Ocean Protocol (OCEAN): an overview of a token and a decentralized data exchange protocol, how to buy and sell an OCEAN token
Ocean Protocol is an ecosystem for creating data markets where users can buy and sell any kind of information on a decentralized basis. It was conceived in 2017 as a reliable decentralized data exchange service using artificial intelligence. At the moment, the third version of the protocol has already been launched, where the logic has been rebuilt from scratch, a number of technical difficulties have been eliminated, and integration with modern tools for decentralized finance has been configured.
OCEAN tokens are used on the network to pay for data transmission services, but in the future their sphere of influence will expand (decentralized management, referral rewards, staking, etc.). The Btcnewsweb.com editors made an overview of the Ocean Protocol project, which makes it possible to understand its purpose and how it works.
|Name||Price||Market Cap||Supply||Change % (7D)||Performance|
|Browser (contract address)||https://etherscan.io/token/0x967da4048cd07ab37855c090aaf366e4ce1b9f48|
|Current issue as of 23.03.21||419 026 836 OCEAN|
|Total emission||613 099 141 OCEAN|
|Course on 03/23/21||1,42 $|
|Capitalization as of 23.03.21||593 543 291 $|
|Social networks||https://twitter.com/oceanprotocol, https://blog.oceanprotocol.com/, https://discord.gg/TnXjkR5, https://github.com/oceanprotocol, https://www.meetup.com/Ocean_Protocol_Berlin.|
|Telegram||https://t.me/oceanprotocol and https://t.me/oceanprotocol_community|
|Exchanges||Binance, Kraken, Poloniex, Kucoin, Uniswap, Sushiswap, 1inch, Balancer|
Ocean Protocol Token Price Chart (OCEAN)
Exchange rate chart OCEAN / USDT on Binance:
Purpose of Ocean Protocol
As conceived by the creators, the protocol should use the advantages of artificial intelligence to monetize data and equalize the possibilities of access to it. This is achieved with simple tools responsible for publishing and consuming data in the Datatokens format. Data tokens can interact with exchanges, ERC-20 wallets, etc. Information can be stored locally to maintain confidentiality.
What are Datatokens
Data tokens are an interface for connecting data sources using a blockchain and DeFi tool. With their help, wallets, exchanges, DAOs can be used to transfer or cooperate this or that information. At the same time, the data themselves are not stored on the blockchain, only access control to them. Ultimately, smart contracts and libraries make it easier for developers to provide information to users, and applications make communication easier for the users themselves.
How it works:
- Datatokens are ERC-20 tokens for accessing data services. Each data service has its own datatokens.
- With the data tokens, the user can access the dataset.
- To access the dataset, the participant sends datatokens to the Ocean Provider. Conversely, to give access to someone else, you need to send them datatokens.
- Due to the fact that data tokens are ERC-20 tokens and run on Ethereum, there is a full ecosystem for their use.
Owning a datatoken implies the right to access the data and an automatic license to use it. In particular, the data will be copyrighted as a collection of bytes on a physical storage device. A license is a contract for the use of information in this particular manifestation. In most jurisdictions, copyright arises automatically when an information system is created. Some encrypted data may be considered a trade secret.
There are many possible options for data tokens. They do not differ from each other at the level of smart contracts. All the differences are laid on a level above, in the semantic interpretation of the libraries that are managed by the data providers. For example, this can be time-limited access or artificial intelligence modeling.
Data Markets (Ocean Market)
Ocean Market is a marketplace for publishing data, purchasing and staking data. It works as an AMM (automated market maker), all data is published as compatible ERC-20 data tokens. You can buy and sell sensitive data. In other words, it’s like any DEX with AMM, but aimed specifically at working with information.
- Data providers can monetize the information they hold while maintaining control and privacy.
- Buyers can purchase private data that they previously did not have access to.
The publication of a dataset is characterized as an Initial Data Offer (IDO). This can be information to which the user has personal rights, or public data with added value. Once the dataset is published, it becomes an information asset with its own ERC-20 token.
The supplier has the right to set a fixed price or to allow automatic price determination using the AMM. As an additional means of earning, anyone can supply the OCEAN token to the AMM pool and receive a reward for this.
Where to buy or sell OCEAN
The asset is listed on the Binance exchange and a number of other popular CEX and DEX platforms. Immediately after listing on large exchanges, its rate began to grow steadily – if a year ago the cost of the token was only $ 0.03, today it is already over $ 1.44. To buy (sell) OCEAN on Binance:
- Add to the exchange account the assets in pair with which the token is traded: these are USDT, BNB, BTC, BUSD.
- In the Wallet section, find OCEAN and click Trade.
- Choose a pair from the available ones.
- Create a buy or sell order. Available orders are Market, Limit and Stop Limit.
- Withdraw the funds received to an external wallet that supports ERC-20, or continue trading.
With the launch of the third version of Ocean Protocol, the developers reported that they had practically brought the system to perfection, that is, to their original vision. It remains to work on strengthening the community’s control over the protocol. This will be achieved by activating OceanDAO and reducing the team’s right to manage smart contracts and fund the community. Throughout 2021, all efforts will be focused on ensuring the adoption of the Ocean Protocol as the standard for the data economy, as well as raising community awareness. There are plans to integrate with Polkadot, xDAI, Binance Smart Chain, artificial intelligence services.