Ocean Protocol Foundation Announces $140M Grant For OceanDAO

The mission of the Protocol on Oceanic Protocoloceans is to launch a new global data economy, empowering data owners and enabling people to leverage data to make our world a better place.

Ocean Protocol Foundation announces that US$140 million OCEAN has been earmarked for grants within OceanDAO.

Oceandao finances projects in the web3 data economy: applications using the ocean of data markets to data unions, sensitization to new communities. Creating and disseminating data, enhancing the Ocean Core software and enhancing oceandao itself.

Ocean Protocol Foundation announces that 180 million OCEAN, valued at $140 million U.S. dollars, is earmarked for grants within the OceanDAO. Oceandao is a dao grant where everyone can propose a project and ocean community curates which projects receive subsidies.

Oceandao finances projects in web3 data economics: applications using the ocean of data markets to data unions, raising awareness among new communities, generate and release data, Ocean Core software enhancement, and upgrades to oceandao himself.

Ocean grants of up to $50,000, with rounds of funding at a monthly rate. Ongoing delivery teams are eligible for monthly grants. Anyone can submit a grant application to oceandao, and the new teams get a special assignment, so they don't have to compete with the existing teams.

"We live in a digital economy, an evidence-based economy. This is a digital economy, a data-driven economy. This generous funding is how we are launching an open Web 3 data economy to democratize access to data and their benefits. This funding will be provided to many teams so they can start and scale up as part of an open and collaborative data ecosystem." Trent mcconaghy, co-founder of the oceanic protocol said.

Since the launch of oceandao in November 2020, we have received 178 proposals for funding. 106 projects funded in the first nine cycles. 121m ocean was used to cast a ballot.

The projects that have received funding from OceanDAO cover various areas of the Web3 data economy, such as a mobile cryptocurrency-secured data

Providing data scientists with access to users’ data in a privacy-preserving fashion (Datalatte.ai), collective bargaining around AI image labeling (DataUnion.app)

This also builds a global, crowdsourced data bank of locality-based organizations to help empower individuals to access local facilities (OurNet). A complete list of the projects funded so far is available

The OceanDAO community consists of data scientists, engineers, builders, educators, and more. Oceandao organizes monthly rounds where teams can request grants.

The community votes for projects which offer the best chances for progress and sustainability according to the following criteria: return on investment towards growth and alignment with the mission of the ocean.

Public town halls are held on a weekly basis and are open to the public to discuss the status of projects and the future of dao.

The formula for the $140 million grant is as follows: 1.41b ocean * 51%*?, in which 1.41b is the total supply at sea, 51% is the percentage of the global supply of ocean chips spent on network rewards.

Which follows a Bitcoin-like disbursement schedule over many decades, and the ? Is the share allocated to oceandao subsidies. This gives a total of 180 million OCEAN allocated; to get the real-time dollar amount, multiply that by the OCEAN market price

OceanDAO next round

For more information on the OceanDAO timeline for project submissions, please check the calendar available . Round 11 presentations will begin on October 12th and conclude on November 2nd at midnight. You can also follow OceanDAO on Twitter for further updates.

Funds not captured by bids will be burned, in accordance with Round Eight, with 94,868 oceans burned to date. It means a decrease in total ocean circulation, but it also indicates that the oceandao mechanism is working, with the community as a spinal column.

This means a reduction in the total quantity of OCEAN in circulation, but is also an indicator of the proper functioning of the OceanDAO mechanism, with the community as a spinal column. the amount requested is in USD. The money paid is in the ocean token. The conversion rate corresponds to the contract price on the deadline for submission of the proposal.

The conversion rate corresponds to the contract price on the deadline for submission of the proposal.

This determines the number of OEALs that will be awarded if a proposal is approved for a grant.