The vision for DataDAO
If Ocean facilitates a marketplace and a protocol for two parties to trade with data assets, in which one entity holds valuable data, and the other has an interest in using that data for it’s purposes (research, AI training, business model monetization), the combination of Ocean + DAO is expanding the utility of this protocol by allowing multi parties to transact with data, by helping several entities to join forces and generate combined data sets that together are more valuable than the sum of it’s parts.
This ability is opening a new business model opportunity, in which individuals (retail) can share data and gain rewards, or several entities can join forces (5 universities contribute their student records for joint research, 10 hospitals connect to improve health research etc...
What it does
1) ** Grow the quantity of data assets by: ** Incentivising entities and individuals to contribute data - a way to make the whole bigger than it’s building stones. This option is currently only available to companies who control large scale data assets, usually generated by users of their app/service.
2) ** Incentivize people to contribute ** - Allow anyone to participate in the monetization of their part in a large dataset and allow individuals and entities to contribute to the growth of the DAO by developing functionality, perform marketing activities and suggest ideas that benefit the DataDAO.
3) ** Govern the rewards / monetization stream ** - Once critical mass is achieved, the DAO serves as the tool to make decisions. Participants can collectively decide how to invest funds collected in the future growth of the DAO.
Retails data contributors use case (MVP in our roadmap)
An app that enables a user to open a campaign for a specific dataset required, and allows people to contribute records into this data set:
- Community of people with specific blood type
- Community of people with specific disease
- Group of people from a common physical characteristic
- Group of people from a common social characteristic
- Group of people from a common demographic characteristic
- Group of people from a common socio-economic characteristics
- Group of people from a common DNA test results characteristic
Institutions data contributors use case
Entities from different countries / cities working together to combine information Municipalities want to create a shared database of public transportation statistics for comparison and data analysis Multiple universities contribute data to a large-scale data set around a specific research domain.
Researchers who have a need for a specific dataset will be the entities to initiate a new “campaign”, and will pay for using that data.
Why use a DAO ?
Democratize individuals’ ability to monetize data they create:
A Decentralized Autonomous Organization, managed by the same people contributing data for it to own, can spark the light in an attempt to change the data economy Setting free from the concept of which only big companies can own and monetize data, simply because people don’t trust companies to hand over their data. Change the power balance between user, their data and privacy , and big tech companies
** Create a fair terms of the way value created is split between data contributors and app developers ** - When an asset is made up of multiple small donations / contributions, the value resides in the entity that holds the aggregated assets, and therefore the individual (the owners of each fragile of that asset) are not compensated properly.
A DAO can fix that by giving back the control and power in the hands of the contributors
An example use case - Health data aggregation for research purposes
Alice, Bob and Dave all use Fit bit - their individual fitbit data doesn't worth much each on its own. But if we are enabling 100,000 people to share their data , and using Ocean to aggregate into a single asset of 100K people health data , this becomes interesting for someone running a research on people's health and sport habits.
How I built it
We created this walk through that enables anyone easily open a new dataDAO around a specific data set or domain. The purpose of this submission is to show the concept, demonstrate the core component and flow.
We deployed a DAO on the DAOstack protocol using the DAO creator. DAO contract in Github DAO address DAO interface in Alchemy - the application for DAO members to interact with the DAO We wrote a scheme that allows a user to register a dataset in the Ocean Commons marketplace, and receive reputation in the DAO. << Disclaimer - Since Ocean doesn’t have contracts deployed on Rinkeby network, we couldn’t make it to test and complete the integration. We made it to run xDAI integration for Alchemy, so are half way to complete the full integration. As part of the roadmap we will need to complete the integration on POA on the Nile/Pacific network >>
Challenges I ran into
Need to work on our contracts integration with POA network
Decided we want to create a seperate UI app for the DataDAO concept, so it is suited for enabling a user- friendly user experience of this concetp - one to many communication between an entity that is llooking to generate a data asset, and community of individuals that can contribute to create it
The need to verify quality of the data assets is still an open items, and we will leverage what Ocean comes with to create rating of contributers
Accomplishments that I'm proud of
What I learned
What's next for DataDAO
- Complete POC integration
- UI within Alchemy to allow users to add data assets to the ocean.
- Integration to POA
- Token economics design (DataDAO Token + Reputation distribution)
- Develop KPI’s upon the DAO incentives mechanism design will be deployed:
- Size of Dataset
- Quantity of records
- Depth of records (the more info per record → higher accuracy for researcher)
- Quality of records
- MVP Application design:
- Expand to have a core team to work on this project - if you are interested contact @DataDAO
- Funding - deploy funding for a core team to further work and develop this project
- User journey from both supply and demand (researcher and data contributors)
- Legal design - BBLLC in which members are Reputation holders (voting rights owners), and the entity (oracle) that governs the data itself
- Data Tokens - future implementation of Data Tokens can be leveraged with the DataDAO design - the ability of using re-fungible tokens concept and break down one data asset ownership (a single NFT token) to multiply fractional ownership (= the DAO’s members), and connect this with the members reputation (= voting rights).