employ both passive and active methods. Passive rewards are automatically earned when you lock your Ocean tokens to acquire veOCEAN. It's crucial to understand that the longer you lock your tokens, the higher your potential rewards can be.

However, it's worth noting that active staking does come with associated costs, such as gas fees, which you will need to cover.

When it comes to active staking, you aren't exposed to additional risks. Your veOCEAN tokens remain securely locked, and your role is to curate datasets by allocating them.

As with any system, inherent risks exist. In terms of the liquidity you provide, rest assured that we have implemented battle-tested contracts, protecting assets worth billions, including veCRV. With this model, there is no liquidity risk, and you are shielded from losing your OCEAN due to Impermanent Loss (IL); your OCEAN tokens are held securely in lock.

More information about APYs.

Is there a tutorial on for staking Ocean tokens?

Yes, there is one in the documentation.

If I withdraw before the unlock date, what happens to my veOCEAN and rewards?

You can't withdraw before the unlock date.

How long does it take for the system to update round allocations for veOCEAN?

Allocations happen instantly.

However, your allocation power is counted progressively throughout the week and requires you to leave them there for it to work.

What is the best time to lock OCEAN to avoid high gas fees?

When gas is cheap.

When one withdraws all locked amounts, the active and passive rewards are automatically claimed as well?

No, when the locking period concludes, and you withdraw your tokens, the rewards (passive or active) are not automatically claimed. You must claim them separately.

Which chain do most people stake on? What are the staking costs?

You can only "stake" via eth mainnet.

Data Farming Active Rewards has multi-chain support and you can farm assets on any chain.

Are there plans to switch to BNB or another blockchain for staking to reduce costs?

I'm sorry, but for now, all the earnings for veOCEAN holders can only be claimed on the Ethereum mainnet. We don't have immediate plans to add another chain for VeOcean staking at the moment. However, it's important to note that to be eligible for Data Farming, data assets for DFing can be published on various networks where Ocean Protocol is deployed in production, including ETH Mainnet and Polygon, among others. You can find more information about this in the documentation.

Which chain is veOCEAN be deployed on?

veOCEAN & DF core contracts are deployed on Ethereum mainnet and allow users to allocate veOCEAN tokens to any asset, on any chain.

Which networks are eligible for Data Farming?

Data assets for DF may published in any network where Oceans deployed in production: Eth Mainnet, Polygon, BSC, and more.

You can find a list of all supported chains here.

Where can I find the veOCEAN and DF contracts?

They are deployed on the Ethereum mainnet, alongside other Ocean contract deployments. You can find the full list of contracts here.

What is the official veOCEAN epoch start_time?

veFeeDistributor has a start_time of 1663804800 (Thu Sep 22 2022 00:00:00).

Can I farm on other chains then Ethereum?
  1. veOCEAN exists on ETH mainnet only.
  2. Data Farming Active Rewards has native multi-chain support.

Pricing

In this scheme, can people stake on fixed-price datasets?

Yes. They allocate their veOCEAN to datasets. Then DF rewards follow the usual DF formula: DCV * veOCEAN stake.

In this scheme, can people stake on free datasets?

Yes. They allocate their veOCEAN to datasets. Then DF rewards follow the usual DF formula: DCV * veOCEAN stake. Except in this case, although DCV is 0, the gas fees will still count towards calculating rewards.

Does this work for other pricing schemes?

Yes, from the get-go! It doesnt matter how data is priced, this works for all schemes.

Technical

How are datatokens created, and how does the creator make money?

Datatokens represent access rights to a specific dataset on the Ocean Protocol. Creators of datasets tokenize their data, creating these datatokens. Each datatoken is unique to a dataset.

Where can I find information about the number of datatokens created and track their progress?

To access this data, some technical expertise is required. You can find this information at the subgraph level. In our documentation, we provide a few examples of how to retrieve this data using JavaScript. Feel free to give it a shot by visiting this page. If it doesn't meet your requirements, don't hesitate to reach out to us on Discord.

How can partners and developers use Ocean technology to build their own data marketplaces?

Ocean technology is open-source, community-funded, and freely available for use by anyone. Normally, when a developer wishes to use Ocean, they will let the core team know and we make a joint announcement if both parties agree.

A developer can fork various components from our GitHub repository and create their own. Within the default Ocean code, there is a 0.1% fee per transaction in the Ocean or H2O token or a 0.2% for transactions in other tokens, which is returned to the Ocean community for continued Ocean technology development.

Is there a trading platform or stock exchange that has successfully forked the Ocean marketplace codebase?

Ocean technology is actively in use with the following entities:

Proof of Concept:

  1. Gaia-X
  2. Catena-X
  3. Move.id

Production:

  1. Fetch.Ai
  2. Acentrik (Daimler)
  3. deltaDAO
  4. DeSights
  5. BDP
How can I convert tokens from the BEP20 network to the ERC20 network?

We have a tutorial specific for this. Please double-check the addresses and make sure you are using the right smart contracts.

How to bridge my mOcean back to Ocean? Can mOcean be bridged? What is the correct Ocean contract address on the Matic network? Where can I find it?

The OCEAN token address on the polygon network is 0x282d8efCe846A88B159800bd4130ad77443Fa1A1.

Yes, the tokens can be bridged. Please follow this tutorial to bridge to/from polygon.

Is there any reading material available on how privacy works in compute-to-data through the use of containers/kube?

I believe you'll find this resource highly beneficial.

Is it possible to reverse engineer a dataset on Ocean by having access to both the algorithm and the output?

Not to our knowledge. But please, give it a shot and share the results with us 😄.

PS: We offer good rewards 😇

What are the Ocean faucets and how can they be used?

Ocean offers faucets for every test network where the smart contracts are deployed. These faucets provide test Ocean tokens, allowing you to experiment with various functionalities of the platform. It's important to note that the tokens on these networks do not have any real-world value and are exclusively intended for testing purposes. Here are the faucets available:

  1. Goerli
  2. Mumbai
  3. Sepolia
If a dataset consists of 100 individuals' private data, does this solution allow each individual to maintain sovereign control over their data while still enabling algorithms to compute as if it were one dataset?

Each individual could publish their dataset themselves, to get a data NFT. From the data NFT, they can mint datatokens which are to access the data. They have sovereign control over this, as hold the keys to the data NFTs and datatokens, and have great flexibility in how to give others access. For example, they could send a datatoken to a DAO for the DAO can manage. Or they could grant datatoken-minting permissions to the DAO. The DAO could use this to assemble a dataset across 100 individuals. Learn more about Data NFTs on the Docs.

To what extent is Ocean becoming fully decentralized?

To be fully decentralized means no single point of control, at any level of the stack. The OCEAN token is already fully decentralized. The Ocean core tech stack is already fully decentralized too: smart contracts on permissionless chains, and anyone can run support middleware. The Data Farming incentives program has some centralized components; we aim to decentralize those in the next 12-24 months.

  1. Details about the Ocean Token.
  2. Details about the core stack.
  3. Details about Data Farming.
Why does Ocean Protocol use the Blockchain?

For both providers and consumers of data, blockchain is a superior substrate for building applications. Blockchain allows business logic to be instantiated in a network and triggered by the users, without intermediaries. This innovation promises lower transaction costs, higher security, more control, fewer errors, and more transparency & auditability.

The blockchain is public - does this mean that anyone can access my data?

No one is able to access data via the blockchain without purchasing access (with the datatoken) through the smart contract. Ocean smart contracts encrypt the URL to the dataset before it is published on the blockchain. This means that only the encrypted URL will be queryable in the public blockchain. Ocean technology facilitates data access to the consumer via a proxy (Ocean Provider) and the unencrypted URL is never exposed.

What is a smart contract and why is it relevant?

The blockchain can do more than just store information - it can also run code. A smart contract is an executable script that runs on the blockchain, with no intermediary, and is fully transparent and auditable by anyone. In Ocean, smart contracts facilitate access to data and AI if the access conditions set out by the publisher are fulfilled.

What is a datatoken?

A datatoken is an access token to datasets and services published in the Ocean ecosystem. Datatokens can be purchased via the Ocean Market or on a decentralized crypto exchange. If a consumer wishes to access a dataset, they must acquire the datatoken and then exchange the datatoken for access to the dataset.

How do I acquire datatokens?

Datatokens can be acquired and traded in Ocean Market. There are several ways to acquire data tokens. Data publishers can acquire datatokens by publishing datasets and then receiving the generated datatokens.

Consumers can click "buy" on an asset in Ocean Market to buy and redeem a datatoken in exchange for access to a dataset.

Datatokens can also be sent from anyone who holds a datatoken for a particular asset.

Ambassadors

How can I become an ambassador for Ocean Protocol?

To become a member of the Ambassador Program, follow these steps:

  1. Join Ocean Protocol's Discord server
  2. Join the Discord channel called #treasure-hunter.
  3. Access the application form: "Apply to use this channel."
  4. Answer the questions in the application form.
  5. Once you've completed the application process, you can start earning experience points (XP) by actively engaging in discussions on various topics related to the Ocean Protocol.
Can I earn money if I become an ambassador for Ocean Protocol?

Yes, the Ocean Protocol Ambassador Program rewards contributors with weekly bounties and discretionary grants for growing the Ocean Protocol communtiy worldwide

How rewarding is the ambassador program currently? Is it worth getting involved?

The rewards vary depending on your goals, as they come in various forms. To begin with, there are financial incentives. Furthermore, you gain access to a team of proficient specialists who can aid in enhancing your skills. Valuable networking opportunities also constitute a substantial advantage.

Reach out to us

Who is the right person to talk to regarding a marketing proposal or collaboration?

For partnerships, please fill in this form. One member of our team will reach out to you 🤝