Here na why you go monetize your data over the blockchain
A step-by-step guide on how to publish your first dataset on Ocean Market
You don ever wonder how to make money over the blockchain? If you get datasets to sell, you go dey amazed at how simple the process be. The blockchain dey often sound like a complex and abstract concept wey require lot of technical knowledge. In reality, to interact and sell datasets over the blockchain na incredibly straightforward process wey only has get couple of unfamiliar steps.
Inside this article, we go walk you through the steps to publish and sell your datasets via Ocean Protocol, wey be the World Economic Forum Technology Pioneer.
Ocean puts you in control
We understand sey many companies no feel comfortable to share or sell data. This na because sharing data dey perceived to be a risk — the risk of either to lose your competitive advantage or violating strict data privacy regulations. This na why we don dey driven to build you the tools so that sharing data go mean gaining control and preserving privacy.
Ocean Protocol give you complete control of your data by to remove any third parties from the process, selling data over the blockchain dey completely decentralised. As we go demonstrate below, Ocean also go give you a super easy-to-use marketplace for selling your data. This go reduce the barriers to entry and bring you customers for your data assets.
From the very beginning, Ocean don strive to put you in control of your data, we dey on a mission to break the black-box data selling model of Facebook and others. We don achieve this through the core concepts of access control, orchestration and decentralization. With access control and orchestration, any data or AI service fit dey shared under the conditions wey dey set by the owner of data. No central intermediary, wey ensure sey no one fit interfere with the transaction and both the publisher and user have transparency.
So much more than typical data market
By leveraging the capabilities of blockchain, Ocean Protocol dey offer you so much more control than typical data market. The gatekeeper to accessing your data na smart contract, wey be an immutable piece of code wey dey run on the blockchain wey no one fit change. You fit get confidence sey the terms and conditions to access your dataset go never be altered by an intermediary.
While Ocean Market na great place to sell data, we also understand sey some data dey too sensitive to be shared — potentially due to GDPR or other reasons. For these types of datasets, we dey offer a unique service called compute-to-data. This go enable you to monetise the dataset wey sit behind a firewall without ever revealing the raw data to the consumer. Researchers and data scientists dey pay to run their algorithms on the data set and the computation dey performed behind a firewall, all them receive na the results wey dey generated by the algorithm.
How to publish a dataset on Ocean Market
Tutorial Sections1. Introduction 2. Setup Your Wallet 3. Add Ether cryptocurrency to your wallet 4. Publish your data asset on Ocean Market 4.1 Connect your account 4.2 Enter your dataset information into the publish form 4.3 Sign the transactions & publish your dataset 5. Decide on pricing type 5.1 Fixed pricing 5.2 Dynamic pricing 6. Create fixed pricing for a data set 7. All done!
Ocean Market dey provide a convenient and familiar interface for you to fit publish and sell your data. If you neva see am before, now na good time to have a look at the site. You go find sey e look a lot like any other data marketplace — running the blockchain no compromise usability.
Wetin you decide to sell via Ocean dey entirely up to you. The dataset fit comprise images, location information, audio, video, sales data, or combinations of them all. No exhaustive list of what type of data fit dey published, you fit be as creative as you want. Just make sure sey the data you dey sell dey legal and not in breach of copyright or other regulations, our policies fit be found here.
Only a few unfamiliar things dey wey you need to get used to when you dey sell data over the blockchain:
Every interaction with the blockchain costs money. No centralised company dey control the system wey go pay for computation and server costs, so the user must pay. Thisdey called the gas fee — na basically like putting gas inside your car to make it run.
You go need to have a wallet to store the cryptocurrency sey you go dey pay for these gas fees. This fit easily dey set up as a browser extension.
Each time you interact with the blockchain, you go dey asked to “sign” a transaction. This na the process where you go pay the gas fees and verify the origin of the transaction. Na equivalent to being asked to enter your pin when you pay with a credit card.
If you dey familiar with the blockchain space, you fit dey wonder which blockchain Ocean Protocol dey use. It originally dey deployed on Ethereum but we don since deploy to four other chains, and there go be more to come in the future.
It dey important to note sey the gas cost dey associated with signing transactions on different blockchains varies significantly. For the purpose of this guide, we go dey focus on how to publish datasets on the Ethereum blockchain, as it is the most ubiquitous. However — it is also the most expensive. If you go like to explore a cheaper option, we go recommend reading our blog post on using Polygon. We also get instructions in our documentation on how to transfer funds from Ethereum to Polygon (via a bridge).
2. Setup Your Wallet
Make we start with getting your wallet set up to interact with the blockchain. After this, the process of publishing a dataset dey very familiar — e go just require filling out a form.
Go to your browser’s web store for extensions and search for MetaMask.
2. Install MetaMask. The wallet go provide a friendly user interface we go help you through each step. MetaMask give you two options: importing an existing wallet or creating a new one. Choose to Create a Wallet:
3. In the next step create a new password for your wallet. Read through and accept the terms and conditions.
4. Once your wallet dey set up, MetaMask go show your Secret Backup Phrase. E dey very important sey you write this down (ideally more than once) on paper (no save am on your computer) and store am somewhere safe. If you forget your password or lose access to your computer, this na the only way to regain access to your cryptocurrency.
5. Continue forward. On the next page, MetaMask go ask you to confirm the backup phrase — this phase dey very important so they go check sey you don actually write am down. Select the words in the correct sequence.
6. Voila! Your account setup dey complete. You fit access MetaMask via the browser extension in the top right corner of your browser.
7. You fit now manage Ether and Ocean Tokens with this wallet. You copy you fit account address to the clipboard from the options. When you want someone to send Ether or Ocean Tokens to you, you go give them that address.
3. Add Ether cryptocurrency to your wallet
Many places where you fit purchase cryptocurrency and you fit have used some of them before. To keep things simple, we go purchase Ether from within MetaMask. E dey easy to buy cryptocurrency in MetaMask with your credit card or Apple/Android pay. Here na the steps:
Open Metamask and click “Buy”
2. MetaMask go give you a few different options, wey you go see here. Wyre (the first option on the list) na fast and easy to use so make we click “Continue with Wyre”
3. Now enter the amount of Ether wey you go like to purchase and the currency wey you dey pay in. At this point, you go also need to tick to accept the terms and conditions.
4. Now you need to enter your personal payment details — name, address, credit card number etc.
5. All you go do na to click “Accept” and Wyre go process the payment and send you your cryptocurrency.
Once the payment processing dey complete you kon see sey your balance in MetaMask no longer zero.
4. Publish your data asset on Ocean Market
Great — so you don get your wallet set up and you don buy some cryptocurrency. You don dey ready to publish your dataset on Ocean Market. Head on over to the site and make we dey go!
4.1 Connect your account
The first step na to connect your wallet to the site. This na the equivalent of logging in on a traditional site. This go let Ocean Market know the public address wey dey associated with your Ethereum account.
You go see sey Ocean Market go give you a few different options for the type of wallet wey you want connect. In our case, we go click MetaMask as that na the wallet that we don set up.
MetaMask go now ask you to select the account wey you go like to connect to Ocean Market — this na only dey relevant if you have more than one.
Now we need to click “Connect” to confirm sey we want MetaMask to connect our account to Ocean Market. You fit see here sey MetaMask helpfully explain sey this site dey request to “View the addresses of your permitted accounts (required)”.
Now that your wallet dey connected, you will see that your wallet address dey shown in the top right-hand corner.
Click “Publish” from the top of the site and make we start dey fill out the publish form.
4.2 Enter your dataset information into the publish form
The publish form na nice and straightforward and most of the fields dey obvious (title, description, author etc) — them also get all descriptions of wetin dey expected underneath in case them no clear.
The link to your dataset go dey entered into the “file” field. You need to take responsibility to host your dataset — this fit be on Google Drive, Dropbox, or AWS — anywhere wey it fit dey downloaded from. For the access type, you need to decide if customers go dey allowed to buy your raw dataset or if you only want them to run computations on am behind a firewall (Compute-to-Data). E also dey advisable to enter some tags — these na keywords wey help customers discover your dataset, try to think of words wey people go dey searching for.
The only blockchain-specific field na the datatoken name and symbol. The datatoken na the token on the blockchain wey grants access to your dataset — consumers go purchase the datatoken to have access. The name of the datatoken no really matter, na just important its unique, so e fine to keep the default or click refresh a couple of times until you see something you like.
You fit also decide how long you go like users to have access to the dataset after their initial purchase to choose the timeout. If you dey constantly updating your dataset you fit wish to have a shorter timeout so that customers go come back to purchase the latest copy.
4.3 Sign the transactions & publish your dataset
When you finish dey fill out the form and click submit, you go see a series of pop-ups from Metamask. This na the process of signing the transactions and paying the gas fees wey dey mentioned above. Two transactions dey wey you need to sign.
In each of these pop-ups, MetaMask dey show you an estimate of how much the gas fee dey likely to be. It also gives an estimate of how long the transaction dey likely to take. It also shows you the functions sey the transaction dey carrying out. The first one is “Create Token” and the second is “Contract Interaction”. Click “confirm” on each pop-up.
Awesome — your dataset dey now published! Now you see sey using the blockchain no dey so difficult after all.
5. Decide on pricing type
Once the dataset dey published, you fit think about how you wan to set the pricing for your asset. The pricing fit only be set from the Ethereum account wey published the dataset. If you get multiple accounts, you need to ensure sey you still connect with the same one you used to do the publishing.
2 options dey to set the price of an asset on Ocean Marketplace. NA important to think carefully about which one dey appropriate for your data asset. Once you set the pricing type you no dey able to change am, although you go still dey able to change the price.
5.1 Fixed pricing
Fixed pricing dey fairly self-explanatory — you set the price and that na what customers pay to access your data. You fit change the price at any time and customers go always have to pay the amount wey you set.
5.2 Dynamic pricing
Dynamic pricing dey little more complicated as the price dey determined by an automated version of an order book. This concept dem dey call an Automated Market Marker (AMM). Under the hood, Ocean dey use the Balancer AMM.
If you go like to create dynamic pricing you go need to purchase Ocean tokens so that you fit provide liquidity to the AMM pool. The price wey the customer pay dey set by the ratio of Ocean tokens to datatokens within the pool. As more people go purchase the datatokens, the ratio changes and the price increases. If you remove Ocean tokens from the pool the ratio changes in the other direction and the datatoken price goes down.
Anyone fit add liquidity to the pool you don create — them dey known as liquidity providers. Liquidity providers dey earn a share of the transaction fees when the datatoken dey purchased.
6. Create fixed pricing for a data set
To keep things simple, make we use fixed pricing for the dataset sey we don publish. From the publish success page wey you dey on, click “Go to Data set”
Now click on “Create pricing”. This go take you to the section where you fit choose either dynamic or fixed pricing.
Click on the “Fixed Price” tab at the top. Now simple form don dey for you to enter the price of your data asset. The price wey you set dey Ocean tokens — this na the cryptocurrency wey your customers go use to purchase your asset.
Once you don enter the price and clicked “Create Pricing” you go, once again, dey presented with a series of MetaMask pops. Three pop-ups dey wey you need to confirm in this case: Creating the pricing, minting the datatokens, and then allowing Ocean Market to spend them (i.e. selling them on your behalf).
Once you don confirm each of these transactions you go see the success message dey explain sey fixed pricing don dey set.
After you reload the page you go see sey your dataset dey for sale now at the fixed price wey you set.
7. All done!
Excellent — nyou don finish! We don cover a lot in this article so well done sey you make am all the way to the end. You don set up your MetaMask wallet, bought Ether, publish your first dataset, set the pricing and signed all of the transactions along the way.
Hopefully, now you see sey publishing and selling data on the blockchain no require any advanced technical knowledge. Once you don get your MetaMask wallet set up, na fairly straightforward process. You go fill out a form and click confirm on a couple of pop-ups — that dey pretty much . Now all you need to do na to notify your potential customers and start dey ear money from the sales!
Make we also no lose sight of why we dey do this — Ocean Protocol dey significantly better than any centralized data exchange. E dey completely decentralized and puts you in complete control. E dey completely unique to enable you to sell access to sensitive data sets without exposing the raw data (Compute-to-Data).
We dey always happy to answer any questions wey you fit get after reading this article, the best way to get in touch na discord. We go also publish more blog posts on the advanced topics wey no dey covered here — so make sure you follow us to get the latest articles.