46 KiB
| title | description |
|---|---|
| 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 Questions
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.
What is needed to use a decentralized marketplace?
Users access decentralized marketplaces via Metamask. Metamask is an applet interface that manages unique IDs, generated and controlled fully by the user. These unique IDs (aka Ethereum address) are used to store digital assets such as cryptocurrency, datatokens, NFTs, and other web3 native assets.
A Metamask wallet can easily be set up as a browser extension by going to your browser’s web store for extensions and searching for “MetaMask”. For additional help setting up your MetaMask wallet, watch our short tutorial video and review these instructions on Ocean’s documentation page.
Once a user has Metamask installed and an Ethereum address, they can register, consume, or stake on datasets on Ocean Market.
Is Ocean considered to be in the file storage category?
No, OCEAN does not store data. When publishing, you are providing the URL (or specs for other types of storage).
How do I price my data?
Ocean gives you two different options for pricing your data - fixed price or free. You need to decide what your dataset is worth and how you want to price it. You can change the price but you can’t change the price format (e.g. from fixed to free).
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. 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.
Where is my data stored?
Ocean does not provide data storage. Users have the choice to store their data on their own servers, cloud, or decentralized storage. Users need only to provide a URL, an IPFS hash, an Arweave CID, or the on-chain information to the dataset. This is then encrypted as a means to protect access to the dataset.
How do I control who accesses my data?
Ocean provides tools for access control, fine-grained permissions, passlisting, and blocklisting addresses. Data and AI services can be shared under the conditions set by the owner of the data. There is no central intermediary, which ensures no one can interfere with the transaction and both the publisher and user have transparency.
Can I restrict who is able to access my dataset?
Yes - Ocean has implemented fine-grained permissions. This means that you can create allow and deny lists that restrict access from certain individuals or limit access to particular organizations.
PS: Fine-grained permissions are not integrated into the Ocean Marketplace.
Do other associated marketplaces like Acentrik, BigDataProtocol, and datalatte have any connection to the OCEAN token or Data Farming?
Several projects use ocean components to power their data marketplaces. 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.
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.
Where can I find projects on Ocean's ecosystem?
Please go to https://oceanprotocol.com/ecosystem.
What is Ocean Protocol, and how is it related to artificial intelligence? What are the project's future goals?
The mission of Ocean is to level the playing field around data & AI. AI models need data; Ocean provides tools to help supply, manage, and monetize that data. Ocean tokenizes access to data, enabling web3 wallets to hold keys to data, decentralized data exchanges, token-gated APIs, the provenance of data sharing, compute to data, and more. The Ocean core team & Ocean community continue to evolve the stack and applications around it, which in turn drives traction. You can learn more about what we are doing in 2023 in this blog post -https://blog.oceanprotocol.com/ocean-protocol-update-2023-44ed14510051a
Is there a real-time bot that tracks dataset sales on Ocean Protocol?
Not to our knowledge. If you find something, please share it with us :)
What is the 2023 roadmap of Ocean Protocol ?
This blog post provides the 2023 goals and plans for the Ocean Core team.
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 there a website or platform that tracks the consume volume of the Ocean market?
Yes there is - https://autobotocean.com/
What are the key differences between Ocean and Fetch?
You can find a detailed explanation of Both projects here -
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 here - https://oceanprotocol.com/shipyard
Is Swash "friendly" forking the Ocean market? They seem to have their own version of Ocean market/compute using the Swash token for transactions.
Anyone can fork Ocean Market; the core team encourages this because it drives value to the Ocean ecosystem and OCEAN token. Daimler / Acentrik and deltaDAO are prime examples of forks. Swash has published data assets on Ocean Market. Details: The Ocean Market repo is a permissive open-source license (Apache 2). That code uses Ocean contracts deployed to Eth mainnet and elsewhere. Within hours one can fork Ocean Market code and launch their own data marketplace with their own branding. Ocean Market or the forks can use any token as a unit of exchange, OCEAN or otherwise. Unit-of-exchange is weak for value accrual. Better is revenue going to the protocol community; Ocean has that via whenever a datatoken is consumed, 0.1% goes to the Ocean community. Ocean Market is one of many templates for people to build Ocean-powered dApps; all templates are forkable.
- Ocean Templates. https://oceanprotocol.com/templates
- Introducing Ocean Templates (blog). https://blog.oceanprotocol.com/introducing-ocean-templates-tools-to-build-next-generation-web3-dapps-67b66e519eb1
- Ocean Token Model 2023 (blog). https://blog.oceanprotocol.com/ocean-token-model-2023-2f306932f34a
Is it possible to sell models on Ocean Protocol?
Yes, you can sell any type of data. Start learning about us here - https://docs.oceanprotocol.com/
Is it true that Mercedes Benz has partnered with Ocean?
Yes, You can find details of the collaboration here - https://blog.oceanprotocol.com/acentrik-a-decentralized-data-marketplace-for-enterprises-built-on-ocean-protocol-is-now-in-7fb7371e57d4.
Are there any new partners collaborating with Ocean Protocol?
Yes, You can find details of the collaboration here - https://blog.oceanprotocol.com/acentrik-a-decentralized-data-marketplace-for-enterprises-built-on-ocean-protocol-is-now-in-7fb7371e57d4.
Technical Questions
How can I convert tokens from the BEP20 network to the ERC20 network?
We have a tutorial specific for this: https://docs.oceanprotocol.com/discover/networks/bridges#binance-smart-chain-bsc-bridge. 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: https://docs.oceanprotocol.com/discover/networks/bridges#polygon-ex-matic-bridge
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: https://docs.oceanprotocol.com/developers/compute-to-data/compute-to-data-architecture.
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 😄
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:
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 here - https://docs.oceanprotocol.com/developers/contracts/data-nfts
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: https://blog.oceanprotocol.com/control-over-the-ocean-contract-to-be-revoked-soon-overview-6c5b15be2db 2) Details about the core stack: https://blog.oceanprotocol.com/oceans-on-ethereum-mainnet-ba9be1aee0ce 3) Details about Data Farming: https://blog.oceanprotocol.com/oceandao-is-going-fully-decentralized-and-autonomous-cb4b725e0360 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.
Data Selling Questions
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.
What about the price fluctuation of Ocean?
Price fluctuation is mitigated through the use of the Ocean backed stable coin H2O.
Who pays for gas fees?
Gas fees for marketplace transactions are paid by the user initiating the transaction (for publishing, consuming, etc).
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.
Who pays for the computation?
The marketplace owner.
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.
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. https://github.com/oceanprotocol/market#-forking
What’s to come with Ocean this year?
Check out our roadmap to see what we are currently working on. If you are interested in tracking our progress towards these goals then take a look at our github.
Data Farming FAQ
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. https://df.oceandao.org/activerewards
Is there a dashboard to view the volume of DF-main?
Yes
DF Dashboard (per round) https://df.oceandao.org/datafarming
Autobot (historical) https://autobotocean.com/volumes
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 here - https://docs.oceanprotocol.com/user-guides/data-farming
I had to pay $13 to claim 34 Ocean passive rewards. Additionally, I made 0 from last week's active rewards, despite 32 sales and a large allocation. Can you explain why?
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: https://docs.oceanprotocol.com/user-guides/data-farming/how-to-estimate-apy.
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?
One thing to keep in mind is that 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 here - https://docs.oceanprotocol.com/rewards/df-veocean
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: https://docs.oceanprotocol.com/veocean-data-farming/veocean-data-farming-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. https://docs.oceanprotocol.com/veocean-data-farming/veocean-data-farming-tutorial
Calculator https://autobotocean.com/calculator
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: it’s 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 - https://docs.oceanprotocol.com/user-guides/data-farming/how-to-estimate-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:
- Passive Rewards
- 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 here - https://docs.oceanprotocol.com/rewards/df-veocean
veOCEAN FAQ
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 here - https://docs.oceanprotocol.com/user-guides/data-farming
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 at this link: https://docs.oceanprotocol.com/developers/subgraph/get-veocean-stats#get-the-veocean-holders-list. Feel free to run the script by clicking on the "run" button.
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.
Can I stake OCEAN tokens on the Binance Smart Chain protocol?
- veOCEAN exists on the ETH mainnet only.
- Data Farming Active Rewards has native multi-chain support.
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 - https://docs.oceanprotocol.com/rewards/df-veocean
Staking FAQs
Could you explain the benefits of staking $OCEAN tokens and how the APY is calculated?
Yes, You can find the details in these blog posts - 1) Benefits https://docs.oceanprotocol.com/rewards/veocean 2) Passive Rewards https://docs.oceanprotocol.com/rewards/df-intro 3) Emissions & APYs https://docs.oceanprotocol.com/rewards/df-emissions-apys 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.
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: https://docs.oceanprotocol.com/veocean-data-farming/veocean-data-farming-tutorial
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?
When gas prices are low, which you can check at https://www.useweb3.xyz/gas, 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 - https://docs.oceanprotocol.com/user-guides/data-farming.
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 here - https://docs.oceanprotocol.com/user-guides/data-farming/how-to-estimate-apy
Is there a tutorial on for staking Ocean tokens?
Yes. https://docs.oceanprotocol.com/veocean-data-farming/veocean-data-farming-tutorial
If I withdraw before the unlock date, what happens to my veOCEAN and rewards?
You can't withdraw before the unlock date. More Info here - https://docs.oceanprotocol.com/rewards/df-veocean
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.
Pricing FAQs
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 doesn’t matter how data is priced, this works for all schemes.
Chains FAQ
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.
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 Ocean’s 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).
Which chain supports Fixed Price Assets?
You can publish Fixed Price Assets to any chain that Ocean supports.
Can I farm on other chains then Ethereum?
- veOCEAN exists on ETH mainnet only.
- Data Farming Active Rewards has native multi-chain support.
PsdnOcean
What psdnOCEAN is and how it differs from OCEAN?
OCEAN is the main currency of the Ocean network, particularly the Ocean Market. psdnOCEAN is a staking token used for data farming network rewards. By converting OCEAN to psdnOCEAN, users can earn passive staking rewards. psdnOCEAN is not directly affiliated with Ocean Protocol and is operated by an independent entity named H20. Locking contracts for H20 and psdnOCEAN are open source and can be examined publicly. To get psdnOCEAN, users lock their OCEAN and then receive an equivalent amount of psdnOCEAN in return. Although the locking and staking contracts have been audited, users should do their own research and put at risk only the amounts that they are willing to lose.
Tokenomics
Is OCEAN the only currency used for exchanging data?
Ocean Market currently supports only $OCEAN 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.
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
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.
Is Ocean deployed on the BSC network? What is the contract address?
Yes, it's 0xDCe07662CA8EbC241316a15B611c89711414Dd1a Link - https://bscscan.com/token/0xdce07662ca8ebc241316a15b611c89711414dd1a
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.
When is the next token release scheduled?
There will not be a next release for the token. To date, all tokens have been minted and approximately 720 million OCEAN are allocated towards data farming and network rewards. More info here - https://blog.oceanprotocol.com/control-over-the-ocean-contract-to-be-revoked-soon-overview-6c5b15be2db
Do other associated marketplaces like Acentrik, BigDataProtocol, and datalatte have any connection to the OCEAN token or Data Farming?
Several projects use Ocean-components to power their data marketplaces. 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.
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.
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. Information about the Ocean token dynamics can be found here: https://blog.oceanprotocol.com/ocean-token-model-3e4e7af210f9. Also, 5% of Ocean network revenue is assigned for burning.
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 Here - https://blog.oceanprotocol.com/ocean-token-model-3e4e7af210f9
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 - https://blog.oceanprotocol.com/ocean-token-model-3e4e7af210f9
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.
Ocean Protocol Ambassadors
How can I become an ambassador for Ocean Protocol?
To become a member of the Ambassador Program, follow these steps:
- Join Ocean Protocol's Discord server
- Join the Discord channel called #treasure-hunter.
- Access the application form: "Apply to use this channel (https://discord.com/channels/612953348487905282/1133478278531911790)."
- Answer the questions in the application form.
- 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.
Data Challenges
Is there a repository or webpage with previous data challenges and submitted solutions?
You can find a list of past data challenges at https://oceanprotocol.com/challenges. Accessing the submitted solutions is currently a work in progress, with one solution already available for the Catalunya challenge.
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: https://docs.google.com/forms/d/e/1FAIpQLSdBz7cblsz5yuOKMVoPVfK0Pp1Xuqjwner1kCkRibIIbYMe-w/viewform. One member of our team will reach out to you.
Data Storage Solutions
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 designed for file sharing between a small group of users. You can find better Alternatives here - https://docs.oceanprotocol.com/developers/storage
Do you have a tutorial for using Arweave as storing solution for assets?
You bet we have. Here it is: https://docs.oceanprotocol.com/user-guides/asset-hosting/arweave