Coin Vs. Coin: OCEAN/RLC
As artificial intelligence continues to find applications in the marketplace, cryptos such as Ocean Protocol (OCEAN) and iExec RLC (RLC) have shown the power of integrating AI and blockchain. Both ranked in the top ten of the crypto market’s AI sector: Ocean Protocol (#4) and iExec RLC (#5). An OCEAN/RLC comparison unveils how AI can restructure data on a blockchain and derive new forms of value in the web3 ecosystem.
Ocean Protocol (OCEAN)
Ocean Protocol is a decentralized data exchange that provides a secure, transparent, and private way to share, buy, and sell data. Data providers can monetize their data assets while maintaining control over their data. Consumers can access high-quality data that can be integrated into AI and machine learning applications.
Built on the Ethereum blockchain, Ocean Protocol uses smart contracts to facilitate data-sharing transactions between data providers and consumers. The protocol has its own marketplace where data assets can be listed for purchase, and consumers can post the types of data they want. The OCEAN token is used to reward data providers and for consumers to pay for data assets.
iExec RLC (RLC)
iExec RLC is a utility token that powers the iExec Network. A decentralized cloud computing platform, iExec Network allows individuals and businesses to rent computer power and cloud services from a global network of users. The iExec Network is environmentally friendly as it utilizes idle computing power and does not require building new data centers.
iExec RLC facilitates access to computing power and data storage services through AI. The iExec Network provides necessary resources for AI models to learn and train faster and more accurately, thus reducing the time and money spent training AI models in a traditional format.
The RLC token is used to pay for the rental services and reward users who contribute their computing power to the network. With a growing demand for blockchain computing services, the market is keen to find lower costs, increased privacy and security, and greater efficiency.
Similarities
Decentralized: Both platforms do not rely on any central entity to facilitate their transactions. Instead, they engage smart contracts to automate and enforce transactions.
Focus on data and computing resources: The marketplaces for Ocean Protocol and iExec increase privacy, security, and transparency in data asset transactions.
Incentivization: iExec utilizes its RLC token to leverage AI resources for computing power, while the OCEAN token rewards data providers to sell assets.
Differences
Primary focus: Ocean Protocol primarily creates a data exchange protocol, while iExec RLC focuses on providing a cloud computing platform.
Use cases: Ocean Protocol is designed to address data-sharing challenges, including privacy concerns and lack of transparency. At the same time, iExec RLC aims to address the demand for blockchain cloud computing services.
Ecosystem: Ocean Protocol is built on the Ethereum blockchain and uses smart contracts, while iExec RLC uses a multi-chain architecture and supports different blockchain technologies.
OCEAN/RLC comparison
All in all, both iExec and Ocean Protocol are extracting value from data and digital resources using AI while flexing the power of blockchain to structure data in a clean format.
Comparatively, OCEAN and RLC each give users access to unique resources that are not available in the form using other means. Both these coins and the projects behind them show the power of leveraging other technologies in real-world use cases to meet market demand.
