Ocean Protocol(OCEAN) — a blockchain-based ecosystem that makes it easy for individuals and businesses to discover the value of their data and monetize it.
Contents:
- General Information about Ocean Protocol(OCEAN)
- Tools and benefits of the project
- Security of Ocean Protocol(OCEAN)
- Tokenomics of OCEAN
General Information about Ocean Protocol(OCEAN)
OCEAN — a utility token, used for community governance and data hosting, in addition to buying and selling data as the primary unit of exchange in the Ocean marketplace. The price of these data tokens is set by the OCEAN data token AMM pool, which adjusts the price of the data token as it is bought and sold, based on supply and demand.
Using the Ocean Protocol project, publishers can maintain privacy and control while monetizing their data, and consumers can access datasets that were previously inaccessible or hard to find. These datasets can be found on the Ocean Market, where they can be bought and then used or sold.
- Bruce Pon;
- Trent McConaghy;
- Justin Lee;
- Christina Pon;
- Razvan Olteanu;
In the protocol, each data service, without exception, is represented by a unique data token, which is used to package a set of data or a calculation service into data - this essentially allows third parties to perform data operations without even leaving the secure enclave of the network.
Tools and benefits of the project
The Ocean Protocol project opens up access to data that was previously inaccessible or difficult to access, allowing anyone with in-demand datasets to tokenize their data and make it available on the Ocean Market.
The main advantages of the protocol:
| Income | Creates an additional revenue stream for data publishers by giving scientists, researchers, data analysts and everyone else access to more reliable data. |
| Tools | Provides the tools firms need to create and run their own data marketplaces, either by directly forking the Ocean Protocol or using the included Ocean Protocol React hooks. |
| Tokens | OCEAN token holders can participate directly in the data token economy. |
By listing your tokens in datasets on the Ocean Market. Stakers become liquidity providers in the selected pool of OCEAN data tokens and receive a portion of the transaction fees, generated by the pool.
Security of Ocean Protocol(OCEAN)
Ocean Protocol previously ran on a proof-of-authority (PoA) sidechain, but was abandoned to ensure data token compatibility with the wider Ethereum ecosystem. Currently, OCEAN is an ERC-20 token, running on the Ethereum blockchain. As a result, it is backed by an extensive mining network and Ethereum proof-of-work (POW) nodes that protect it from various attacks.
Tokenomics of OCEAN
In total, it will take 50 years for the entire supply of OCEAN to be issued, while it is expected that by May 2022 there are about 600 million tokens in circulation, and by January 2031 - 1 billion tokens.
Distributed by OCEAN as follows:
- 20% is allocated to the founders of the project;
- 15% - to acquirers (buyers of SAFTE);
- 5% — to the Ocean Protocol Foundation;
- 60% will be distributed among the custodians;
Currently, Ocean Protocol (OCEAN) tokens can be traded on over two dozen exchanges, including several top-level platforms such as Binance, KuCoin, Bittrex and Poloniex. The coin cannot be bought directly with fiat currency on supported exchanges. But instead, you can buy bitcoin with fiat and exchange it for OCEAN.