The H2O team is excited to announce that H2O, an Ocean-backed, non-pegged stable asset, is launching. Initially, the OCEAN token will back H2O; but data itself will back it later this year.
Ocean is a decentralized data exchange protocol, the first of its kind built with blockchain technology. Users can exchange and sell valuable data while retaining privacy and control. Ocean has two unique crypto primitives: data on-ramp and data off-ramp, where users tokenize each dataset. These “data legos” open up many new possibilities for developers to connect other DeFi building blocks such as stable assets, DEXes, DAOs, and loans.
Ocean-powered data markets like Ocean Market serve as a bridge between DeFi and data as valuable commodities. Publishers offer data for sale as datatokens having a fixed price or automatic pricing via Automated Market Makers (pools). This is the essence of a peer-to-peer exchange you can find yet is ultimately unique. While corporations like Google or Facebook hold vast amounts of user data behind closed walls, Ocean Protocol levels the playing field for the lucrative world of data. It provides an opportunity for anyone willing to sell data, buy it, or even stake it. Users may purchase data of top-selling products on Amazon, a report on distributions of land in the metaverse, or anonymized browsing behaviour across thousands of people - the possibilities are endless.
In Ocean Market, the default pricing is in Ocean Protocol’s token - OCEAN. This is a relatively volatile asset, which affects data pricing. If OCEAN goes up or down by 10% (compared to something more stable), the data asset goes up or down by the same amount. This adds to the friction of the user experience in using Ocean Market. The H2O team realized that a more stable medium of exchange could facilitate these peer-to-peer transactions for buying, selling, and staking on data. Pricing datasets in such a stable asset would mean no more difficulties because of the asset volatility.
Allow us to introduce you to H2O - a stableasset backed by data, built for transacting with data. In the first version, the OCEAN token will back H2O. H2O will bring significant benefit to each Ocean-powered market that uses H2O, starting with Ocean Market.
Then in Q3 2022 we will bring an upgrade that almost leaps from the pages of science fiction: data itself will also collateralize H2O, as Ocean datatokens (the “data lego” primitives). Thus, data itself will back the stable asset of the Web3 data economy. Data is a near-ideal asset to collateralize: data has tremendous value, is ubiquitous, and everyone deals with it from individuals to nations. The data economy is estimated to be trillions in value. Backed by such a huge asset class, H2O holds great promise as a stable asset for the Web3 data economy and the whole Web3 economy.
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