[Proposal] Dounty - A data bounty platform

Project Overview

Name of project: Dounty

Proposal Wallet Address: 0x5acE9C30085572c0E01aE56922Ef61A4F894abd8

Website - https://dounty.xyz

The proposal in one sentence: I am building Dounty - a data bounty marketplace where bounty poster (data consumers) can post bounty with a reward in OCEAN tokens. Bounty Workers (data providers) fulfil this bounty by publishing bounty on Ocean Protocol and poster consumes it.

Which category best describes your project? Pick one or more.

[x] Build / improve applications or integrations to Ocean

[ ] Outreach / community (grants don’t need to be technical in nature)

[ ] Unleash data

[ ] Build / improve core Ocean software

Description of the project:

Dounty is a data bounty marketplace where bounty poster can post bounty with a reward in OCEAN tokens. Bounty Workers can then fulfil this bounty by publishing bounty work onto this bounty dapp built on Ocean Protocol and asking Bounty Posters to purchase their work. Once Poster consumes some worker’s work, they pay them pre-agreed bounty reward in OCEAN.

What problem is your project solving?

Data bounty platforms are dapps where data consumers can request data they need and set the price they are wiling to pay for it. This is totally opposite to the value proposition of traditional data marketplaces. By putting a bounty for a given task, consumers can save efforts to collect needed data from various sources. Considering that everything is public and available on the internet. This would easily take days if not weeks. No to forget, there is definitely an opportunity cost in terms of time and effort. Also this approach helps reduced proliferation of useless datasets. Each dataset published on Dounty will most likely be consumed.

What is the final product (e.g. App, URL, Medium, etc)?

Final Product will continue to be webapp - https://dounty.io

How does this project drive value to the Ocean ecosystem?

Dounty aims to become then goto marketplace for all data needs. When consumers can request the data they want and data providers can fulfil their needs, it creates a win-win situation where consumers gets data they need, data provider gets paid for their efforts and Ocean Protocol gets more network utilisation which directly helps OCEAN utilisation.

Calculations for ROI

Currently there are 409 (as of writing this) datasets on Ocean Market. But the current consumption rate of datasets is extremely low. There consume/publish ratio comes down to very low value. Our goal is to change that. Our dapp is designed such that a dataset is only published if there is a corresponding consumer for it.

This approach not only improve consume/publish ratio but also reduces proliferation of unsold datasets on Ocean Protocol, thereby saving gas fees for data publishers (which at current gas prices is significant).
It is difficult to quantify such ratios and value adds, but I will give it a try -

current gas fees to publish dataset comes to about $400 = 400 OCEANs
If Dounty saves data providers these gas fees. So if we take even current datasets (409), these gas savings comes down to = 400 * 409 = 163,609 OCEANs (by the way these is just gas savings, we are not even calculating happy users when bounty is fulfilled. Thats priceless)

So, Bang = ~163,609 OCEANs

Buck = 10,000 OCEAN

So ROI = bang / buck = 163,609 OCEAN / 10,000 OCEAN = 16.3

Proposer’s estimate of % chance of success = 50%

Final calculation : expected ROI = 0.5 * 18.16 = 9.8

Project Deliverable - Build / Integrate

  • UX improvements for better user engagement
  • Support for Wallet Connect, so users have other option to connect to their web3 wallet
  • Adding more filters like categories so data provider can filter only their relevant categories

Project Deliverables - Roadmap

This phase is planned to be build complete by the end of the April 2021.

Project Details

Tech stack is mostly node.js, react.js, ocean protocol libraries and digital ocean for hosting the platform.

Team members

Kunal Damedhaar

GitHub - https://github.com/kdamedhaar

Additional Information

Dounty was one of the winning applications in recent Data Economy Challenge.

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