Ocean Protocol

What is the Ocean Protocol?

The Ocean Protocol Token, or OCEAN, is the utility token that powers the Ocean Protocol. The latter represents data-driven ecosystem built on the Ethereum blockchain.

OCEAN is based on ERK-20 token standard. Mainly it serves data payment method in the Ocean Protocol ecosystem.

Moreover, it allows users sell data on the Ocean Protocol platform. In addition, it performs the function governance token this allows owners to manage funding for the Ocean community.

There are a total of 1.41 billion (1,410,000,000) Ocean Protocol tokens available. Since the supply of tokens is limited, it is possible that the price of OCEAN will increase as the asset becomes more scarce.

According to Ocean Protocol, it will take 50 years for all of these tokens to become part of the circulating supply. They were distributed as follows:

• 60% – Guardians;
• 20% – Co-founders;
• 15% – SAFTE holders;
• 5% – Ocean Protocol Foundation.

Like most cryptocurrencies, Ocean Protocol’s price is subject to volatility. If you want to know more about the current price of OCEAN, check out the chart above.

What are the main features of the ocean protocol?

The Ocean Protocol is data market. It benefits its users by providing the ability to monetize data using blockchain technologies. Thus, it provides a transparent and secure way to share data and receive rewards while maintaining complete control over it. In simple terms, this means that only the data owner can change, transfer, and publish the data.

In addition, data owners have full control over data exchange parameters such as price, access, restrictions, etc.

There are two main roles in the Ocean Protocol ecosystem:

• Publishers, that provide data and place it behind a cryptocurrency-based paywall. They use the ERC-720 token standard to store their data in NFT format. Publishers receive payment for their data in the form of Ocean Protocol tokens.
• Consumers, who purchase access to information provided by publishers. This data comes in the form data token — an ERC-20 token associated with a unique piece of data. However, it is important to remember that data tokens are a type of license to access data, not ownership of that data.

Anyone can become a publisher by publishing data services, just as anyone can consume those data services through data tokens.

Although any type of data can be stored in Ocean Protocol, this is especially useful for storing artificial intelligence data.

Ocean Protocol greatly benefits data scientists and artificial intelligence experts who need large amounts of data to further their research. In this way, the platform provides access to unique data sets that they would not otherwise have.

Data can be bought and sold on the official Ocean Marketplace. In addition, users can also design and create your own data markets by forking the Ocean Marketplace code.

There are 5 types of fees in the Ocean Protocol ecosystem:

• Publication fee – charged to publishers only when they submit a new dataset;
• Consumption fee or order fee – charged to consumers each time they access data through their data token;
• Swap commission – charged to users who exchange their data tokens for base tokens and vice versa;
• Supplier commission – a fee is charged for computing resources and paid to a third party managing the Provider;
• Utility fee — charged to all users during swaps and sent to OceanDAO for reinvestment.

Keep in mind that not all of these fees have been implemented on the platform yet.

As discussed in What is Ocean Protocol In the section, the project runs on the Ethereum network. In addition, it is protected by Proof of Work (PoW) consensus algorithm.

It is important to note that Ocean Protocol initially operated via a sidechain based on Proof of Authority (PoA) consensus mechanism. However, this method of reaching consensus was abandoned because it threatened the compatibility of data tokens with Ethereum.

One of the main goals of the project is to help people unlock the value of data through a unique data sharing ecosystem.

Ocean Protocol supports the following networks: Ethereum Mainnet, Polygon Mainnet, Binance Smart Chain, Energy Web Chain, Moonriver, Ropsten, Rinkeby, Mumbai, Moonbase and Ganache.

Who developed the ocean protocol?

The Ocean Protocol crypto project was launched in 2017 through Initial Coin Offering.

It is a Singapore-based company founded by entrepreneurs. Bruce Pon, Christina Pon and Trent McConaughey.

Bruce Pon was educated at IMD Business School and the Massachusetts Institute of Technology. He is an experienced project manager with many years of experience at Daimler AG. In addition to Ocean Protocol, he also founded the consulting company Avantalion Consulting Group AG and the blockchain software company BigchainDB.

The core project team, which is responsible for developing the ocean protocol, includes 28 members. Moreover, he receives invaluable feedback from over 35 consultants from successful blockchain companies such as CoinShares, Spherity, Atazzo, MOBI and many more.

The Ocean Protocol crypto project collaborates with various projects, including Daimler, MOBI, DAC, Polygon, OpenDAO, 0Chain and many others.

Before jumping into Ocean Protocol (or any crypto project), be sure to do proper research. The chart above provides basic statistics about the price of OCEAN and other details of the token.