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H2O can finally be used as a base token on Ocean Market, allowing data buyers and sellers to benefit from more price stability.
For those not familiar with Ocean Market, it is a decentralized data marketplace that enables publishers to monetize their data and/or algorithms through Compute-to-Data, Ocean’s latest privacy-preserving approach.
Ocean Market allows access to data, algorithms, and compute services via datatokens and offers monetization opportunities for stakers who provide veOCEAN to promising data assets. Every transaction in Ocean Market and Ocean backend generates transaction fees, some of which go to the community. Fifty percent of the community fees will go to veOCEAN holders; the rest will go to OceanDAO grants.
Prior to this integration, only OCEAN (Ocean Protocol's own token) was available as a base token in Ocean Market. That means it was the only token that could be used to price data for buying and selling and to stake on data assets. With this update/integration, Ocean Market has added H2O as a base token. Upon publishing a data asset, the publisher can choose whether to use OCEAN or H2O.
Explaining further what H2O actually provides, it is an OCEAN-backed, non-pegged stable asset, aiming to be the de facto medium of exchange within the entire Web3 Data ecosystem and based on the RAI stable asset by Reflexer Labs. Like RAI, H2O is decentralized, permissionless, and minimizes governance. The H2O non-pegged stable asset is a friendly fork of RAI. Whereas RAI uses ether (ETH) as its asset for collateral, H2O uses OCEAN. H2O can be used to price data in fixed-rate exchange.
Moving from OCEAN to H20 brings to the table, first and foremost, less fluctuation, then H2O in Ocean Market mitigates the volatility of the price of the data, since H2O fluctuates far less than OCEAN. As a result, data sellers get a more predictable revenue, while data buyers have predictability in their costs, this correlates directly to the fact that both revenue and costs will not be dependent on OCEAN's price anymore.
Be aware that this only applies to the Ocean Market, that only explicitly supports the usage of OCEAN or H2O. Any third-party marketplaces powered by Ocean can readily pick other tokens for their market.
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