Key Project Data
Name of project: oceanSPICE - TokenSpice Simulation for Ocean Market Ecosystem
Which category best describes your project? Pick one or more.
- [x] Build / improve core Ocean software
Which Fundamental Metric best describes your project? Pick one.
- [x] Datatoken Contracts
The proposal in one sentence:
The project creates a web solution to simulate the creation and economy of data assets with dynamic pricing on Ocean Protocol marketplaces via TokenSpice in the backend.
Description of the project and what problem is it solving:
Ocean Protocol marketplaces (whether it is Ocean Protocol’s own marketplace, the one launched by Big Data Protocol, deltaDAO or TransportGenie) all suffer from the same problem. They do not have an option for data asset launchers (publishers) to get any insights into which configurations of the data asset dynamic pricing parameters are most beneficial for their own data asset. The marketplace offers the users the option to set a certain initial datatoken price, an initial provided liquidity, a number of datatokens, and a swap fee. For a newcomer this is very difficult to understand. Robin, our team member, spent plenty of hours in calls with data asset providers to explain and determine good parameters with them to launch their data assets. This is a huge cause of churn for data asset providers right now and will remain to be one of the major hurdles for data asset providers in the future.
But if the parameters are set this does not give insight into how the future might look like in terms of development of the liquidity pool and potential reward estimations after the data asset has been launched.
This project provides a first step in the direction of a solution to these issues. The project will provide a web interface to simulate the launch of a data asset onto the marketplace. This will include all the options for dynamic pricing that can be set on the marketplace interface. Additionally certain simulation scenarios can be selected to get insights into the development of the data asset on the marketplace and potential revenue created from it. This is done by wrapping TokenSpice, a simulation tool developed by Ocean Protocol, into a backend and connecting its inputs and outputs to a web interface.
TokenSpice was created originally by Trent McConaghy to simulate the Web3 sustainability loop and offers the capability to simulate the whole Ocean Protocol ecosystem down to the smart contract level. This enables us to launch a pool on a local blockchain (via Ganache) and create data asset pools on it. It also enables us to create agents that will do all of the actions like launching the data asset, adding liquidity to it, buying it, or speculating on it. These agents do not completely exist yet and their configurability is not provided yet.
Trent has created these open issues on GitHub that we are solving next to everything else:
Be able to specify a netlist and run, without having to fork
Implement Ocean V3 market dynamics, run simulations, tune as needed
Implement rest of DataConsumerAgent, unskip its tests
Open topics for TokenSpice - Source: Trent’s presentation of TokenSpice
V3 Ocean Market ecosystem - Source: Trent’s presentation on TokenSpice
So the overall result of this grant will be a system according to this architecture:
The result will be open sourced and include Docker compose files to spin up a version of it. The changes made to TokenSpice will be offered to get pulled into it via pull requests.
What is the final product?
Website that enables anyone to simulate their data asset token launch, open source code to replicate the results as well as Docker compose files to spin up the software stack for further development or reuse.
- Website that enables the simulation of data asset launches with different market scenarios
- Open source code that enables the implementation of new scenarios and local deployment of the code
- Pull requests to the TokenSpice repository to improve the Ocean Protocol software
Funding Requested: 32.000 $OCEAN
If your proposal is voted to receive a OceanDAO Grant, how would the proposal contribute a value greater than the grant amount back to the Ocean Ecosystem (best expressed as “Expected ROI”)?
It is very important to give potential data asset providers the opportunity to get more clarity on what they are getting into when they list their data asset on the marketplace. The marketplaces require an initial investment in liquidity of a utility token and this is something that larger enterprises always want to analyse before they get into it. This tool enables this.
If we think about a potential inclusion of Ocean Protocol in a large ecosystem like Gaia-X then an analysis tool like this will be used by the thousands of data asset providers that are going to join that ecosystem on top of Ocean Protocol.
Bang: 10 additional data assets hosted on Ocean marketplaces because of the ability to simulate the circumstances - each with an assumed TVL of 10.000 $OCEAN
Buck: 32.000 $OCEAN
Likelihood of success: 80%
ROI: 100.000/32.000 * 0.8 = 2,5
The ROI is bigger than the requested one of 1.0.
Proposal Wallet Address:
Team Website (if applicable): n/a
Project lead Contact Email: oceanSpice01@gmail.com
Twitter Handle (if applicable): https://twitter.com/OceanSpice01
Discord Handle (if applicable): ocean.spice#7793
Country of Residence: web3
Have you previously received an OceanDAO Grant (Y/N)? N
Part 2 - Proposal Details
Project Deliverables - Category
IF: Build / improve Ocean core software, then:
A PR will be made to these Ocean components: TokenSpice, following best practices for quality etc
We commit to working with Ocean core developers to merging the PR
If the project includes software:
Are there any mockups or designs to date?
An overview of the technology stack?
Backend: Flask + Python libraries, TokenSpice
Project Deliverables - Roadmap
Any prior work completed thus far?
The team has been working together in the Balancer Simulation: Ocean Protocol course by the Token Engineering Commons and came up with the idea for the proposal there.
Technologically the project will reuse parts of the DataUnion stack to create the software and skip a ton of work in the initial setup phase (web frontend and backend parts).
What is the project roadmap? That is: what are key milestones, and the target date for each milestone.
- 27th of July 2021 is the final presentation of the Balancer Simulation course, this will be when the project will first show its results. The recording of this meeting will be made publicly available to the OceanDAO so that the ecosystem can evaluate the results.
- After this the next milestones will be defined according to the results presented there.
Please include the milestone: publish an article/tutorial explaining your project as part of the grant (eg medium, etc).
- Source code on GitHub
- Video of the milestone presentation in the Balancer simulation course by the Token Engineering commons
- Tutorial on how to use the web application
The server will have an upkeep cost - this will be sponsored by DataUnion
Foreseen or possible additions?
We will start with a limited number of scenarios for the market interactions and also focus on Ocean Protocol’s marketplace/contracts V3. So V4.1 could be a future addition to the simulation environment as well as more complex scenarios.
But this simulation environment also offers the opportunity to extend it to analyse many more scenarios e.g. how much transaction costs different blockchains consume for market scenarios to choose which blockchain to launch a data asset on or even extend the simulation much further to simulate potential data asset quality versus buyer expectations.
- Role: engineer / analyst
- Relevant Credentials:
- Role: machine learning engineer, biomechanical engineer, sports enthusiast
- Relevant Credentials (e.g.):
- Video Intelligence Researcher at Huawei Technologies
- Research Fellow (Computer Science), Trinity College Dublin
- Machine Learning R&D Engineer at FotoNation, Xperi
Relevant Credentials (e.g.):
- Founder, Longtail FInancial
- Data Scientist
- Token Engineer
- Role: developer
- Relevant Credentials** (e.g.):
- Frontend development
- Computer Vision
- Ocean Academy
- Ocean Ambassador
- Role: DataUnion/OceanDAO proposal onboarder
- Relevant Credentials (e.g.):
- Head of Ocean Protocol Ambassador program
- CEO at DataUnion
- ML/Web3/DataUnion strategy at deltaDAO
- Machine learning (10yrs)
- Web3 (4yrs)
- Working on a bottom up approach to bring DataUnions to as many verticals as possible to learn and adopt the concept to their needs