Web 3.0 is based on the principles of collaboration and unity, but there have been several examples where disagreements have led to conflict and division. This resulted in fragmented communities across diverse networks and ecosystems.
Blockchains often compete with each other for users, and it can often be a challenge for Web 3.0 projects to decide which network is the right environment for their use case. Recently, Web 3.0 projects have adapted their technology to be compatible with multiple blockchains, also known as a multi-chain approach.
A multi-chain strategy is when crypto projects adapt their technology to integrate with multiple networks at the same time. This allows such projects to foster avenues of communication where developers and communities active in different chains have aligned incentives to create value for each other. A breakthrough compared to fragmented blockchain ecosystems!
Multi-chain also makes projects more agile. They benefit from being exposed to the unique characteristics of each blockchain and encourage togetherness rather than building in isolation.
Conceptually, adopting a multi-chain strategy represents true decentralization. It can also create a path that leads to faster adoption in case a particular project attracts attention in one of the networks where it is present.
Data as a multi-chain asset
Asset tokenization is arguably one of the most valuable tools on the blockchain. Initially, companies were tokenized through initial coin offerings, and lately speculation around digital art has gained popularity. It is imperative that any asset tokenization take place across a variety of networks to gain access to diverse communities.
In this regard, an unexplored narrative has quietly attracted the attention of a select few in the Web 3.0 environment. The data economy is still largely unknown, although Oracle solutions such as Chainlink and storage solutions (Filecoin) have received a lot of attention. Additionally, data sharing could potentially be the next disruptive use for blockchains. Ocean Protocol is one of the pioneers of the project towards a Web 3.0 data economy and for the last five years has released tools that allow crypto enthusiasts to price and trade non-traditional assets such as data and intellectual property.
Ocean Protocol is a decentralized data exchange protocol and has created a multi-chain marketplace where records are tokenized and exchanged on a variety of networks. Participants can engage with traditional DeFi tools, including yield farming, via Ethereum, Moonbeam, Polygon, and others to tokenize data assets.
Ocean Protocol founders Trent McConaghy and Bruce Pon backed a multi-chain strategy for their data marketplace back in 2020. Both are considered veterans in the Web 3.0 space and implemented digital art tokenization on the Bitcoin network in 2013. This probably means they might just be the co-inventors of NFTs as a concept.
Multi-Chain Data Marketplace
For the upcoming release of the Ocean Protocol V4 “Onda” Data Marketplace, the team leveraged existing token standards tailored for the benefit of data sharing and monetization. DataNFTs, Datatokens, and Data Farming are tools designed to promote data sovereignty and unlock the trillion dollar opportunity of data sharing.
Communities from a variety of blockchains can already bridge the OCEAN token to their preferred network. OCEAN aims to become the underlying currency for exchanging tokenized data assets. In this way, the token allows users to use “DataFi” on the network of their choice. “DataFi” is a DeFi spinoff with data as its underlying asset. The Ocean Protocol Onda Marketplace will support Ethereum (ETH), Polygon (MATIC), Polkadot’s Moonbeam Network (GLMR), Binance Smart Chain (BNB) and Energy Web Chain (EWT). Per their roadmap, the Ocean Protocol team has set ambitious goals to integrate several other networks over the remainder of the year.
Ocean Protocol’s approach lays the foundation for decentralizing and disrupting the data economy across a variety of blockchains. To learn more about this exciting opportunity, visit our Data Whale community platform or follow Data Whale Twitter.
Disclaimer: This is a paid post and should not be treated as news/advice.
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