Ocean Missions - Onboarding data scientists for Blockchain Analytics with Ocean Protocol

Name of Project

Ocean Missions

Proposal in one sentence

Building a community of professionals analysing on-chain data to create and publish data assets on Ocean Protocol (e.g. NFTs, DeFi and Crypto).

Description of the project and what problem it’s solving

One of the most important things for Ocean Protocol to achieve its vision is to attract more data buyers and data sellers.

Through prior research for Ocean Protocol around data buyers and data providers, we identified that it makes sense to focus on blockchain based data assets first.

Success here can help lead the way for Ocean Protocol as blockchain based data assets are likely to experience the least amount of friction among data providers and buyers, and help build the initial user base for Ocean Protocol.

We focus on 3 key areas to achieve this, outreach, onboarding and increasing data asset quality.

Outreach - Attracting new data scientists and data buyers. In the last month we have received over 65 registrations to join our community and spoken with 3 potential data buyers (who would be buying data assets from Ocean Market produced by Ocean Missions members). One of the potential buyers was a data analyst from Binance.

Onboarding - Making it easier for users to understand and use Ocean Protocol. Our LEARN module gets data scientists up to speed with Ocean Protocol, covering critical topics such as publishing data assets, creating data tokens, purchasing data assets and more. This was published on Oct 26 and has been viewed by 43 unique users. We will continue to improve the onboarding experience for those looking to build blockchain based data assets with Ocean Protocol.

Increasing Data asset quality - Our goal is to find data assets that buyers want to purchase. We currently have 1 data project with an active buyer and will continue doing more work to find new buyers. As part of this proposal we will publish a strategic review (like the ones that lead to the creation of Ocean Missions) to identify which data assets are most likely to sell on Ocean Market today. This information will be shared with the Ocean Protocol ecosystem along with the 65+ members of Ocean Missions.

Our Discord is the hub for collaboration. Squads (or crews as we call them) connect here and start building blockchain based data assets to publish on Ocean Market.

How will Ocean Missions become self-sustaining?

We see 4 potential avenues to generate revenue in the future. We will continue to assess these based on community feedback and how the project evolves (the end result may be a combination of some or all of these).

  1. Build products (e.g. nansen.ai) which purchase & consume data assets from Ocean Protocol built by the Ocean Missions community.
  2. Create an Ocean Missions Data Marketplace (built on Ocean Protocol) for buying and selling blockchain based data assets.
  3. Proactively build, publish and sell our own data assets on Ocean Protocol.
  4. Blockchain analytics consulting projects for B2B clients leveraging Ocean Protocol.

What is Ocean Missions?

Ocean Mission is currently a community building initiative built specifically for onboarding new users to Ocean Protocol.

Over time we intend to turn this community into a member owned co-operative (owned by data scientists) which functions like a distributed blockchain analytics organisation and continues publishing data assets on Ocean Protocol.

Registering as a co-operative would allow the organisation to more easily transact as a legal entity in the non-crypto world while still retaining Web3 ideals.

To learn more about this, you can read more about our vision to create a blockchain analytics organisation that’s co-owned by its members.

Grant Deliverables

We use OKRs to identify and prioritise grant deliverables:

Objective 1 - Community Onboarding

Key Results:

  • Increase the number of Twitter Followers from 250 to 500.
  • Onboard 100 members into the Ocean Missions Discord.

Objective 2 - Improve Data Asset Quality

Key Results:

  • Publish a strategic review (like the ones which lead to the creation of Ocean Missions) of what data assets would be most likely to sell on Ocean Market.
  • Publish 5 Data Missions within the Ocean Missions Community (these are on-chain data projects for community members to develop and publish on Ocean Protocol).

Objective 3 - Extend Runway

Key Results:

  • Onboard 5 first time Ocean DAO voters.
  • Publish an Investor focussed update on the progress of Ocean Mission.

Which Category best describes your project?

Outreach

Which fundamental metric best describes your project?

Total Value Locked

What is the final product?

We believe Ocean Missions could become a real significant competitor in the ‘Blockchain Analytics’ market.

Ultimately, a successful Blockchain analytics company comes down to attracting the right ‘talent’ and building a sales funnel for its projects (either purpose built products or consulting contracts).

By publishing data assets with Ocean Protocol we can take a distributed/networked approach to organisation building and put most of the rewards back into the hands of the Data scientists creating the majority of the value. We believe something quite unique can be built here.

To learn more about this, you can read our vision to create a blockchain analytics organisation that’s co-owned by its members.

What is the ROI?

BANG

Chainalysis, one of the world’s leading blockchain analytics firms is valued at $2 billion and has 233 staff.

Unlike Chainalysis, the Data scientists building data assets in the Ocean Missions ecosystem will publish them on Ocean Protocol and become the ultimate beneficiaries of them. We believe offering this unique benefit to data scientists will attract far more than 233 contributors to the ecosystem. So far our pre-release has had over 65 registrations.

Ocean Missions was built using funding from the Data Funnel proposal which stated the goal to “on-board quality data into the Ocean ecosystem”. This included a strategic review of the Data provider market for Ocean Protocol (which you can see links to at the bottom of the comments on the Data Funnel proposal) and led to the creation of Ocean Missions.

The Data Funnel ROI was calculated based on the following BANG “contributing 40% of the effort required to generate 5 leads, publishing 3 data assets, each with a TVL of $10k”.

We have generated over 65 leads targeted towards creating data assets from on-chain data and have identified potential buyers for these. So while this data doesn’t perfectly align with the ROI estimates from the Data Funnel proposal, it does illustrate growth and ROI > 1.

Now that we have a more specific ‘data funnel’ (i.e. Ocean Missions) set up, we will estimate BANG based on the TVL Ocean Missions aims to contribute towards Ocean Protocol over the next 12 months. This forecast incorporates the previous estimates from the Data Funnel proposal also.

This TVL is expected to come from both variable priced assets (staking) and fixed price assets (when the Ocean backed stablecoin is released). It’s expected that TVL will be slow initially and speed up as the ecosystem matures.

The TVL is in USD to adjust for price volatility of OCEAN/USD.

Q4, 21 Q1, 22 Q2, 22 Q3,22 Total
Forecast TVL 30,000 60,000 90,000 120,000 300,000
Actual TVL - - - - -

BANG = $300,000

BUCK

Over the last 3 months we have spent $17,239 on hours and allocated $3,944 towards expenditure (total BUCK to date $21,183).

Our BUCK (request for this proposal) is based on taking an average of the hours + expenditure allocated over the last 3 months ($21,183 / 3 months = $7,061).

This will be used to continue the development of Ocean Missions and allocated on an ‘as needed’ basis (i.e. to cover hours + expenses incurred).

A financial summary of Ocean Missions can be found here.

BUCK = $7,061 (request for this proposal) + $21,183 (grant from last proposal) = $28,244

CHANCE OF SUCCESS

While we have experienced positive signs of traction, Ocean Missions is still an early stage project. As time goes by and we start collecting more data we expect our chance of success to increase.

Given our BANG metric is based on a 12 month forecast and we are still in the initial stages we are giving ourselves a 20% chance of success.

CHANCE OF SUCCESS= 20%

BANG = $300,000
BUCK = $28,244 (request for this proposal = $7,061)
CHANCEOF SUCCESS = 20%

ROI = 2.12

Funding Requested

$7,061 USD

Proposal Wallet Address:

0xE2A4DEd1eB0Bfa8027F1A2eD7E09D72843d6D35a

Have you previously received a grant?

Yes, see go to market analysis and Data Funnel.

Team Website:

Project website: www.OceanMissions.com
Project twitter: @OceanMissions

Discord: Scott M3

Team lead: Contact

Country of residence: Bahrain :bahrain: (from New Zealand :new_zealand: )

Team Members

Scott Milat

  • Enterprise business development, contract negotiations and sales
  • Entrepreneurship
  • Software product development
  • Communications and Marketing
  • Web3 experience: 5 Years
  • Linkedin
  • Professional Website

Roadmap

We believe we can become financially sustainable (as illustrated earlier in this proposal). We would be looking to receive additional Ocean DAO grants and seed/pre-seed funding from other sources as we work towards that goal.

Additional Information

I am active as a part-time adviser for Rugpullindex.com

1 Like

I will support you. :slight_smile:

Thanks Kai, really appreciate it! :raised_hands:

[Deliverable Checklist]

  • [x] Increase the number of Twitter Followers from 250 to 500. Complete
  • [ ] Onboard 100 members into the Ocean Missions Discord. In progress
  • [ ] Publish a strategic review of what data assets would be most likely to sell on Ocean Market. In Progress
  • [ ] Publish 5 Data Missions within the Ocean Missions Community (these are on-chain data projects for community members to develop and publish on Ocean Protocol). In progress (3/5)
  • [ ] Onboard 5 first time Ocean DAO voters. In progress
  • [ ] Publish an Investor focussed update on the progress of Ocean Mission. In progress
    @AlexN

Thanks for the update. Please ping/update as the progress continues. Awesome work - thanks!