Project Name: Ocean Protocol
Project Token: OCEAN
Project Website: https://oceanprotocol.com/
Project Twitter Address: https://twitter.com/oceanprotocol
Project Whitepaper: https://oceanprotocol.com/tech-whitepaper.pdf
A. What is Ocean Protocol (OCEAN)?
Ocean Protocol is an open-source protocol built on the Ethereum blockchain. Its primary purpose is to provide businesses and individuals with a service to exchange data and data-related services. The protocol utilizes 'data tokens' to enable data owners to control access to their datasets. Data owners can monetize their data by receiving these tokens from users who want access to the datasets.
Ocean Protocol aims to facilitate the accessibility of datasets to users, such as researchers, without the data owners having to relinquish control of their data. The Ocean software connects users who need data but lack data storage resources with those who possess the data. In this way, users can access the data they need, and data providers are rewarded with Ocean's native cryptocurrency called OCEAN.
B. What Does Ocean Protocol (OCEAN) Offer?
Ocean Protocol enables data provider users to exchange their data at a fair market price. The protocol also promotes unlocking and distributing more public data under controlled conditions, ensuring data circulates freely without being solely controlled by tech giants before being distributed, considering privacy aspects. The protocol allows secure storage and distribution of private data, making it available to various parties without granting them permanent access or the authority to distribute the data without permission.
C. Ocean Protocol (OCEAN) Technology
Ocean Market
Ocean Market is a decentralized marketplace that enables data providers to securely and transparently publish, discover, and consume data. Built on the Ocean Protocol ecosystem, this marketplace allows users to easily access a wide range of high-quality datasets without the need for intermediaries or central authorities.
Ocean Market aims to offer a seamless user experience, facilitating data providers in publishing their datasets and making it easy for data consumers to discover and consume them. The marketplace incorporates various features and tools to assist users in interacting and navigating the platform. It includes functionalities such as search and filtering capabilities, rating and review systems, as well as integrated payment and settlement mechanisms. By focusing on user experience and ease of use, Ocean Market has become a popular destination for data enthusiasts and professionals looking to participate in the decentralized data economy.
Ocean Farm
VeOcean and Data Farming are two fundamental features of the Ocean Protocol ecosystem that allow users to earn rewards by locking their OCEAN tokens. "VeOcean" stands for "Voting in Ocean," which is a mechanism that enables users to lock their OCEAN tokens in a smart contract and gain voting power in OceanDAO, a decentralized autonomous organization governing the development and direction of the Ocean Protocol ecosystem. On the other hand, the "Data Farming" program incentivizes users who curate high-quality datasets on Ocean Market by rewarding them with OCEAN tokens. Users can stake OCEAN tokens on specific datasets, thereby contributing to the growth and development of Ocean Market and earning rewards in return.
Compute-to-Data
Compute-to-Data allows users to buy and sell private data while preserving the privacy and security of underlying datasets. With Compute-to-Data, data providers can securely offer access to their datasets for sale. This is achieved through a combination of advanced cryptography and secure computation techniques, enabling data consumers to perform computations on encrypted datasets.
Fine-Grained Permissions
Fine-Grained Permissions is a powerful tool to facilitate secure and efficient data sharing across a range of applications. With detailed permission features, data providers can easily define granular access controls for their datasets. They can specify which data segments and under what conditions certain users or user groups are allowed access. This enables more efficient and secure data sharing while ensuring data privacy and security.
Ocean Protocol Staking
The OCEAN token allows for staking on data assets within the platform. In essence, this process involves adding liquidity to the datatoken-OCEAN pool. Ocean Protocol staking rewards are given to stakers as a portion of the transaction fees collected from data buyers. The rewards vary based on the staker's staking rate.
OceanDAO
The OCEAN token enables staking through OceanDAO, allowing participants to actively engage in deciding which projects within the Ocean community should be funded. OceanDAO directs resources to teams identified by the community as having a high likelihood of sustainable success and growth.
D. Ocean Protocol (OCEAN) Team and Company
Ocean Protocol was founded in 2017 by two blockchain entrepreneurs, Bruce Pon and Trent McConaghly, in Singapore. The core team currently consists of 25 blockchain technologists and entrepreneurs operating from various locations around the world, with the majority of the team based in Romania and Germany. In addition to the dedicated core team working on the protocol, Ocean also benefits from the guidance of over 20 external advisors in the areas of business partnerships and governance.
E. Ocean Protocol (OCEAN) Digital Asset Economy
The OCEAN token was launched in 2017 and serves as an ERC20 token designed for multiple purposes within the Ocean network. Its objectives include buying and selling data assets, staking on data, and community governance. The total token supply is 1.41 billion OCEAN, with 51% of the supply earmarked for financing community projects based on a model similar to Bitcoin. As of July 2023, the circulating supply of Ocean tokens is recorded at 613 million.
F. Ocean Protocol (OCEAN) Evaluation
Ocean Protocol can be considered a promising project for the future, as it has demonstrated its potential and secured several partnerships. Its ambitious goal is well supported by practical applications that indicate the feasibility of achieving that goal. Ocean Protocol uncovers the true value of data and aims to transfer control of data from technology giants to genuine data providers. It represents a significant step towards shaping the future of the data-driven economy. By empowering data owners and facilitating fair and transparent data exchange between those seeking data access and data providers, Ocean Protocol eliminates the weaknesses of traditional centralized systems, offering data owners the opportunity for better income and control over their data.
