Ocean Protocol is a decentralized data exchange protocol to share and monetize data in a secure, transparent, and privacy-preserving manner. Powered by blockchain technology, it uses smart contracts to automate data exchange between buyers and sellers.
The platform lets data providers publish and share their data with others while maintaining control over their data and determining who has access to it. Ocean Protocol allows data buyers to search for and purchase data from a wide range of sources and be confident in the quality and provenance of the data they acquire.
Ocean Protocol seeks to propel the data economy in the web3 realm by providing a comprehensive set of tools for publishing and utilizing data services, catering to data scientists and AI professionals. The Ocean Marketplace enables users to trade data using an interoperable format of ERC-721 non-fungible tokens (NFTs) and ERC-20 datatokens in a decentralized fashion.
OCEAN, an ERC-20 token on Ethereum, is the Ocean Protocol’s utility token, facilitating data purchase and sale. Additionally, it can be staked on data for curation purposes, allowing holders to earn rewards from the protocol.
Ocean Protocol provides data scientists and AI professionals access to data in a tamper-proof, immutable, decentralized, and cryptographically secure way on the blockchain. Additionally, they can access data and AI training protected by cryptography and generate income by selling and curating data within the platform.
The smart contract then executes, and the buyer pays the data provider in the form of Ocean tokens, which are the native currency of the network. The data is then transferred securely and privately from the provider to the buyer using encryption and other privacy-preserving techniques. The transaction is recorded on the Ocean blockchain, ensuring transparency and immutability of the transaction history.
Advanced users can also utilize the Ocean Protocol’s open-source code to create their own data marketplace or develop components within the Ocean ecosystem. Lastly, the platform incorporates a DeFi aspect where datatokens and data NFTs can be stored in crypto wallets, traded on exchanges, used in DAOs, and more.
The origin of Ocean Protocol dates back to November 2017, when the OCEAN token seed distribution was fixed, along with the technical primer and framework for the Ocean Marketplace. The team of developers released the whitepaper for the project in February 2018.
Ocean’s PoC data marketplace and testnet were released in August 2018, followed by the launch of Ocean Protocol’s v1 Alpha in December. The v1 Beta network was deployed in April 2019, with the core functionality for decentralized access control.
The Ocean Protocol POA mainnet launch took place in Q3 2019 and established a token bridge between Ethereum mainnet and the Ocean network. The beta version of Ocean’s decentralized, non-custodial data marketplace occurred in Q1 2020. The v2 launch in the next quarter brought Compute-to-Data capabilities to the protocol.
Ocean v3 rolled out the concept of ERC-20 datatokens for access control and launched the Ocean Market. The OceanDAO was established in December 2020.
Ocean Protocol expanded beyond Ethereum to the Polygon ecosystem in Q1 2021, bringing down transaction costs. Ocean Market supported trading private data while preserving privacy starting in the same quarter.
In Q3 and Q4 of 2021, Ocean expanded to more blockchain ecosystems, such as BSC, Moonriver, and Energy Web Chain. In 2022, Ocean Protocol launched Data NFTs for more monetization opportunities, H2O - a non-pegged stable asset backed by OCEAN, data farming, and veOCEAN staking.
Ocean Protocol (OCEAN) is listed on numerous leading cryptocurrency and decentralized exchanges worldwide. KuCoin is one of the most user-friendly platforms for purchasing $OCEAN crypto. If you want to get started, our guide offers insights on buying OCEAN token securely and quickly on KuCoin.
As a crypto project with solid potential for mainstream adoption, the $OCEAN token is a worthwhile investment to contemplate, particularly if you have faith in the prospects of DeFi and web3. Furthermore, you can purchase and stake OCEAN to generate passive income and expand your crypto portfolio, making it a versatile investment.
The $OCEAN price may experience an uptrend as more users sign up and trade data on the Ocean Marketplace. The increased on-chain activity could boost the demand for the OCEAN token and elevate its market value.
The OCEAN crypto is also an attractive investment for those who want to actively engage in the DeFi market and contribute to Ocean Protocol's decentralized governance mechanisms. As a token holder, you could have a voice in determining which potential upgrades its developers may implement.
Given the crypto market’s highly unpredictable and volatile nature, offering an accurate Ocean Protocol price prediction over time is impossible. The price of Ocean Protocol token will depend on several factors, including market demand, level of adoption, competitors, innovation, and regulatory concerns.
However, with a high total supply fixed at 1.4 billion and a circulating supply of over 600 million as of April 2023, the $100 mark seems unreasonably high for the $OCEAN price. If 1 OCEAN token were worth $1, it would make the market cap of the Ocean Protocol exceed $600 million - an unrealistically high valuation.
If the price of Ocean Protocol crypto has to reach the $100 mark, the supply of OCEAN tokens must significantly reduce. While supporting fundamental factors could take the OCEAN price to its all-time high of above $1.91, the critical level of $100 could be unattainable due to the high supply of OCEAN tokens in the market.
$OCEAN is the utility token of the Ocean Protocol and has the following critical use cases:
OCEAN tokens are used as a means of payment for data services and transactions on the Ocean Protocol network. This allows for frictionless and secure transactions without traditional payment methods.
$OCEAN can incentivize data providers to contribute data to the network. It encourages data providers to share their data and helps to increase the amount and quality of data available on the network.
Token holders can stake $OCEAN to provide liquidity for data marketplaces on the network. Staking OCEAN tokens also incentivize network participants to maintain and validate the network.
OCEAN token holders can participate in the governance of the network by voting on proposals related to network upgrades, parameter changes, and other important decisions.
You can trade OCEAN against other crypto assets to capitalize on fluctuating market conditions and volatility. Buy or sell Ocean Protocol tokens in comparison to other cryptocurrencies, or hold OCEAN if you have confidence in the long-term potential of Ocean Protocol. It is important to approach any investment decision cautiously and conduct thorough research on the project, its fundamentals, and its market potential.
You can also earn passive income and grow your OCEAN holdings with KuCoin’s Crypto Lending. Use this section to lend liquidity in OCEAN to our platform and earn attractive daily interest over seven days, 14 days, or 28 days.
There are several ways you can earn using the Ocean Protocol, including:
If you have valuable data that you want to share, you can become a data provider on the Ocean Protocol network. As a data provider, you can earn OCEAN tokens by selling your data to consumers on the network.
If you need data for your business or research, you can become a data consumer on the Ocean Protocol network. As a data consumer, you can earn OCEAN tokens by providing valuable feedback on the data that you purchase.
Validators on the Ocean Protocol network help to secure and maintain the network by validating transactions and ensuring that the network operates smoothly. As a validator, you can earn OCEAN tokens as a reward for your services.
You can stake OCEAN tokens on the network to earn rewards for helping to provide liquidity and support for data marketplaces on the network.
As a skilled developer, you can contribute to developing the Ocean Protocol network and earn OCEAN tokens for your contributions.
You can stake $OCEAN on datasets in Ocean Market to become a liquidity provider and earn rewards from swap fees. Here’s how to do this:
1. Visit the Ocean Market dApp and connect your wallet to its interface. Ensure your wallet is sufficiently funded by buying OCEAN crypto on KuCoin or other supported platforms and withdrawing your tokens to your wallet.
2. Browse all available datasets on the platform to find an option you want to stake.
3. Click on the Pool tab to review all liquidity statistics.
4. Click Add Liquidity and enter the number of OCEAN tokens you wish to stake.
5. Click Approve & Supply to confirm the transaction.
6. Sit back, earn rewards, and grow your crypto portfolio by staking $OCEAN on the Ocean Market.
You can also lock your OCEAN tokens on Ocean Farm to get veOCEAN and earn higher passive income.