Ocean Protocol

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Discover Ocean Protocol's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Ocean Protocol?

Ocean Protocol (OCEAN) is a decentralized data exchange framework that utilizes blockchain technology to facilitate secure and privacy-preserving access to data. It enables data providers to monetize their assets by offering them in a marketplace where they are traded as ERC-20 tokens, ensuring data control and privacy. The platform supports data-intensive applications, particularly in AI, and is transitioning towards a fully decentralized autonomous organization (DAO) for community-led governance and decision-making.

How is Ocean Protocol used?

Ocean Protocol (OCEAN) is used in several ways to facilitate the decentralized exchange and monetization of data:

  1. Tokenization of Data: Data providers tokenize their data using the OCEAN token, which represents a digital representation of the data. This token can then be traded on Ocean Protocol's decentralized marketplace.

  2. Staking and Governance: OCEAN tokens are used for staking on data for curation and governance purposes. This includes community voting and decision-making processes.

  3. Transaction Fees: OCEAN tokens are used to pay transaction fees on the platform. These fees support the ongoing development of Ocean technology and fund the buy-and-burn process of OCEAN tokens, which reduces the token supply and increases demand.

  1. Data Marketplace: The OCEAN token serves as the medium of exchange on Ocean Protocol's data marketplace. Data providers can sell data access to interested parties, and data consumers can purchase data using OCEAN tokens.

  2. Compute-to-Data: Ocean Protocol allows users to remotely leverage machine learning and AI without relocating their assets, enabling novel revenue streams. This is achieved through the use of Data NFTs and Datatokens, which provide tailored access to data environments and control access to information.

  3. Node Operators: Node operators play a crucial role in verifying and executing transactions on the Ocean Protocol network. They are rewarded with OCEAN tokens for their work, ensuring the network's proper functioning.

Overall, the OCEAN token is the native utility token of Ocean Protocol, facilitating the secure, transparent, and private exchange of data and data-based services.

How do I store Ocean Protocol?

To store Ocean Protocol (OCEAN) tokens, you need an ERC-20 compatible wallet. Here are the steps to follow:

  1. Choose a Wallet: You can use MetaMask, Trezor, Ledger, or other compatible wallets. MetaMask is a browser plug-in, while Trezor and Ledger are hardware wallets.

  2. Set Up the Wallet: Follow the wallet's setup instructions. For MetaMask, ensure it is connected to the Ethereum Mainnet.

  3. Add OCEAN as a Custom Token:

  • For MetaMask:
    • Scroll down to the Import Tokens link and click on it.
    • Click on Custom Tokens.
    • Paste the OCEAN contract address (0x967da4048cd07ab37855c090aaf366e4ce1b9f48) into the Token Contract Address field.
    • The other fields should auto-fill. If not, add OCEAN for the symbol and 18 for the precision.
    • Click Add custom token and then Import Tokens.
  • For other wallets, search for instructions on adding a custom ERC-20 token.
  1. Manage Your OCEAN: Once set up, you can view your OCEAN balance and send OCEAN to others using the Send button.

Remember to keep your wallet's private keys and seed phrases secure to protect your tokens.

How to buy Ocean Protocol?

To buy Ocean Protocol (OCEAN) tokens, you can follow these steps:

  1. Choose an Exchange: Select a reputable exchange that supports OCEAN trading. Some popular options include Uphold, Paybis, Kraken, KuCoin, Binance, HTX, and WazirX.

  2. Create an Account: Sign up for an account on the chosen exchange. This typically involves providing your email address and country of residence.

  3. Verify Your Account: Complete the verification process, which may require a valid ID and proof of address.

  1. Add a Payment Method: Connect a payment method such as a bank account, debit card, or credit card to fund your account.

  2. Search for OCEAN: Find Ocean Protocol in the exchange's asset list and select it for purchase.

  3. Enter the Amount: Specify the amount you want to spend in your local currency, and the exchange will automatically convert it to OCEAN.

  1. Finalize the Purchase: Review the details and confirm your purchase. The OCEAN tokens will be added to your account.

  2. Store Your Tokens: You can store your OCEAN tokens in the exchange's wallet or transfer them to a non-custodial wallet for added security.

These exchanges offer a user-friendly interface and various payment options to make buying OCEAN tokens convenient and accessible.

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History of Ocean Protocol

Ocean Protocol, a decentralized data exchange protocol, was founded in 2017 by a team of blockchain experts, data scientists, and entrepreneurs. The founding team included Trent McConaghy, Bruce Pon, and Chirdeep Singh, who brought together their expertise in blockchain, AI, and data science to create the Ocean Protocol platform.

The project conducted an initial coin offering (ICO) in April 2018, raising approximately $21 million to fund the development and launch of the platform. Since its launch, Ocean Protocol has gained significant traction in the world of cryptocurrencies and data sharing. The platform has been used by high-profile organizations such as BMW, Roche, and Unilever to share and monetize data for various purposes.

In 2019, Ocean Protocol announced a partnership with Daimler AG, the parent company of Mercedes-Benz, to create a blockchain-based data marketplace that would enable secure and efficient data sharing between Daimler and its suppliers. In 2020, the platform made headlines when it partnered with Balancer, a decentralized exchange platform, to create a new liquidity pool for OCEAN tokens. This enabled OCEAN token holders to provide liquidity to the Ocean Protocol network, earning rewards for doing so.

Ocean Protocol has continued to grow and innovate, focusing on driving data value-creation loops by empowering users in the last mile. The aim is to ensure that people can sustain and thrive in the burgeoning data economy by creating value from data and making money from that value. This will enable users to loop back and reinvest the value creation into further growth.

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How Ocean Protocol works

Ocean Protocol (OCEAN) is a blockchain-based platform designed to simplify and decentralize data exchange. It enables users to securely, transparently, and privately share and trade data without relying on central intermediaries. Here's how it works:

Data Tokenization

Data providers tokenize their data using the OCEAN token, which represents a digital representation of the data. This tokenized data can then be traded on Ocean Protocol's decentralized marketplace.

Marketplace

The Ocean Market is a decentralized marketplace where data providers and buyers interact. Data providers sell data access to interested parties, while data consumers purchase datatokens to access the desired data. The marketplace ensures secure and efficient transactions using smart contracts.

Smart Contracts

Smart contracts regulate and verify transactions before execution, ensuring that all transactions are secure and transparent. These contracts also reward participants contributing to the network's operation.

Node Operators

Node operators play a crucial role in verifying and executing transactions on the Ocean Protocol network. They are rewarded with OCEAN tokens for their work.

OCEAN Token

The OCEAN token is Ocean Protocol's native cryptocurrency and serves various functions, including:

  • Paying transaction fees
  • Staking
  • Governance and voting
  • Rewarding contributions
  • Serving as payment for data on the Ocean Protocol marketplace
Compute-to-Data

Ocean Protocol's Compute-to-Data feature protects data privacy by allowing users to run compute jobs on the dataset without relocating the data. This is particularly useful for AI models and research.

Data NFTs

Data NFTs (Non-Fungible Tokens) are used to protect intellectual property and provide tailored access to data environments, web services, and digital assets. Each Data NFT can produce one or multiple datatokens.

Datatokens

Datatokens are ERC-20 tokens that provide token-based permissions to safeguard Data NFTs and control access to information based on user preferences. They can be used for whitelisting, pricing, and promotions, as well as expiration controls.

Staking

Participants can stake OCEAN tokens as collateral to ensure the network's proper functioning and are rewarded with OCEAN tokens for their contributions.

Governance

The Ocean Protocol Foundation, a Singapore-based non-profit, governs the protocol. The foundation contracted BigchainDB to build the core protocol and has 35 advisors with expertise in blockchain, AI, big data, and business.

Benefits

Ocean Protocol offers several benefits, including:

  • Simplifying and decentralizing data exchange
  • Enabling secure and transparent transactions
  • Providing a decentralized marketplace for data trading
  • Supporting the development of AI and data-intensive industries
  • Offering a usable platform for individuals, businesses, and governments
Drawbacks

Some drawbacks of Ocean Protocol include:

  • Limited adoption and awareness
  • High competition pressure
  • Accessibility only from the Ethereum network

Overall, Ocean Protocol is designed to create a decentralized data economy where data providers and consumers can interact efficiently and securely, while ensuring data privacy and control.

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Ocean Protocol's strengths

Ocean Protocol (OCEAN) has several strengths that make it a valuable resource for data providers and consumers:

  1. Democratization of Data: Ocean Protocol democratizes data by allowing anyone to buy and sell data on the open market, including data that was previously inaccessible or hard to access.

  2. Data Monetization: Data owners can monetize their data through tokenization, and data scientists can earn income by selling data and models, as well as by curating data through staking.

  3. Crypto-Secured Provenance: The protocol ensures tamper-proof provenance through blockchain technology, which benefits AI practitioners by providing a secure audit trail for data transactions.

  1. Improved AI and Big Data Development: Ocean Protocol provides resources and tools for data scientists to build interfaces with data, and its advanced filtering options simplify data access, saving time and money.

  2. Decentralized Governance: The protocol is governed by a Singapore-based non-profit, the Ocean Protocol Foundation, which ensures decentralized decision-making and management.

  3. Security and Transparency: All transactions are recorded on the blockchain, making them transparent and secure, and the protocol generates revenue through transaction fees, which fund ongoing development and support the buy-and-burn process of OCEAN.

  1. Flexibility and Customization: Developers can use Ocean Libraries to build and launch their own decentralized marketplaces, wallets, and more, and the protocol allows for the creation of custom data markets and integrations into various data science tools.

These strengths make Ocean Protocol a valuable tool for unlocking the value of data and promoting the development of AI and big data.

Ocean Protocol's risks

Ocean Protocol (OCEAN) carries several risks, including:

  1. Volatility Risk and Liquidity Risk: The value of OCEAN can fluctuate significantly, and liquidity issues may make it difficult to buy or sell the token quickly enough to respond to market changes.

  2. Short History Risk: OCEAN has a relatively short history, which makes it challenging to predict its long-term performance and stability.

  3. Demand Risk: The success of OCEAN depends on its adoption by businesses and users. If demand is low, the token's value may suffer.

  1. Forking Risk: Changes to the underlying blockchain technology or protocol can lead to forks, which can impact the value and functionality of OCEAN.

  2. Code Defects: Errors or vulnerabilities in the code can compromise the security and integrity of the Ocean Protocol ecosystem.

  3. Regulatory Risk: Changes in laws and regulations can affect the use, transfer, exchange, or value of OCEAN, and such changes may be sudden and without notice.

  1. Electronic Trading Risk: Technical issues or system failures can disrupt trading and impact the value of OCEAN.

  2. Cyber Security Risk: Ocean Protocol is vulnerable to cyber attacks and security breaches, which can compromise user data and the integrity of the network.

  3. Dependence on AI-Enabled Technology: The success of OCEAN is closely tied to the growth of AI-enabled technology within the Web3 space, which carries its own set of risks and uncertainties.

  1. Average Risk Rating: InvestorsObserver analysis gives Ocean Protocol an average risk rating, indicating that the token can be manipulated by limited trading and is susceptible to market volatility.

  2. General Risks: Uphold highlights additional general risks associated with crypto assets, including the lack of legal or regulatory recourse for holders if the token declines in value.

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Did Ocean Protocol raise funds?

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Ocean Protocol’s team

The team behind Ocean Protocol (OCEAN) includes:

  • Bruce Pon: Founder of Ocean Protocol, BigchainDB, ascribe.io, and Avantalion.
  • Trent McConaghy: Co-founder of Ocean Protocol, AI and design expert.
  • Matthias Kretschmann: Pixel, dots & code masseur, currently designing.
  • Cristina Pon: Marketing.
  • Sheridan Johns: Founding Team Member.
  • Alex Coseru: Team member.
  • Diksha Dutta: Berlin-based Content Strategist (B2B Tech).
  • Monica Botez: Team member.
  • Idiom: Team member.
  • Jamie: Blockchain Developer at Ocean Protocol.
  • Andrea Armanni: Web 3.0 advocate, passionate about DataFi and decentralized finance.
  • Veronica Manuel: Marketing and Communications at Ocean Protocol.
  • Christian Casazza: Team member.

Additionally, Ocean Protocol has a large advisory board with over 35 advisors, including notable figures such as Meltem Demirors, Dr. Carsten Stöcker, Prof. Dr. Sebastian Gajek, and others.

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