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Moonbeam and Ocean Protocol Partner to Bring a New Data Economy to the Polkadot Ecosystem

Moonbeam Team

Jan 25, 2021

4 min read

Completes First Phase of Integration on the Moonbase Alpha TestNet

Singapore – January 25th, 2021 – Moonbeam, the Ethereum-compatible smart contract platform on Polkadot, announced its integration with Ocean Protocol, a data exchange protocol for the Web3 data economy. The Moonbeam and Ocean teams have completed the first part of an initial integration: a successful deployment of Ocean’s contracts to Moonbeam. The full initial integration will also involve bridging OCEAN token from Ethereum MainNet, and a new deployment of Ocean Market webapp components for Moonbeam. Once complete, this will enable users to publish data, stake on data, and buy data in the Polkadot ecosystem in an open, secure fashion.

The partnership between Moonbeam and Ocean Protocol will lead to additional updates. For example, assets from both Ethereum MainNet and Moonbeam will be viewable side-by-side in the Ocean Market. Further data privacy-enhancing features will be rolled out. And over time, there will be ways to bridge datatokens themselves across networks and to share liquidity.

“It’s our pleasure to work with the Moonbeam team to start engaging with the Polkadot ecosystem. We have long envisioned Ocean to be a data asset layer across many blockchain networks. Polkadot is all about interoperability among these networks. Since Ocean deployed initially to Ethereum MainNet, then the clear starting point for Ocean in Polkadot is Moonbeam with its Ethereum compatibility,” said Ocean Protocol co-founder Trent McConaghy.

The Moonbeam team is continuously working to simplify the implementation process for Ethereum developers who want to expand to Polkadot. Ocean Protocol chose Moonbeam as its expansion point because of its unmatched compatibility. Now, the Ocean team can use its existing Ethereum smart contracts to access the new and growing Polkadot ecosystem.

“We’re excited to work with the Ocean team on their first expansion outside of Ethereum. By deploying to Moonbeam, Ocean Protocol will provide the Polkadot ecosystem with access to a robust Web3-based data marketplace. Our partnership will enable privacy-preserving data for use cases that avoid centralized data concentration and abuse.” said Derek Yoo, PureStake CEO.

To start building on the Moonbeam TestNet, Moonbase Alpha, visit the official project documentation site or join us on our Discord server.

About the Moonbeam Network

Moonbeam is an Ethereum-compatible smart contract platform on the Polkadot network that makes it easy to build natively interoperable applications. This Ethereum compatibility allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes. As a parachain on the Polkadot network, Moonbeam will benefit from the shared security of the Polkadot relay chain and integrations with other chains that are connected to Polkadot. Currently, in active development by PureStake, Moonbeam is expected to reach MainNet by mid-2021. Learn more:

About PureStake

PureStake’s team has extensive experience building technology companies and complex software platforms. Led by Derek Yoo, former Fuze Founder, and CTO, PureStake provides protocol implementation services and creates developer tools for next-generation blockchain networks. Learn more:

About Ocean Protocol

Ocean Protocol is an on-ramp for data services into crypto ecosystems, using datatokens. Each datatoken is a fungible ERC20 token to access a given data service. Ocean smart contracts, Ocean libraries, and Ocean-powered front-ends make it easy to publish data services (deploy and mint datatokens) and consume data services (spend datatokens). Therefore Ocean provides decentralized access control.

Ocean contracts run on Ethereum MainNet. Ethereum composability enables crypto wallets as data wallets, crypto exchanges as data marketplaces, data DAOs as data co-ops, and more.

Ocean Market is like a DEX tuned for data. It’s an open-source community marketplace for data that uses Ocean datatokens. Users can publish data, buy/sell data, consume data, and stake on data (curate). Each datatoken can have automatic price discovery via its own automated market maker (AMM) pool.

Ocean’s “Compute-to-Data” feature gives compute access to privately-held data, which never leaves the data owner’s premises. With it, Ocean Market enables the monetization of private data while preserving privacy.

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