What is OCEAN Protocol? Is Ocean Protocol a good investment? Is Ocean an AI Coin?
Table of contents
- What is OCEAN Protocol ?
- About OCEAN Protocol ?
- Who created OCEAN Protocol ?
- How does it work ?
- What is an OCEAN Market ?
- Features of OCEAN Protocol
- Why does OCEAN Protocol has value ?
- Benefits of OCEAN Protocol Token
- Latest Developments of OCEAN Protocol ?
- New Data Economy
- The Ocean Protocol (OCEAN) – A New Asset Class
What is OCEAN Protocol ?
Built on top of the Ethereum Blockchain ,OCEAN uses ‘datatokens’ to gate access to data sets.
The tokens are then redeemed by users who need access to the information. Basically, OCEAN is seeking to make the data sets on its platform .
Essentially, for startups and researchers . Without the data having to leave the hands of those who store it.
It is an open-source protocol that aims to allow businesses and individuals to exchange data and data-based services.
About OCEAN Protocol ?
OCEAN’s software is built to facilitate this data exchange . By linking users who need data or do not have resources to store it.
Essentially, with those who have resources to spare. Additionally, in return for their work , providers are awarded OCEAN , Ocean’s native cryptocurrency.
The OCEAN Token (sometimes referred to as OCEAN coin or OCEAN crypto ) is designed to be multipurpose.
Additionally, it is used to allow the best datatokens and similarly, to allow users to both participate in governance and buy and sell data.
Further, it enables marketplaces to implement its protocol to connect parties. Besides, facilitating transactions between them.
For example, Ocean Market , created by the Ocean team, is a place where datatokens are publicly available for trade.
Who created OCEAN Protocol ?
It was founded in 2017 by Bruce Pon and AI researcher Trent McConaghy. Who previously founded BigChainDB , a blockchain database software company.
The project is supported by the its Foundation. Essentially, a non-profit based in Singapore.
The Ocean DAO , decentralized autonomous organization (DAO).
The Foundation raised a total of $26.8 million through several rounds of token offerings. And then, releasing roughly 160 million OCEAN tokens.
Read More Unlock Protocol-How does It Work?2023
How does it work ?
Furthermore, The OCEAN Protocol uses custom programs called smart contracts. Basically, to ensure each data token can be exchangeable across Ethereum’s blockchain .
And within its decentralized applications. Additionally, to make the system work , OCEAN operates through three main components.
a. Providers – Mint datatokens and sell the right to access off-chain data sets.
b. Consumers – Purchase datatokens and redeem access to datasets.
c. Marketplaces – Connect providers and consumers and facilitate transactions.
What is an OCEAN Market ?
It is an automated market maker (AMM). Essentially, built to facilitate the minting and exchange of datatokens.
In contrast to traditional orderbook style trading that matches the ‘bids’ and ‘asks’ of participating parties.
And then, automated market makers use a collection of liquidity pools, similar to Uniswap and Balancer .
Additionally, which allows each trade to settle through a set of smart contracts.
Minting the Token – When a provider seeks to mint and publish a data token, they specify several fields.
Essentially, to inform consumers about their product,including a title, description, price, and a URL .
Secondly, Where the data can be found , which is then encrypted and stored on Ethereum.
Ultimately, when consumers decide to redeem a data token , the data is decrypted.
And then, subsequently downloadable directly from the wallet connected to the marketplace.
Features of OCEAN Protocol
Compute-to-Data is OCEAN’s feature that allows data sharing while preserving user privacy.
Moreover, using this method , data tokens allow consumers leverage certain portions of a dataset.
Eventually, to run specific computing jobs. And thus supporting the development of research or artificial intelligence .
While, keeping certain user information private. Further, providers , can therefore keep datasets on their own servers .
And then, sell portions of it to specific parties or for particular use cases.
Why does OCEAN Protocol has value ?
moreover, OCEAN Protocol’s Cryptocurrency , it allows users to buy and sell data tokens . Additionally, it allows to participate in governance , or stake in the Ocean Market.
Benefits of OCEAN Protocol Token
OCEAN’s main use case is its ability to be the unit of exchange for data tokens. Of note, as a token that abides by Ethereum’s standards.
Additionally, OCEAN and data tokens are also transferable for other ERC -20 tokens. And then, ETH, DAI , and many others.
Further, user who stake OCEAN also help govern the protocol. Additionally, voting on network upgrade proposals to determine which initiatives to push forward.
Given OCEAN Market operates as marketplace. Besides, OCEAN holders may also stake their tokens and provide liquidity to the marketplace.
Besides, in return, these liquidity providers can earn a percentage of the transaction fees . Eventually, which are paid by traders that utilize liquidity pools.
Lastly, OCEAN is also critical to Ocean’s DAO operations.
What’s more , it grants owners the ability to vote on which proposals to fund and guide the future of the project.
Latest Developments of OCEAN Protocol ?
The biggest upgrade to happen to the Ocean Protocol over the last 12 months would have to be the Ocean ONDA V4 Update.
Moreover, this upgrade made some vital changes to the way the it operates and what assets it can leverage.
The upgrade integrated Data NFTs which is a game changer in terms of flexibility and ROI potential.
Additionally, the system now has more flexibility in terms of data management which improves performance and integration.
The upgrade includes an interactive interface geared toward data publishers, data consumers, and data marketplace operators.
The upgrade also introduces a host of security features such as one-sided staking.
The ONDA V4 upgrade also adds support for ERC725y metadata fields which makes more on-chain data readily available to users.
Most importantly, it introduces GDPR compliance via an integrated encryption system. Consequently, these NFTs are ideal for a huge variety of use case scenarios.
They can represent data, art, or even other vital information such as comments, claims, identity credentials, user profile data, and social media posts.
New Data Economy
Ocean Protocol creates a new Data Economy that improves access, transparency, and validity.
Today, Ocean Protocol plays a vital role in a variety of applications. The network has also managed to cultivate a community of developers, innovators, and problem solvers as part of its growth strategy.
The Ocean Protocol has 150+ projects that leverage its systems such as Data NFTs. These Dapps include popular titles like Data Whale, DataX, Algovera, DataUnion, Felt, Ocean Pearl, Swash, and Transport Genie.
These networks have leveraged Ocean Protocol to monitor and add value to their data.
Thankfully, the introduction of Ocean Protocols’ latest update, Data NFT, makes this process easier than ever.
The Ocean Protocol (OCEAN) – A New Asset Class
The development team behind Ocean Protocol seeks to push the network further toward its goal of making data a new asset class.
By creating an open data economy, the network provides a host of new opportunities to users and developers alike.
In the end, innovators can create new markets and value using Ocean Protocol tools and services.
As such, it serves a crucial niche in the market currently. These upgrades reflect that commitment.
For more information on the project check out Investing in Ocean Protocol – Everything You Need to Know
There has been a renewed interest in AI-focused blockchains such as the Ocean Protocol as of late.
The platform remains a pioneer in the data market due to its unique combination of features and recent improvements.
The Ocean Protocol operates as an open-source blockchain-based data exchange.
It empowers builders and startups to create more immersive applications to suit the needs of specific communities.
Notably, the project has seen some major upgrades recently, which have helped the platform remain relevant.
All in all, OCEAN Protocol is a lucrative investment into the data and AI crypto sector. Essentially, with a strong team and clear value proposition.
It has the potential to revolutionized the data industry. By creating a landscape in which individuals and businesses can create .
As well as, trade , exchange, and monetize data.
Ocean is an open-source protocol that aims to allow businesses and individuals to exchange and monetize data. Similarly, data-based services. Built on top of the Ethereum’s blockchain, the Ocean protocol uses data tokens to gate access to data sets.
Layer 2 .
Ocean Protocol’s smart contracts and the Ocean Market are deployed on Layer 2.
Bruce Pon is the Founder of BigchainDB and Ocean Protocol. Additionally, blockchain startups focused on bringing data and AI together since 2013.
Ocean Protocol Price prediction . December 2030. According to an analysis should range from $1.41 to $1.62 .
And the average price of OCEAN should be around $1.51.
Today Price is US$0.3603 with a 24-hour trading volume of $30.88 M .
OCEAN is +7.15% in the last 24 hours at the time of writing.
The company is headquartered in Singapore. And it was founded in 2017 by Bruce Pon, Christina Pon, Don Gossen, Chirdeep Singh, Trent McConaghy.