We are happy to announce that just a couple of weeks after the official launch of our incubator program, one of the teams has made an active contribution to the Ocean Protocol. During the DAO’s recent 15th round of proposals, more than 23,200 community votes were in favor of WeDataNation’s proposal!
The Ocean Protocol is a platform and marketplace that facilitates the decentralized provision and exchange of data, utilizing advanced blockchain technology that enables data to be shared and sold for AI training purposes in a secure, safe, and transparent manner.
The proposal by WeDataNation aims to establish a service that uses social media data aggregated from consumers which can be used for AI training purposes and seeks to fight the current data monopolization of big tech enterprises. The Ocean marketplace infrastructure and token economy provide an incentive for individuals to share their data and receive financial compensation using the native network $OCEAN token. The proposal will build around the existing infrastructure of DataUnion Foundation, a protocol revolving around the formation of DataUnions allowing individuals to collectively provide high-quality content by categories for AI training. This ensures the compatibility of the collected data for the use of third-party algorithms.
Figure 1: WeDataNation’s business model in a nutshell.
The concept relies on 3 major stakeholder groups. Publisher, i.e. ordinary individuals using social media, e-commerce, streaming or gaming services, etc. provide their data in data pools for financial compensation. Consumers, i.e. WeDataNation’s customers pay for that data to apply AI algorithms. Validators scrutinize and verify the data submitted to the data pools by the Publishers for a fee. WeDataNation provides the marketplace to match providers and analyzers and stores and encrypts the data decentralized.
Stay tuned for further updates, as new developments will be announced in the weeks ahead!
About Blockchain Founders Group
BFG Blockchain Founders Group is a company builder and early-stage venture capital investor. Our team comprises academic and regulatory drivers of the blockchain economy, serial entrepreneurs, and venture capitalists. We love to work with outstanding entrepreneurial talents and bring to bear the full support of our network to make them succeed.
WeDataNation’s mission is to be at the forefront of a decentralized, shared data economy. We give power back to data owners and extract data from individuals in a transparent manner, building data pools containing data gathered from all kind of platforms from web2 and web3. In conjuncture with a fully integrated token economy, we give our clients access to algorithmic analysis of high-class data for any type of research.