Contents<\/p>
- 1<\/span> What is Data Economy?<\/a><\/li>
- 2<\/span> What is Ocean Protocol?<\/a><\/li>
- 3<\/span> The Ocean Protocol Team<\/a><\/li>
- 4<\/span> The Ocean Protocol Values<\/a><\/li>
- 5<\/span> Why Does OCEAN Have Value?<\/a><\/li>
- 6<\/span> How Does Ocean Protocol Work?<\/a>
- 6.1<\/span> Compute-to-Data<\/a><\/li><\/ul><\/li>
- 7<\/span> \u00a0The Ocean Token<\/a>
- 7.1<\/span> Ocean Data Providers<\/a><\/li>
- 7.2<\/span> Ocean Data Curators<\/a><\/li>
- 7.3<\/span> Ocean Registry of Actors<\/a><\/li>
- 7.4<\/span> Ocean Keepers<\/a><\/li><\/ul><\/li>
- 8<\/span> What Makes Ocean Protocol Unique?<\/a><\/li>
- 9<\/span> Why Use OCEAN?<\/a><\/li>
- 10<\/span> Ocean Token Distribution<\/a><\/li>
- 11<\/span> Ocean Protocol Review Conclusion<\/a><\/li><\/ul><\/div>\n
What is Data Economy?<\/span><\/h2>\n
The increase in data creation globally brought about the emergence of companies to leverage upon the data. Companies, such as Google Inc, harvest these data for huge monetization purposes by revamping and selling them. Another thing to note is that AI makes it possible for monetization of data collection possible. As users increase, AI techniques become more exact.<\/p>\n
The purpose is to balance the access to data, making it possible for the actual data owners to earn from their data. It combines technology with governance to ensure transparency. This mechanism allows ads to be even more relevant and boosts the income streams and value for the organizations controlling the data.<\/p>\n
The interesting part now is knowing how to make the data accessibility equal for all users. And how to make sure that the main owners of the data can monetize them at will.<\/p>\n
The Ocean Protocol team targets to achieve this goal using the combination of governance and technology. They want to maintain data transparency and, in turn, stabilize trust among users in the ocean ecosystem.<\/p>\n
What is Ocean Protocol?<\/span><\/h2>\n
Ocean Protocol is developed to provide a borderless data distribution that is safe, secure, and reliable for unlocking the data economy. It allows users to build marketplaces and data services on it. The protocol can also be an \u2018open-sourced\u2019 protocol for exchanging and monetizing data and other \u2018data-based\u2019 services.<\/p>\n
It is built on the Ethereum blockchain and controls the entrance to data sets using the data tokens. These tokens are later redeemed by members who want to gain access to those data or information. The protocol seeks to make available all data sets on its network to researchers and beginners without these data leaving their storage.<\/p>\n
One of the major advantages of this software is that it facilitates exchanges. It connects users in need of data or storage resources with those who have more than they need.\u00a0 The system pays these users who spare their resources some OCEAN (the protocols native currency) to reward their work.<\/p>\n
The OCEAN coin or token is made to be multipurpose crypto used to maintain the data tokens. The system allows its holders to participate in the buying, selling of tokens and the general governance of the protocol.<\/p>\n
Buy Ocean Protocol with Our Top Broker<\/span><\/a><\/div>\nThe first companies to anchor this network is startups and industry incumbents. Startups include; Next Billion and Connected life, while industry incumbents are Johnson & Johnson and Roche. In addition, you can visit the Ocean Protocol Blog for regular updates.<\/p>\n
The Ocean Protocol Team<\/span><\/h2>\n
Bruce Pon and Trent McConaghy, an AI researcher, founded the Ocean Protocol in 2017. The founders worked with a large team of diverse professionals interested in using AI to free data.\u00a0 They are forty members spread across the world.<\/p>\n
Bruce Pon, the leading founder of the Ocean Protocol, also founded a blockchain database software (BigChainDB) company. BigChainDB is a software project supported by the foundation of the Ocean Protocol and OceanDAO. They are a non-profit based company in Singapore and a DAO (decentralized autonomous organization), respectively.<\/p>\n
He also founded Avantalion Intl Consulting, a banking business aimed at providing banking services to the unbanked. Bruce Pon worked here from 2008 to 2013. He helped the company to establish over 18 financial institutions in the unbanked areas of the world.<\/p>\n
However, Trent McConaghy, the second founder of the Ocean Protocol, is an AI professional. He has worked with the government of Canada in 1997 and also the founder of the ADA Company.\u00a0 The ADA Company is aimed at helping analog circuit designers faster using AI.<\/p>\n
Trent also founded the Solido after ADA was acquired in 2004. Solido is another company that assists circuit designers using AI. Siemens took over the Solido Company in 2017. Within that time, 19 out of the top 20 global semiconductor firms used Solido to enhance their chip style.<\/p>\n
Most of the Ocean Protocol team members are entrepreneurs. They have gained much experience with opening their private companies before joining the Ocean. The Ocean Foundation raised a sum of USD 26.8 million via many rounds of coin offerings. They also supplied a total of 160million tokens.<\/p>\n
The Ocean Protocol Values<\/span><\/h2>\n
Here are some of the values that the Ocean Protocol Foundation and the protocol\u2019s team support:<\/p>\n
- \n
- Through Ocean Market app data, consumers and owners can discover, publish or consume data assets. Moreover, they do so with a private method that is secured.<\/li>\n
- With Ocean data tokens, you will get data assets from data. This empowers data exchanges, data co-ops, and data wallets by leveraging exchanges, Defi<\/a> tools, and crypto-wallets.<\/li>\n
- There\u2019s transparent and decentralized governance that uses democratic ideals to disengage capital in the system. Though the disengaging is from the system\u2019s governance, the citizens still possess some power.<\/li>\n
- The Ocean system consistently distributes rewards to discourage speculation. They transparently allocate the wealth generated by data distribution and collection.<\/li>\n
- The protocol maintains privacy and basic human rights when it comes to privacy on personal data. They work proactively within the range or rules of the \u2018privacy and compliance regulations.<\/li>\n
- Ocean Protocol uses blockchain technology to proffer solutions to developing a trusted universal exchange populated with various data.<\/li>\n<\/ul>\n
Why Does OCEAN Have Value?<\/span><\/h2>\n
The following features add to the value of the Ocean Protocol token (OCEAN). The OCEAN token holders can buy, sell or stake data tokens in the market. They can also participate in the governance of the network. The token serves as the main unit of exchange for all data tokens.<\/p>\n
It sticks to the standards of Ethereum; hence, it can be transferred with other ‘ERC-20’ tokens like DAI, ETH, etc. Investors who stake the OCEAN token assist in governing the protocol. They can vote on proposals like the network upgrade to ascertain the initiative to flag off.<\/p>\n
The ocean market is like a marketplace where token holders can stake their coins and offer liquidity. The users that provide this liquidity earn a percentage of the fees collected from traders that use the liquidity pools.<\/p>\n
Finally, the OCEAN token offers a major service to the operations of OceanDAO. It gives the holders the right to vote on the proposals to be funded to secure the project’s future.<\/p>\n
How Does Ocean Protocol Work?<\/span><\/h2>\n
The ocean Protocol utilizes smart contracts.\u00a0 A custom program that ensures all data tokens are exchangeable across the blockchain of Ethereum and within its Dapps. The ocean platform operates through 3 main components to ensure a working system.<\/p>\n
- \n
- Providers: They mint or produce data tokens and make the off-chain data sets accessible to users.<\/li>\n
- Consumers: The consumers buy data tokens and retrieve access to the data sets.<\/li>\n
- Marketplaces: This is where transactions take place. The marketplace connects consumers with providers to enhance transactions.<\/li>\n
- Ocean Market: This is an AMM (Automated Market Maker). It facilitates the data tokens minting and exchange.<\/li>\n<\/ul>\n
The AMM uses a combination of liquidity pools that is similar to Balancer and Uniswap. They allow all trades to settle via smart contracts. They indicate in several fields to alert consumers of their minted and published data token.<\/p>\n
The AMM includes a title, a URL, description, price, a title, and where to find the data encrypted & stored on Ethereum. Subsequently, if any consumer wants to pay back a data token, the AMM will decrypt the data and download them directly from the connected wallet.<\/p>\n
Buy Ocean Protocol with Our Top Broker<\/span><\/a><\/div>\nCompute-to-Data<\/span><\/h3>\n
This is a feature that enhances the sharing of data while the user\u2019s privacy is preserved. With this feature, data tokens permit consumers to use some portions of their data sets to run particular computing jobs. Hence, they support the developments of artificial intelligence or research while maintaining the privacy of some user information.<\/p>\n
More so, providers can store data sets on their various individual servers and willingly give out some portions to particular parties or used cases.<\/p>\n
\u00a0The Ocean Token<\/strong><\/span><\/h2>\n
The Ocean token is the Ocean Protocol native token used to govern\/ power the network. It is the utility token of the protocol known as OCEAN. The main purpose is for buying and selling data & services. The OCEAN is a reward for providing liquidity through data curation and staking.<\/p>\n
Users of the platform use the token to create data tokens for running marketplaces.\u00a0 The OCEAN runs the whole data economy. It encourages the community to make available the necessary resources required to scale and secure the network.<\/p>\n
Image Credit: CoinMarketCap<\/a><\/p><\/div>\n
- 7.2<\/span> Ocean Data Curators<\/a><\/li>
- 7<\/span> \u00a0The Ocean Token<\/a>
- 2<\/span> What is Ocean Protocol?<\/a><\/li>
![\"Ocean](\"https:\/\/deficoins.io\/wp-content\/uploads\/2021\/06\/bmN9mXuf-1024x780.png)