Introducing the latest Ocean Data Challenge: Storage Network Energy Consumption

Oceaners,

We have a brand new data challenge for you!

Ocean is proud to host its next strategic program to incentivise data-driven insights — the Storage Network Energy Consumption initiative. Engage with energy consumption metrics, analyze the energy performance of Filecoin storage and determine possible correlations between that & the value of the $FIL token!

What’s in it for you?

Prizes up to $6,000 USD (payable in OCEAN), as follows:

1st place: $3,000

2nd place: $2,000

3rd place: $1,000

All valid entries submitted will receive an award of 500OCEAN tokens. The evaluation panel will determine if the entries submitted are valid, submitted in good faith, and meet minimum requirements as specified in the challenge description.

Let’s take a deeper look!

The vision

Storage network energy consumption is a pressing global issue: current statistics reveal that the energy-intensive data storage industry accounts for around 4% of global electricity consumption and 1% of global greenhouse gas emissions.

As a decentralized storage network aiming to use 100% renewable energy, Protocol Labs is positioning Filecoin to spearhead a future of Web3 powered by verifiably clean energy via the Filecoin Green Initiative.

To better facilitate this transition, this latest Ocean challenge is designed to encourage insights into the Filecoin network’s energy consumption and generate reports with novel findings.

Two datasets are made available for this challenge:

* Energy Consumption API — Provided by Filecoin Green, this API provides comprehensive data about Filecoin Storage Providers’ energy consumption metric

* $FIL/USD price history — Provided by Ocean Protocol via Ocean Market

You are free to use any other dataset as long as they publish it on the Ocean Market and provide a link to it along with their submission.

The Challenge:

To participate in the challenge, you are required to:

1- Make a global analysis of the energy performance and the evolution of Filecoin’s storage including the share of renewable energy used by the network.

2- Determine a level of correlation between:

- The energy used to seal the Filecoin data and the price of its $FIL token

- The capacity of storage added per day in the Filecoin network and the price of its $FIL token

- The energy consumption rate of the Filecoin network and its $FIL token price

3- Build an algorithm to predict the storage capacity added per day for the month of December 2022.

4- Submit a report describing the above findings. Participants must be sure to include qualitative insights in addition to quantitative ones. Reports will be evaluated on presentation structure, approach, content, and completeness.

To earn bonus points, participants can also publish a dataset on the energy consumption of conventional data centre storage on the Ocean Market and draw comparative conclusions between the energy performance of Filecoin storage and that of conventional data centres.

The submission deadline is December 8 @ 23:59 PM UTC

To enter the competition, access the dedicated Questbook page to go through all the requirements and submit your reports!