Ocean Protocol

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

Ocean Protocol was founded in 2017 by Trent McConaghy and Bruce Pon.

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.

The Protocol’s mission is to unlock data so that more equitable outcomes can be gained for those using the data, i.e., the users, which it does through its own take on governance and technology.

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.

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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.

As for its maximum supply, that would be over 1.4 billion tokens, and its current circulating supply is approximately $610 million tokens.

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.

We Coin-Labs.com provides only objective information about Ocean Protocol.
Therefore, we are not responsible for the investment decision in Ocean Protocol and the resulting loss.

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)	2024-12-01
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)

The table above shows the result of investment suitability evaluation for Ocean Protocol.
Check out how we evaluate cryptocurrencies on the crypto rating description page.

Ocean Protocol Price

Here are the price and recent trading volume of Ocean Protocol. (Data of 2024-12-02 03:40:00)

Price Items	Price and Trading Volume of Ocean Protocol
Ocean Protocol Price	0.798 USD
Price Change 24h	-2.23%
Price Change 7d	26.32%
Trading Volume 24h	1,696,407 USD
Trading Volume Change 24h	-42.16%

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
🐦 Twitter	https://twitter.com/oceanprotocol
🤖 Reddit	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