What is Ocean Protocol?
Ocean Protocol is an open-source protocol for exchanging and monetizing data and data-based resources between companies and individuals.
The Ocean protocol, which is based on the Ethereum blockchain, utilizes ‘datatokens‘ to control access to data sets. Users that need access to the details will then retrieve the tokens.
Ocean wants to make the data sets on its website accessible to startups and analysts without needing to leave the data in the possession of the people who store it.
Ocean’s software is designed to promote data sharing by connecting users who need data but lack the infrastructure to store it with those who do. Providers are rewarded with OCEAN, Ocean’s natural cryptocurrency, in exchange for their efforts.
How Does Ocean Protocol Work?
Ocean Protocol provides open-source applications, such as the Keeper blockchain app, Parity SecretStore, and Aquarius metadata management, to developers looking to construct and deploy their own Ocean network.
The Data Ecosystem Platform and the decentralized Data Marketplace are the two major Ocean Protocol goods. The Data Ecosystem Platform enables data access management, allowing owners to share and store data while maintaining full control of how it is monetized for customers.
The Ocean blockchain, smart contracts, and app creation kits are among the resources available on the web to help accomplish this goal.
The decentralized Data Marketplace connects data vendors and buyers all over the world, making it easier to sell and buy data.
It consists of two parts: the Business Marketplace, which is targeted at enterprise data suppliers (such as those in the fitness, mobility, or logistics industries), and the Community Marketplace, which is used by the general public to purchase and sell data items.
There have been many popular implementations of the Ocean Protocol. Ocean Protocol was introduced into sgCarMart’s online used car marketplace in 2019, enabling shoppers to view reliable, verifiable data on their second-hand car sales, such as the amount of prior owners and specifics of current maintenance issues.
What is the History of Ocean Protocol?
Bruce Pon and AI researcher Trent McConaghy, who previously created BigChainDB, a blockchain network software firm, founded Ocean Protocol in 2017.
The Ocean Protocol Foundation, a Singapore-based non-profit, and OceanDAO, a decentralized autonomous organization, are also supporting the initiative (DAO).
The Ocean Protocol Foundation earned $26.8 million in total across several token sales, issuing nearly 160 million OCEAN tokens.
How Do I Hold OCEAN?
OCEAN is an ERC20 token. You can hold it on any common Ethereum wallet, such as Metamask or MyEtherWallet.