Ocean Protocol OCEAN

1. Summary

Ranks

Liquidity

99

Developer

88

Social

96

Momentum (beta)

33

Stack Rank™

78

Price

$0.84 -3.0%

Market Cap

$511.65M (#140)

Supply

591.05M / 1.41B

Tags

Polkadot Ecosystem Artificial Intelligence Storage Protocol Polygon Ecosystem Ethereum Ecosystem Optimism Ecosystem Artificial Intelligence (AI) DePIN

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Price
52W High price	$0.56
52W High date	26th Dec 2023 (3 months ago)
All Time High (ATH) Date	10th Apr 2021 (3 years ago)
ATH Price	$1.93
% From ATH	-78.99%
All Time Low (ATL) Date	11th Aug 2019 (4 years ago)
ATL Price	$0.01
% From ATL	3055.51%

Supply & Trading Volume
Trading Volume (24h)	$48.06M
Total Supply	1.41B
Max Supply	1.41B
Circulating Supply	591.05M

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Description

Ocean Protocol is essentially this open-source-based protocol that allows businesses as well as individuals to monetize data and data-based services.

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Ocean Protocol is essentially this open-source-based protocol that allows businesses as well as individuals to monetize data and data-based services.

It is built upon the Ethereum Blockchain and uses what is known as datatokens to gate access to data sets. The tokens are redeemed by users that need access to the specified information.

The software behind the OCEAN protocol is built to facilitate data exchange and link users that need data or do not have the resources when it comes to its storage with the people who have that store on hand.

The OCEAN Token Explained

The OCEAN token is designed to have multiple purposes and is most of the time used to validate the best datatokens and to allow users to participate in governance as well as buy and sell their data.

Keep In mind that the main OCEAN is due to its ability to be the unit of exchange for datatokens.

OCEAN holders can even stake their tokens and provide liquidity to the marketplace, where in return, these liquidity providers can earn a percentage of the transaction fees that are paid by the traders that end up using these liquidity pools.

Features of Ocean Protocol

The ocean protocol takes advantage of custom programs which are known as smart contracts, this is why it is based on Ethereum. This gives it the ability to ensure that each datatoken can be exchangeable across Ethereum’s blockchain as well as within all decentralized applications or dApps.

This works through taking advantage of three components. The first are the providers, which mint datatokens and sell them to access off-chain data sets. Then you have the consumers that purchase the datatokens and redeem access to the datasets. Then you have the marketplaces, which connect providers as well as customers and facilitate the transactions.

Furthermore, you have the Ocean Market on offer, which is an automated market maker or AMM that is built to facilitate the minting as well as the exchange of datatokens.

AMM’s essentially use a collection of liquidity pools that allow each trade to settle through a set of smart contracts.

When a specific provider wants to mint and publish a datatoken, they specify fields that inform customers about the product. Think along the lines of giving something a title, description, price, URL, and so on. When a customer ends up deciding to redeem a datatoken, this data is then encrypted and downloadable from the wallet that is already connected.

Then you have what is known as the compute-to-data feature of the ocean protocol, and this allows data sharing while preserving the user's privacy. Through the usage of this method, datatokens allow customers to leverage positions of a dataset in order to run specific computing jobs and support the development of research of AI.

Founders of Ocean Protocol (OCEAN)

Discussing the founders of the Ocean Protocol, it was a project founded in 2017 by an experienced group of entrepreneurs. This team includes:

• Bruce Pon is an experienced international project manager. Alongside the Ocean Protocol, he is the CEO of BigchainDB.
• Trent McConaghy is an experienced AI expert.
• Then you have Christina Pon, who is the marketing director at Ocean Protocol and BigchainDB
• Finally, you have Razvan Olteanu who has over 2 decades of technical and management experience.

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