What is the Ocean Token and what interesting technologies does it have?
What is the Ocean Token? What does the Ocean Protocol provide? And how does it work?
Today, Bitkub Academy would like to present an educational article on what is Ocean!
What is Ocean Protocol (OCEAN)?
Ocean Protocol (OCEAN) is a system that allows users to tokenize information for trading with privacy and absence of intermediaries.
OCEAN is an ERC-20 standard token built on the Ethereum blockchain network alongside Ocean Protocol.
Ocean was founded in 2017 by Bruce Pon and Trent McConaghy, experienced engineers and experts in Artificial Intelligence (AI). Ocean is supported by a number of consultants, most of which are experts in blockchain technology, AI, Big Data, and other businesses.
Trading takes place on the Data Marketplace or Ocean Market and is publicized in the form of ERC-20 standard “Datatokens”.
The OCEAN Market functions as a Decentralized Exchange(DEX) with a price mechanism from an automatic liquidity system or Automated Market Maker (AMM), which is traded through smart contracts.
In addition to data trading, Ocean Protocol also supports data analysis to develop Artificial Intelligence (AI) called Compute-to-Data, by using the personal information that the owner agrees to reveal to research and develop AI, which will make it better for science, medical, or marketing purposes. Additionally, this can be another method of creating revenue from one’s own data while maintaining data privacy.
Ocean Protocol also provides a Decentralized Autonomous Organization (DAO), called OceanDAO, for the purpose of submitting proposals and funding for developments, including initiating voting systems for any development to improve the systems.
OCEAN is a Utility Token and a Governance Token, which mean that OCEAN holders can take part in system development or change and are able to trade data within the system.
Moreover, OCEAN can also be used for staking or to increase liquidity to earn rewards from additional fees as OCEAN.
Pros of OCEAN
1. Able to trade data easily
The Ocean Protocol is designed for trading data on the blockchain network through the Ocean Market. If users have data that is credible or valuable to others, it can be sold.
Users can trade data anonymously and do not need to verify identity to access any information , which results in high privacy for data trading.
Besides being a blockchain-based data trading system, Ocean Protocol can also analyze trading data in order to develop its AI to be more capable for various projects, while also still considering data privacy, which can allow access to specific information.
All public data in Ocean Protocol will show only metadata, which is detailed information describing its origin but the original file data is encrypted during the publish process making the data remain safe.
The data owner can give access rights to the Compute-to-Data system to check, receive data for analysis and set the cost for access to the data to earn rewards.
In reference to statistics from Coinmarketcap on November 2, 2021, OCEAN is ranked as the 128th highest in terms of market capitalization, with around 657 million U.S. dollars or around 22 billion Thai baht. OCEAN’s total supply is fixed at 1,410,000,000 OCEAN with a current 613,099,141 OCEAN in circulation.
Additionally, OCEAN once made an all-time high at 64.82 baht and is hovering around the price of 36.23 baht at the time of writing.
Ocean Protocol (OCEAN) is a system that tokenizes data for trading and exchanging on the platform's data market with OCEAN as a utility token. OCEAN can be used both for staking as well as being a Governance Token that provides administrative rights to its holders, alongside the platform’s OceanDAO, facilitating various ongoing functionalities within Ocean Protocol.