The Currents Project
Our goal is to build actionable proprietary datasets for crypto traders and investors. We aim to set the standard for quality and usability on the Ocean Market and use these high quality datasets as a driver to grow the Ocean ecosystem.
Key Project Data
Name of project: The Currents Project
Project Website: currents.finance (work in progress)
Proposal wallet address: 0xbb397e3F90a5aB8daFd9D8b4E949546537A9d8fb
Which category best describes your project?: [x] Unleash data
Project Overview
The Currents Project is all about making the data on the Ocean Market the best data available anywhere. Our initial goal is to create an NLP-based sentiment dataset that contains all 150 of the top cryptocurrencies. In plain english; the dataset will be a valuable resource to understand both the shifting attention and attitudes of the crypto community. Most importantly, this data will be cleaned and standardized to be easily readable by code or machine learning algorithms to enable others to build applications on top of it.
The project does not end with the publishing of the data. The goal is to establish a self sustaining business which includes driving users to our datasets on the Ocean Market via advertising, marketing, and education.
How does The Currents Project drive value to the Ocean ecosytem?
The absolute core of the Ocean Protocol is the data. Currently there is low usage and in some cases low quality of data on the Ocean Market. We are targeting high-quality data for crypto traders and investors for two reasons. First, these users are already established in the crypto ecosystem and will be able to begin consuming data on Ocean with less friction. Second, proprietary investing data is some of the most valuable data in the finance world. Someone with access to a high quality dataset that helps them make better trades has an edge compared to those without the same dataset.
Because we plan to make this a self sustaining business, as our datasets grow in usage we will have more resources to drive more users to the Ocean Market. As these users discover the Ocean ecosystem, many of them may in turn become valuable members of the community.
ROI Calculations
expected ROI = bang / buck * (% chance of success)
Because the goal of The Currents Project is to publish the highest-quality dataset on the Ocean Market, the “bang” portion of our calculation is easy to determine from a fundamentals perspective:
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OCEAN Datatoken Consuming Volume. As stated in the Ocean Protocol, this is the best method for assessing value created. Luckily for us, the entire goal of our dataset is to become the high quality and most consumed data on the Ocean Market. Expected lifetime value from Currents data consuption: 50,000 $OCEAN. In addition to consumption of the actual currents dataset, our plan is to drive users to the Ocean Market. Once they use the market to buy our data, they are likely to make other purchases as well. Expected lifetime value from residual consumption: 25,000 $OCEAN.
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Network Revenue. The above figures capture the “revenue” in consumes. In addition, a high-quality dataset with good documentation and an associated marketing arm will likely attract a lot of liquidity. This will increase the # of trades on the Ocean Network. Expected value from liquidity trades: 5,000 $OCEAN.
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Total Value Locked (TVL). As mentioned above, we expect to have a large amount of tokens staked on our data pools, both from existing token holders and from new holders from our outreach efforts.
Our chance of succes relies on two main criteria. The first: the probability of successfully building our first dataset. Here we have a very high probability due to my own past experience building massive datasets in distributed ways. That said, life happens and it pays to be conservative. Probability of successfully building dataset: 85%. The other more difficult task is the ability to drive users to discover and consume our dataset. This chance depends on our outreach and marketing efforts. Do to the greater variability and difficulty of the task, we are assigning a lower probability here. Probability of driving users to dataset: 35%.
probability of building dataset (85%) * probability of driving users to dataset (35%) = probability of success (29.75%)
Thus, our total ROI equation is as follows:
ROI = (80,000 $OCEAN / 10,000 $OCEAN ) * 29.75% = 2.38x
Project Deliverables - Roadmap
First Milestone:
- Daily-updated social sentiment dataset available on the Ocean Market
- Website tutorials on how to download and use dataset
Later Milestones:
- More datasets (bridge traffic flows, etc)
- Sample code to use data in machine learning algorithms
- Target advertisements to drive new users towards Ocean Market and our dataset
- Medium posts, youtube videos, and other content marketing on applications for our datasets
Team Members
Michael Vander Meiden
Masters in Robotic Systems Development from Carnegie Mellon University
Former lead Deep Learning engineer at Stockwell AI
Performed deep learning architecture design, data collection, deployment, and maintenance for the largest real-world, real-time deep learning based computer vision network in automated retail with 1200+ stores deployed. Sole deep learning engineer for the majority of the time in this role