Data Whale's AMA with the Ocean Navy
Transcript of the AMA that took place on the Ocean Protocol Unofficial Telegram Channel.
Question: What are the implications of not getting a grant for one round for Data Whale? What would be the implications if you would not get a grant for multiple rounds? Is there a limit when you would stop participating in the Ocean Protocol ecosystem? #DWAMA
Answer: I'd say that not getting granted in Round 10 led to an opportunity loss for both Data Whale and the Ocean eco-system. We've had a ton of initiatives lined up, including developing a web-app, spearheading an Ocean Community Outreach Program that pays contributors for their impressions gathered and hiring a renowned PR agency (LunaPR) to help us distribute Ocean Market Editorials to Tier 1 blockchain news platforms.
Naturally, we are also focusing on continuing our ALGA development. The latter is our most important objective / deliverable right now. Luckily, we’ve managed to maintain a small development reserve fund that secured the development of ALGA for this month. If Data Whale experiences continuous non-grants, our efforts will considerably downscale (including pausing the refinement of ALGA) until community sentiment changes towards our future proposals.
Question: What is your personal background and why do you dedicate so much time of your life to grow and nurture the Ocean Protocol datatoken ecosystem? #DWAMA
Answer: I have a commercial / business administration background and I’m leading a team of ~40 people that are generating a turnover of well above 50 Million US$ annually. My interest in Ocean Protocol has been ongoing since late 2017 when I learned about the project during the ICO-craze. It was really the only project I’m following closely since and I grew to become passionate about the data economy. In my opinion, data is truly the world’s most valuable resource and Ocean is at the forefront to revolutionize the way we treat it. I like to challenge myself and keep learning new things and I’m enjoying working within a space during my free time that is unrelated to my “normal” job. It really helps me to expand my horizon / thinking, and I appreciate this opportunity.
Just to add to the above: Originally, I’m from Germany, but I grew up in Singapore and lived in Dubai for almost 10 years. I’m happily married with two dogs 😊 I love diving (scuba diving), I do regular workouts in the gym and enjoy going for coffees or lunches with my friends on the weekend. I'm quite picky with coffee and therefore go to the same places over and over again 😃
Question: #DWAMA While it can be argued the potential of the data economy is gigantic and bigger than anything else, actual adoption is lagging compared to low hanging fruits like jpg NFTs. What is the time horizon Datawhale thinks for the decentralized data economy to become apparent. Also, what is the plan of Datawhale for survival, should adoption take longer than expected?
Answer: In my opinion, all of the world’s future technologies depend on data and it is apparent that there are currently many challenges in today's “data economy”. By speaking to various stakeholders, it strikes me that though our world is already so advanced, very few people and companies actually understand how valuable data is. Even fewer know how to work with it or monetize it. Ocean changes this. My narrative: we need to treat every dataset as its own startup. Every data owner can treat datasets as a profit-generating asset with the help of Ocean. The data economy’s full potential will probably take 3-5 years to unfold. However, I do believe that we can achieve significant multiplier for Ocean’s utility and also valuation in case the data farming concept is picked up well (which I think it will!). We're super excited for Ocean v4 in Q1/22!!!
Luckily, I don’t rely on Data Whale fully, as I still work in a corporate job that sustains me and my family. On the weekends, I work on Data Whale. Should the adoption take longer than expected, we will continue to be active in the system and until we're a self-sustaining project through other income streams , we may refer to the OceanDAO from time to time to lead cool initiatives!
Question: Can you tell us more about Data Whale as an organization?
What is your mission statement and what are you trying to achieve?
Where can we learn more?
Answer: Data Whale has two main pillars: building Data Token infrastructure and encouraging Data Token outreach. The first pillar focuses on our applications, such as ALGA, that helps people engage with the Ocean Protocol Marketplace in a way that relates to them. The apps are built focusing on utility for data curators and data token investors, with similar characteristics like other DeFi apps.
The outreach pillar can be segmented into B2B outreach and B2C outreach. The B2B outreach is mostly taking place behind closed doors, where we are holding meetings to explain Ocean Market to stakeholders within our network, including private companies and government entities. The B2C outreach targets our audience of “curators”, which will effectively use our applications, such as the ALGA mobile app.
You can learn more on our website (https://datawhale.online), Twitter (https://twitter.com/realdatawhale) and YouTube (https://youtube.com/c/datawhale)
Question: Can I ask what is the working relationship with Trent & Bruce ( Ocean team in general) , do you collaborate with them often on your plans or are going it alone. Are there any combined initiatives.
Answer: I've been active in the Ocean community since 2017 and I also made it a habit to visit the Ocean Protocol office in Singapore (when I visited on holiday) and Berlin. I got to meet some awesome team members. I've actually been in touch with Bruce on regular basis through Telegram, mostly providing my opinion on various topics over the years. Also, our "Directory" dataset was used by the Ocean Protocol Core Team as a guideline to identify scams back when Ocean Market v3 launched. It was great that TREPEL-36 added value to Ocean Market as a whole.
Most recently, I also got involved with other core team members that have helped tremendously to clarify challenges with regards to our mobile app development.
During Bruce's visit in Dubai, I had the chance to meet him in person and we had many great discussions along with other community members based here. Dubai has a rigid agenda towards being at the frontline of blockchain / AI and crypto development in general. There's a TON of opportunity here. I even managed to set up some meetings with high ranked representatives from various government entities / foundations. I hope that this will lead to something valuable in the future! I'll keep doing my best.
Question: Pardon my ignorance but why should anyone support Datawhale over a project that works to bring more datasets to Ocean? Isn't that what is most valuable right now?
Answer: Hey Dylan, no worries at all, it's a very important question. Data Whale's efforts are also focused on onboarding more data publishers. However, I believe there are other stakeholders that are equally important, such as data consumers (currently missing completely!) and data curators (providing liquidity and trading Data Tokens).
We actually have two active datasets on the Ocean Marketplace. We have the “Fitness e-Commerce” dataset that allows entrepreneurs to setup an online shop from scratch without looking for any additional information. Creating the dataset cost us around 1250 US$ and it’s currently available for around 70 $OCEAN I think – a bargain!
We also have the famous “Directory” dataset, which provides its buyers a guide to the most valuable datasets on the Marketplace, along with a detailed analysis and key metrics that were analyzed by Data Whale (e.g. how many times each dataset was bought and what was the total transaction volume). To date, the “Directory” TREPEL-36 Data Token is one of the most successful token on the Ocean Marketplace. It has over 60+ data sales, generated 60’000 $OCEAN in swap fees for liquidity providers and had a total of 20 Million $OCEAN transacted!! It actually did 777X from the IDO price and is still up almost 25x. Of course, liquidity came down considerably, but so did the whole Market. We also have a new dataset in the pipeline that has to do with Telegram and Crypto Data. We will launch it together with v4 as the first “micro cap” IDO of the Ocean Market. Previously, the lowest IDO price was 1 $OCEAN, but our dataset should launch with a price of about 0.025 $OCEAN. This guarantees that our dataset remains affordable as we want to encourage a high consume volume.
I do believe it's one of the datasets that generated the most value for the Ocean Market.
Question: Just 1 question from me since I was fortunate to learn a lot about Datawhale recently. What sparked you to launch Datawhale? Is there any specific problem (apart from Ocean protocol's general mission) that you were looking to solve prior to ideating everything behind the development of Datawhale.
Answer: I think data is still misunderstood by the general public and enterprises. We need to bridge this gap and prove that publishing data can lead to superior results. My favorite example that I learned from Bruce is the following: https://www.herox.com/blog/408-history-of-challenges-the-goldcorp-challenge
Gold Corp was a dying mining business with a valuation of less than 10 Million $ I think. All they had was a dataset of 400MB worth of drilling data. The company's new CEO published the dataset against all recommendations along with a 1 Million US$ bounty. Gold Corp received 1000+ submissions I think from data scientists across the world. 80% of the proposed drilling sites were profitable, leading to Gold Corp's massive growth up until today. It's a multi-billion dollar company now. And it achieved this just by publishing its data.
Question: For our newer navy members can you please explain what Ocean DAO is and what Data Whales relationship is with them?
Can we have a brief summary of your previous proposals and future plans?
Answer: OceanDAO is everyone’s responsibility. If you hold Ocean Tokens, I’d say you HAVE TO engage with the DAO. Ocean Protocol decided that leveraging the power of community development through a DAO is 100x more scalable and valuable than hiring a huge team and doing everything themselves. Plus its decentralized. You have countless projects that add value to the Ocean eco-system and token holders should make sure to assess the projects. In the end of the day, token holders vote for the benefit of their own investment. They can decide in which direction they want to drive the project with the help of their votes, which may have a positive effect on the Ocean Protocol’s adoption and also valuation in the future.
If you don't find what you're expecting of the OceanDAO, I encourage everyone to submit their own proposal and maybe even start their own side business!
So far, with the help of OceanDAO, Data Whale built a beta version of a Data Token DeFi app on the Google Playstore and Apple App Store and is currently in the process of converting it to a fully working dApp that lets you stake and swap $OCEAN to Data Token / Liquidity Pools via your mobile phone! We’ve also done a ton of Outreach initiatives that you can follow on any of our channels.
True. Ocean also enables what I call a "bottom up" approach. This can be achieved through for instance @w1kke's DataUnions, where everyone can curate their own data to a bigger data stream and get paid for their input. There are many truly valuable use-cases that Ocean enables. In addition, I think if large multinationals or governments open up their data, it can still benefit the people. Data scientists can feed their algorithms to solve problems that were never solved before. All of this is part of the data economy.
Question: What are IDOs (Initial Data Offerings) and why should we care?
Answer: IDOs are a way for you to buy a share in a company’s data. My narrative is that every dataset should be treated as its own startup. The data owner is responsible to curate the data to make it more valuable, promote the data and do business development to encourage consumers to buy their data. All of this can then take place through the Ocean Marketplace. As an investor participating in IDOs, you are able to invest into a new asset class early. We may all agree that data is the world’s most valuable resource and Ocean Market provides the opportunity to be part of a data exchange revolution at a very early stage. The upside for me are immense! (nfa.) Effectively, IDOs are like IPOs but instead of buying in to a company, you buy into data.
Question: What do you see as the biggest challenges facing the data economy and Ocean Protocol?
Answer: The biggest challenge is to change the thinking of people and companies. Especially companies need to treat data as an asset and see that they can cost-efficiently solve problems by publishing it to data scientists or researchers, whilst generating revenue at the same time! The privacy and transparency concerns can be solved with Ocean’s compute to data technology, but before this is even adopted, stakeholders need to change the way the think of data. We’re just so used to locking it up and protecting it as much as we can. Another challenge is to solve the regulations / legalities around opening up data.
Now move all of these on to a blockchain protocol and adoption seems difficult.
However, if you e watched Trent’s latest interview with Fractal, the Data Farming program will accelerate this immensely in my opinion! Imagine, 500’000 $OCEAN being airdropped to every publisher, consumer or staker every week. I’m just throwing out numbers here, but people will leap towards Ocean Market to take advantage of these rewards. Now tie the level of reward to how often the data is consumed, and you’ll get a much better quality of datasets. That’s what we should all be excited for 😍
Question: Sorry to be the one to mention it but i am sure some people might be interested.. In your opinion Does the Ocean token price have any impact on this.
Answer: To answer your question, I think data farming will have a considerable effect on Ocean utility and therefore demand towards the token, since you need it to create, stake and swap. If you tie the passive income to utility of datasets you will have actors that excel to onboard valuable data and consumers. In order to earn the maximum rewards. Now up the weekly airdrop from 500K to 1 Million… or 2 Million OCEAN. The marketplace will go crazy. Like this, you won’t have to go door to door , it will be a ripple effect tied to utility. Amazing 😯
Then, the team’s multi chain approach could lead to significant value being driven to Ocean , because suddenly their Tokens can be used to fuel an important utility on Ocean Market. Ocean is like the organism between all chains, and will eventually become like the underlying protocol for all.
It doesn’t stop there. Why should only “data” be transacted ? It could be any type of digital asset. We’ll see 😏
Question: How does forking the Marketplace benefit the Ocean Token. I’m confused as to how?
Answer: I think Ethereum showed us that building an open source smart contract platform where anyone can build on top did not slow down its growth / value. It fueled it. Ocean will eventually become like a Layer 0 chain, interacting with all other chains where 100s of projects build on top of.
For any further questions, feel free to reach out to us anytime!