What is Ocean Protocol (OCEAN)?
Ocean Protocol specializes in decentralized data exchange, allowing people to distribute and monetize their data. It utilizes enhanced blockchain technology that enables data to be sold or shared transparently and securely.
Origin and Founders
Both are experts in the AI field, including big data. Together, they lead a firm known as BigchainDB that focuses on making databases on blockchain. However, since Ocean Protocol’s inception, BigchainDB’s activities have largely been geared towards the development of Ocean’s blockchain network and protocol.
Mission & Roadmap
With AI’s advent, society has become ever more dependent on data. And unfortunately, a mere handful of firms have enormous AI capabilities and data assets, which allow them to attain a worrisome level of control. This poses a threat to the openness and freedom of society.
Moreover, the team commits itself to starting a novel data economy that every person, firm, and device can reach. With this, the power can be handed back to the data owners, enabling individuals to acquire value from data so that our world can be made better.
As for its roadmap, this year is devoted primarily to scaling. The year prior was dedicated to data farming and the Ocean Shipyard launch, among other things.
Ocean Protocol Main Components
Here, we will be looking at some of the primary components that make up the Ocean Protocol.
Providers
Providers are responsible for minting data tokens—specific ERC-20 tokens allowing data providers to monetize data—and then selling the rights to acquire off-chain data.
Consumers
Consumers, on the other hand, buy data tokens and then redeem access to those datasets.
The Ocean Market
It is an AMM (automated market maker) that has been built primarily to support the exchange and minting of data tokens.
Compute-to-Data
Compute-to-data is one of Ocean Protocol’s most important features. In essence, it facilitates the sharing of data while maintaining the privacy of users.
How Ocean Protocol Works
Earlier, we discussed some of the underlying features. Here, we will delve briefly into how things work.
Data Tokenization
In this process, data assets are linked to the blockchain and various decentralized financial tools via the minting of data tokens. Again, these tokens are representative of the right to gain access to such data assets.
Data Sharing
Ocean allows marketplaces to adopt its protocol so that various parties can be linked and the transactions between them can be facilitated. For instance, Ocean Market is the place where data tokens can be accessed publicly for trade. Consequently, this is how data sharing on the Ocean Protocol is primarily facilitated.
Token Staking
Those staking on the Ocean Protocol function similarly to liquidity providers. This is because staking here entails OCEAN token holders providing for specific datasets, essentially becoming liquidity providers for that particular OCEAN-dataset pool. In return, they earn a cut of the transactional fees that those pools generate.
Ocean Protocol vs. Competitors
The Ocean Protocol is not the only platform that facilitates the sharing of off-chain data. There are others, like Chainlink, API3, etc., who attempt to do this same thing but differently. So, how does it fare against them now? Let’s find out.
Filecoin
Filecoin is a bit like Dropbox. However, it is powered by blockchains. Those looking to store data have to pay miners to do so. Filecoin does this by introducing cloud storage into the mix, which brings its own benefits, and the project does seem to have a bigger reach than Ocean Protocol. Other than that, Filecoin claims that its market is “hyper-competitive,” which makes offering the best rates, possible. Ocean Protocol, while it has incorporated Filecoin’s cloud storage solutions as well, may not be up to par with its rates.
Chainlink
The primary difference between Chainlink and Ocean Protocol is that the latter seeks to offer marketplaces for the tokenization and trading of data sets, while the former is an oracle. Therefore, a lot of the time, they can’t really be thought of as competitors. In fact, Ocean Protocol might even be complementary to Chainlink in that Chainlink’s oracles can bring those curated datasets to Ocean Protocol’s marketplaces.
API3
Since API3 is an oracle, like Chainlink, the comparison between the two will be quite similar in that they operate in two entirely different spheres, despite their end goals being somewhat similar.
OCEAN Tokens
Here, we will be shifting our attention to its native token, OCEAN, briefly discussing its tokenomics, roles, and where you can buy it.
Roles
The OCEAN token has been designed in a manner that allows it to serve multiple purposes. For instance, it is used in the validation of the best data tokens, to enable users to purchase and sell data, and to take part in governance, among other things.
Tokenomics
Speaking of tokenomics, it has a current market capitalization of over $190 million, a fully diluted valuation of over $440 million, and, according to CoinGecko, a TVL (total value locked) of over $137 thousand.
Where to Buy OCEAN Tokens?
The token can be bought on many of the prominent cryptocurrency exchanges out there, like Binance, Coinbase, etc.
Investing in Ocean Protocol (OCEAN)
Within this section, we will be looking at things from more of an investment angle to see whether or not investing in this token is for you.
Becoming a Data Provider or Consumer
Whether you approach things here from a consumer angle or a data provider angle, the bottom line is that you will have options for earning from your investment here. If you are a data provider, you will be provided with options to monetize your data and profit from it. If you are a consumer, then you can buy that data. Besides that, users here can stake OCEAN tokens as a means of providing liquidity and taking part in governance, though that may be something that both consumers and data providers can benefit from.
OCEAN Token Price
According to CoinGecko, the token is currently worth around $0.3.
Is It a Good Investment?
It can be a good investment if you are part of the segment of users that the platform caters to. The token has enough utility and could bring you some returns. However, if you want to buy it simply because you want it to accrue in value, then it might not be that good of an investment, as like the rest of the cryptocurrency landscape, it has declined significantly in value.
How to Buy OCEAN on Binance
If what has been said about the platform so far has gotten you interested in buying the token, then we will show how that can be done on Binance.
Why Choose Binance?
Binance is one of the world’s largest exchanges and is among the exchanges that actually support the token, which may not be that many. Plus, their rates can be affordable, and they have a decent set of trading options.
Setting Up an Account
The registration process here is quite simple; just click on the link below for access to the special Coin Labs referral code, and fill in the few fields required of you, such as your email address, password, etc.
KYC Verification Process
Next comes verifying your account, which may take a while. Head over to Binance’s verification page, fill in some basic information surrounding your identity, and then provide the documentation to prove that.
Depositing Funds
Now you will have to make your first deposit. Go to the deposit, then select the token and network, and then paste the deposit address that is produced onto an external wallet or exchange.
Finding and Executing an Order
Now, to finally buy some OCEAN tokens, you can go to its spot trading page, select a trading pair that has OCEAN, choose your order type, adjust the parameters, and then place your order.
Withdrawing to a Wallet
To withdraw the tokens you have just bought, on Binance’s withdrawal page select OCEAN and a network that supports it. Paste your wallet’s address into the withdrawal field and confirm your withdrawal. Make sure to select the same tokens on both ends, when you’re depositing and when you’re withdrawing.
Future Outlook
It can be hard to predict whether or not this platform will gain any substantial momentum later on, as it caters to a bit of a niche segment within the cryptocurrency sphere. However, it does plan on scaling its platform this year, so there should be something to look forward to if you’re into what this platform offers.
Conclusion
Ocean Protocol helps unlock the potential of data by allowing people to monetize it via tokenization and offering an open marketplace that caters to the buying and selling of datasets. Using blockchain together with a library filled with resources, the protocol can provide utility to data scientists and a couple of other parties.
Ocean Protocol Basics
Here are some factors that investors should consider before investing in Ocean Protocol.
Cryptocurrency Features | Ocean Protocol (OCEAN) |
---|---|
Publisher or Developers | Bruce Pon, Trent McConaghy |
Headquarters (Registration Number) | Singapore |
Symbol | OCEAN |
Platform | Ethereum |
Published Date (CMC Registration) | 2024-11-01 |
Max Supply | 1,410,000,000 OCEAN |
Reliability Score of Ocean Protocol in 2024
These are indexes mesuring the investment reliability of Ocean Protocol conducted by Coin-Labs.com.
Investment Reliability Rating Items | Scores and Current Status |
---|---|
Company Activation Rate | / 10.0 CAR |
Communication Rate | / 10.0 CR |
Technology Transparency Rate | / 10.0 TTR |
Development Participation Rate | / 10.0 DPR |
Listing Status on the World's Top 10 Exchanges | Listed on 8 Exchanges |
Number of Available Pairs Worldwide | 238 Pairs |
Market Cap of the Cryptocurrency | 237,746,584 USD (Rank #180) |
Ocean Protocol Price
Here are the price and recent trading volume of Ocean Protocol. (Data of 2024-11-02 00:36:00)
Price Items | Price and Trading Volume of Ocean Protocol |
---|---|
Ocean Protocol Price | 0.548 USD |
Price Change 24h | -2.98% |
Price Change 7d | -3.10% |
Trading Volume 24h | 374,228 USD |
Trading Volume Change 24h | 11.72% |
Cryptocurrency Metadata
You can check the development status and social media information of Ocean Protocol through the links in the table below.
Metadata Source | URL |
---|---|
🌎 Official Website | https://oceanprotocol.com/ |
📖 White Paper | https://oceanprotocol.com/tech-whitepaper.pdf |
🛰️ Source Code (GitHub) | https://github.com/oceanprotocol |
https://twitter.com/oceanprotocol | |
https://reddit.com/r/oceanprotocol | |
🎺 Message Board | https://blog.oceanprotocol.com/ |
Where to Buy Ocean Protocol
Here are the top ten world crypto exchanges where traders can buy Ocean Protocol in 2024.
Top10 Exchanges | Listed Status | Page URL |
---|---|---|
Binance | Listed | https://www.binance.com/en/trade/OCEAN_BTC |
Coinbase | Listed | https://pro.coinbase.com/trade/OCEAN-USD |
Kraken | Listed | https://pro.kraken.com/app/trade/ocean-btc |
KuCoin | Listed | https://www.kucoin.com/trade/OCEAN-USDT |
Bitfinex | Listed | https://trading.bitfinex.com/t/OCEAN:USD |
OKX | Not listed | |
Huobi | Listed | https://www.huobi.com/en-us/trade/ocean_usdt?type=spot |
Bitstamp | Not listed | |
Bybit | Listed | https://www.bybit.com/trade/usdt/OCEANUSDT |
Gate.io | Listed | https://www.gate.io/trade/OCEAN_USDT |
Frequently Asked Questions
What is the current price of Ocean Protocol?
Ocean Protocol price today is 0.548 USD. Furthermore, the price of Ocean Protocol has fluctuated by -2.98% from 24 hours ago, and by -3.10% from a week ago.
Where is Ocean Protocol listed?
Currently, it is listed on a total of 8 among the world top 10 exchanges.
What is the market cap of Ocean Protocol now?
Currently, Ocean Protocol has a market cap of 237,746,584 USD, which is ranking 180 among cryptocurrencies worldwide.
How much is the trade volume of Ocean Protocol?
Currently, 0 OCEAN coins are circulating through 238 market pairs. As a result, in the last 24 hours, 374,228 USD of OCEAN coins were traded in the market.