The Overview of Ocean Protocol
Ocean Protocol is an Ethereum-based decentralized platform which offers web3 data and related services. It enables data owners and users to connect directly, so that valuable datasets can be exchanged in a trustless environment.
Ocean Protocol has set out to change the data market by allowing universal access to data while keeping costs low and security high, with all necessary privacy precautions in place. By introducing a platform that connects both clients and providers, it can make the market more efficient.
With the help of ERC20 tokens, both data providers and users can benefit from the marketplace. Data owners can monetize their data and users can access it for payment. Furthermore, searching and discovering public data to consume is made easier by the marketplace.
Data owners can rest assured that they keep full control of their data, even when it is accessed by users. To enable this, the open-source Ocean Protocol based on the Ethereum blockchain uses data tokens to grant access to the data.
Ocean Protocol not only allows users to store their data securely, but it also provides the tools for developers to build data sets. Through its marketplace, it also enables users to buy or sell data sets with complete control over it.
The native token of Ocean Protocol, the OCEAN token, serves a variety of functions. Not only does it validate data tokens, but it is also used to purchase & sale data. Furthermore, those who own this cryptocurrency can vote on governance changes as well.
Ocean Protocol, created in 2017 and led by Trent McConaghy (AI Researcher), Bruce Pon (BigchainDB CEO), Cristina Pon (Marketing Director) and Razvan Olteanu, gives out ocean tokens as a reward to data providers for their contributions. This incentivises them to provide better services as well.
The OCEAN has an international network of over 3000 contributors spanning multiple countries.
How Does Ocean Protocol Work?
The Ocean Protocol community is made up of a variety of key players, such as developers, users, DeFi participants & providers, an on-chain marketplace, OCEAN tokens & OceanDAO governance system and a team of building technocrats. All these elements come together to form the entire ecosystem.
The Ocean Protocol uses smart contracts, which are customized programs, to enable the exchange of data across decentralized apps & Ethereum blockchain. Essential components of this system include:
- Providers-who mint and sell data set
- Consumers-who buy and redeem data sets
- Marketplace-which links provider and consumer
Ocean Data Tokens
ERC20 tokens can be conveniently created and implemented by people who use the Ocean. These tokens can be utilized to purchase data services or to spend the tokens accordingly. Every data set is backed by a unique token that follows the industry-standard ERC20 protocol, which is solely dedicated to that specific dataset. The OCEAN token was released in 2017 as part of this process.
In 2021, the number of OCEAN tokens in circulation stands at 347 million. Whenever someone wants to purchase or sell something, they must use the OCEAN Token through Ocean Protocol. This token links data sets to blockchain and decentralized finance (DeFi) platforms.
Cryptocurrency wallets are being transformed into data wallets, while crypto exchanges are becoming data marketplaces. Data asset on-ramp is responsible for the creation of data tokens, whereas data asset off-ramp enables the consumption of these tokens. Each dataset has its own token.
- To access the data set, send data token to the provider
- Data tokens are leveraged on Ethereum mainnet
Ocean Marketplace
Ocean Marketplace offers users the opportunity to purchase, stake and manage their own fork. It acts as a secure, decentralized exchange (DEX) where data is released through an Initial Data Offering (IDO). Providers publishing the data create datasets with their own tokens, offering further value.
When working with a provider, you can either go with a fixed-price model or you could let the ocean marketplace use auto-discovery. This is done by using an Automated Market Maker provided by Balancer. Other unique features of the ocean marketplace include:
- Earn
- Automated price discovery
- Interoperability
- Privacy-preserving
- Universal login way web3 wallet
OceanDAO
OceanDAO provides exclusive access to OCEAN holders for community grants, making the Ocean Protocol system a standout in the industry. The grants are designed to fund developers who can create software using Ocean Protocol.
Ocean Protocol has allocated 500k OCEAN grants which will be given out based on user-submitted proposals. Everyone registered is able to vote for the projects they think are worthwhile, provided these are submitted by November 20. OCEAN holders have a unique chance to support a project they believe in and get rewarded for it too!
Ocean Protocol facilitates data sharing & selling through its data marketplace. It enables users to monetize their latent datasets by posting quotes and selling them on the platform. This provides a great opportunity for data scientists and businesses to maximize the value of their unused or under-utilized data assets.
Ocean Protocol is a great way to monetize open data by adding value and details, improving or upgrading the data, and then reselling it. Furthermore, users can generate synthetic data through computation and data scientists can gain monetary rewards for curating the same.
Ocean Protocol’s marketplace offers people the opportunity to buy and sell goods. In addition, those who stake their tokens become liquidity providers for the platform.
Ocean Protocol’s minimal viable GAIA X marketplace gives users access to an open, transparent, and decentralized ecosystem. Additionally, with the introduction of the energy web chain & Ocean Moon River, high funding levels have been unlocked and OceanDAO Round 11 will further promote development.
Ocean Protocol Roadmap
Established in 2017, the business whitepaper was published a year later. The Ocean launched pre-launch in March 2020 with 3500 active participants from 100 countries. By the same year, it had allied itself with IBM WATSON AI XPRIZE.
With the aim of launching a professional advisor program, they have successfully established it in 40 major cities with 20 experienced consultants. Furthermore, they have commencely built an experimental test network known as the Plankton stage. Additionally, plans for enhancing their ocean level services are also in place.
Pluestone, a proof concept data marketplace, was unveiled in the same stage. Last year saw the Pacific Network Launch, Token Bridge and Common Marketplace Update as well as IPFS integration; all of which added to the competition and drove their growth in the market.
Market Sentiments of OCEAN Token
As of today, OCEAN is trading at $0.3934, with a 24-hour volume of $43,889,918. Historical data shows that the highest price it attained was $1.94 on April 10 this year.
As of August 2019, the lowest price for trading Ocean Protocol tokens was recorded to be $0.01365. Along with it, the circulating supply of OCEAN was 613,099,141 and its overall market cap was estimated to be $241,223,254.
As of February 2023, the cryptocurrency market has a staggering $1.069 trillion in market capitalization. The past month saw an influx of traders joining in addition to a surge in coin circulation & mining. Most coins have made significant gains and are trading in the green presently.
In the last few days, Ocean Protocol has been trading in a sideways manner, leading to a range bound and neutral sentiment in the week.
Ocean Protocol has ranked above 145, and now it is trading on par with other cryptocurrencies. The OCEAN was not a coin that gave you an immediate return because the price action in Ocean Protocol was slow-moving. Hence, Ocean Protocol price forecasts are not very bullish for the short-term.
Technical Analysis of Ocean Protocol
The market sentiment for OCEAN crypto seems to be unfavorable in the present trading session. Its price has been fluctuating around the level of $0.3842 — $0.4241 for the day, as seen from short-term technical analysis of Ocean Protocol’s cost.
The OCEAN coin price is currently at $0.3985, after traders previously started to sell and pushed the rate to a floor of $0.3518. This opened an opportunity for a rebound, but so far the resistance level at the next major peak has proved more challenging and it is trading sideways.
Last year’s market crash saw a huge dip in the price of cryptocurrencies. Attempts to revive the market using the inverted head and shoulder pattern failed, leaving Ocean Protocol more affected than other digital assets. However, prices have since begun to recover from their low point.
After a brief dip, Ocean Protocol’s price has returned to its original range. With the potential for a breakout still looming, it may be wise to make an investment in order to capitalize on this opportunity before it passes by.
The values of price movements indicate that Ocean protocol will typically remain at similar levels for a certain trading period. To initiate an uptrend, it is critical for there to be a breakout or bullish candlestick pattern formation.
Cryptocurrency regulations in the US are inadequate and uncertain, causing market volatility. As a result, most of the cryptos were tradings lower on the same day.
Cryptocurrencies have seen a big slump in the worldwide market today.
