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OCEAN Protocol

What if data wouldn't be under the control of big companies like Apple, Microsoft and Google, but could be shared and monetized with the help of marketplaces of various data? Ocean Protocol allows data owners to benefit from providing information without harming their security and losing control over the information. Many people compare this project to IOTA, but it has a lot of unique features. So, let's look at this startup closer.

About the project OCEAN

The protocol called Ocean is an ecosystem based on blockchain providing an opportunity to individuals and companies to show the real value of their information assets and monetize them using ERC20 data tokens. The project has been rapidly developing and crypto experts call it a promising player in the crypto market.

The project connects businesses, technologies and management structures to securely exchange services. Its blockchain stores metadata, data links, provides a licensing structure, and has effective pricing tools.

With the help of Ocean Protocol, publishers can earn money for their data. At the same time, full privacy and control are preserved. On the other hand, customers obtain access to datasets that used to be unreachable or hard to access. Now they can be easily found on Ocean Market.

The protocol is built in such a way that data owners are not dependent on data marketplaces. Exactly the data owner controls each dataset.

OCEAN Protocol

OCEAN Protocol

Pool of liquidity
By purchasing OCEAN, a user gets a share within the system. This means that since the cryptocurrency provides a pool of liquidity, its holders can receive revenues from transactions carried out using the pool
Ecosystem
The token allows users to influence management processes in the ecosystem. It grants the opportunity to vote for some changes and updates. Decisions are usually made by the majority of votes
Ocean DAO
It Is needed to vote on decisions funded by Ocean DAO (a decentralized organization that supports the network).
Payment method
OCEAN can be used as a payment method to buy and sell tokenized data
Secure trading
The token can also be bought on a crypto exchange as a long-term investment or for further secure trading and profiting from exchange rate differences. For this purpose, you don't need to be an Ocean Protocol user. It is enough to have an account on a cryptocurrency exchange
Web3 Data Economy
Data owners and consumers use Ocean Market app to publish, discover, and consume data in a secure, privacy-preserving fashion

The big idea of Ocean Protocol

The company is aimed at contributing to limitless data dissemination, especially for AI purposes. The system was developed to unlock quick large-scale blockchain usage and ensure data integrity.

Ocean Protocol is described by its developers as a tokenized service level that provides data, storage, computation, and algorithms for use with a set of deterministic proofs of availability and integrity used as verifiable service agreements. The platform involves staking due to which it is possible to prove the reputation of a node and combat against Sybil attacks.

OCEAN Protocol

The developers are concerned that a small number of companies own a terrifying amount of information assets. This fact poses a threat to the free and open society we currently live in. If the things won't be changed, the world can soon turn into something resembling a dystopia. Projects like Ocean Protocol prevent such an outcome of unfair data grabbing and formation of data monopolies.

How Ocean Protocol works

The entire network is powered by the OCEAN token. The system involves three types of users who have no access to data until they buy OCEAN crypto: sellers of data, token buyers and marketplaces. Users from the first group provide their data and can receive revenues in exchange. The second group users need access to the restricted data and they are ready to pay for it. The latter stands for a visual space where demand meets supply and transactions take place.

A user can create a marketplace that keeps all the information about a particular collection of data, the owner, who shares and exchanges it. OCEAN libraries are used to build new data crypto wallets, marketplaces and more. Instead of a traditional trading method of placing orders, Ocean Protocol uses liquidity pools. This solution enables users to make deals involving smart contacts which automatically execute an agreement when the criteria are met.

Ocean involves a compute-to-data system to protect data of a user. This feature allows using some data parts while keeping the other pieces of information private.

The developers of Ocean Protocol

The company has been working since 2017, but until 2019, it stayed relatively unknown for the global crypto market. The project gathered entrepreneurs, technologists, professional designers and technical advisors who were already experienced in developing and growing high-tech businesses.

It should be noted that Ocean Protocol has more members than many other blockchain projects. Just the core team alone has 25 skilled specialists. Add also over 30 advisors and consultants.

The key role in the growth of Ocean Protocol play:

  • Bruce Pon, current CEO at Bigchain DB and a project manager with international experience;
  • Trent McConaghy, an artificial intelligence expert;
  • Razvan Olteanu, a specialist with more than 20 years of technical and administrative experience;
  • Cristina Pon, director of marketing at Bigchain DB and Ocean Protocol.

They created the core and gathered like-minded and experienced professionals who helped to bring the project to the international level. But we should also pay attention to an extremely important element that gave life to the complex system.

What is OCEAN token

The based on Ethereum $ OCEAN utility token is used for community management and bidding on data. It addition, it is possible to sell and buy OCEAN as the major exchange unit on Ocean Market app and cryptocurrency exchanges. The price of this token is regulated by the AMM OCEAN-datatoken pool that adjusts the value on the basis of current OCEAN supply and demand.

What is OCEAN token

This token is currently traded on Binance, Bittrex, Poloniex, P2PB2B and some other exchanges. So, you can buy this crypto with your credit card or in any other convenient way.

$ OCEAN token was initially listed in the middle of 2019 and was initially traded from $0.02 to $0.035. On February 23, 2020, the OCEAN price reached $0.07, but then fell again in March to about $0.026. It was exactly the period of the global pandemic crisis that affected most markets, including the cryptocurrency one.

Starting from July 2020, the position of OCEAN remains rather stable. The token is traded now on the level of $0.8-0.9. Current circulation supply is 613,099,141.00 OCEAN (43% of the total one). Ocean market cap is $510,987,237.

How OCEAN can be used

Besides, as OCEAN is an ERC20 token, it can be easily exchanged for other ERC20 digital assets.

Features of OCEAN a crypto trader or digital currency investor should know:

In order to provide you with more information concerning the activity of the Ocean crypto startup, we would like to point out the core features of this protocol:

  • Ocean Protocol is a socially meaningful blockchain project that allows people all over the globe to securely buy and exchange data while preserving their privacy. CoinList calls it the ‘connective tissue for the new data economy'.
  • It opens access to previously inaccessible or rare data, allowing anyone with in-demand datasets to tokenize data and make it available on Ocean Market. This creates an additional revenue flow for data owners by giving scientists, researchers, data analysts and everyone else access to more reliable pieces of information.
  • The startup provides companies with needed DeFi tools for creating and launching their own data markets either without intermediateries or by opening Ocean Protocol branches.
  • OCEAN keepers can participate in the data token economy by listing their own tokens on Ocean Market. Then the members become liquidity providers in the selected OCEAN-datatoken pool and can earn a fee for carrying out transactions generated by the pool.
  • In 2021, the World Economic Forum awarded the protocol the status of a technology pioneer, which proves the significance of the project.
  • The company has great potential for further development and growth. That is why crypto investors and traders should pay attention to this project, especially taking into account the fact that the Binance crypto exchange is the major investor of Ocean Protocol.