Ocean Protocol (ETH: OCEAN) is a blockchain project premised on data being a new asset class. In recent years, data has become the keystone for most business operations.
Today, most businesses consider data a strategic asset with real value for their operations’ success. In 2016, it was estimated that business operations produced around 16 Zettabytes (ZB) of data globally. By 2025, that figure is expected to climb to over 160 ZB. Ocean Protocol aims to tap into this market by creating next-generation tools to unlock data’s full potential at a large scale. Ocean Protocol maintains a suite of tools for a data driven economy full of AI and web3 based applications and services.
How Ocean Protocol Works
Ocean Protocol is built on the Ethereum network. It is an on-ramp for data services into the blockchain space via data NFTs and tokens. The data NFTs are built on the ERC721 standard and represent a copyright claim of the data service. Data tokens are based on the ERC20 standard and are used to access the service. The protocol’s smart contracts enable the publishing and consumption of data. These smart contracts are deployed on Ethereum and other EVM networks.
Preserving Privacy with Compute-To-Data
Compute-to-data (C2D) is an important privacy feature of the Ocean Protocol. C2D allows computation to be run on one or multiple data sets, without revealing the underlying data. It enables data owners to strike a balance between data privacy and access. Private data is the most valuable type of data. However, privacy concerns make it difficult to unlock its full potential.
Compute-to-data allows data owners to share specific aspects of it while preserving its privacy. The result is that companies can monetize their data assets without violating privacy laws. This model helps facilitate scientific research, which can lead to life-altering innovations. For instance, data access can help improve AI models’ accuracy.
Ocean Market is an open-source marketplace for data trading, sharing and consuming. It can be used to publish and buy data. Participants can earn by selling data or running a fork of the Ocean Market. Data is published using ERC721 NFTs and ERC20 data tokens. In short, this is a DEX for data. Publishing data amounts to an initial data offering. When published, it can have a fixed or free price.
The OCEAN Token Details
$OCEAN is the native cryptocurrency token of the Ocean Protocol; it is designed to grow in value as Ocean token use cases grow. As more people use the Ocean ecosystem, more network revenue is generated, which the OceanDAO burns. Token burning reduces the total supply, increasing demand for the remaining OCEAN tokens. OCEAN tokens are also used to incentivize participants in the Ocean Protocol ecosystem to create new use cases for the protocol.
OCEAN Token Performance
The $OCEAN token is built on the ERC20 standard. A maximum supply of 1.41 billion OCEAN tokens was created on launch. Of those, 613,099,141 OCEAN are in circulation, representing 43.48% of the total supply. The current price per token is $0.3275, with a market cap of $200,722,074 as of September 22, 2023. OCEAN’s price peaked on April 10, 2021, at $1.94, with the current price representing an 83.28% discount on the ATH. The token bottomed on August 11, 2019, at $0.01351 but has since grown by +2,303.36%. The tokens have a 24-hour trading volume of $13,316,182, with most of the volume distributed across BitForex, Huobi, Bibox, Binance, and Bitrue, which account for $8,573,220.
All Things Considered
The Ocean Protocol’s OCEAN token is designed as a deflationary token for the global data market. As the value and size of data continue to grow, Ocean Protocol has perfectly positioned itself to take full advantage of this growth. The result will be an increase in demand for $OCEAN, which could drive its value up for years.
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