Ocean Protocol

What is Ocean Protocol?

The Ocean protocol is a decentralized system designed to enable the exchange and monetization of data and data-centric services for both businesses and individuals. Operating on the Ethereum blockchain, this protocol utilizes 'datatokens' to control access to datasets, which users can then redeem when seeking information.

One of Ocean's primary goals is to make datasets on its platform accessible to startups and researchers without relinquishing control from the original data owners. The software facilitates seamless data exchange by connecting users in need of data or lacking storage resources with those who have surplus resources. As a reward for their contributions, data providers receive OCEAN, the native cryptocurrency of the Ocean protocol.

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Recent Video Interview

Main points of the interview:

• Ocean Protocol is a decentralized data marketplace designed to democratize access to data.
• The platform ensures data provenance and authenticity, crucial in an AI-dominated future.
• It allows individuals to maintain control and earn from their data.
• The future vision involves using blockchain to timestamp and verify data origins, allowing for fair attribution and royalty distribution via digital native microtransactions.

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Datatokens in Ocean Protocol

Datatokens serve as the foundational element of the Ocean Protocol platform and marketplace. Each dataset and data service within Ocean is associated with its unique datatoken, an ERC-20 token that empowers data providers to monetize their specific data. Acquiring a specific datatoken from the Ocean marketplace grants you access to designated datasets and data services. To access the data, simply transfer one datatoken to the corresponding data provider. Similar to other ERC-20 tokens, datatokens can be stored in most wallets with ERC-20 support. However, it's crucial to understand that the actual data doesn't need to reside on the blockchain; only the access control is implemented.

By spending datatokens, you can obtain access to the data for a predetermined duration or engage in compute-to-data access, enabling you to execute compute jobs on the dataset. Compute-to-data access is particularly popular for training AI models. This approach involves running an algorithm directly over the dataset, eliminating the need to transfer the data off-platform for algorithm execution. This method ensures data security while still enabling third parties to utilize and derive benefits from the data. With these various data-delivery options, including ongoing developments, datatokens offer enhanced structural security for data providers, a feature often lacking in other data marketplaces.

Ocean Protocol Team Background and Partners

Established in 2017 by Bruce Pon and AI researcher Trent McConaghy, Ocean Protocol is the brainchild of individuals with prior experience founding BigChainDB, a company specializing in blockchain database software.

The initiative receives backing from the Ocean Protocol Foundation, a non-profit organization headquartered in Singapore. Additionally, OceanDAO, a decentralized autonomous organization (DAO), contributes to the support and governance of the project.

Among Ocean Protocol's collaborators are AwesomeQA, Datarella, deltaDAO, H2O, KryptonLabs, Mantis Data, Transport Genie, Travala...

Ocean Protocol Project Development

Ocean was founded with the goal of leveling the playing field for AI and data. In its initial phase, the focus was on constructing the fundamental infrastructure for the open data economy. The project has now transitioned into its subsequent phase, emphasizing the creation of data value loops by directing attention towards users in the last mile, including data dapp developers, data scientists, and data-oriented crypto enthusiasts.

The underlying hypothesis is centered on ensuring that users can generate income by creating value from data, monetizing that value, and reinvesting the proceeds to foster further growth. Concurrently, Ocean strives to serve as the orchestration and tooling platform for intricate and extensive value loops.

Given the release of ChatGPT and the heightened interest in AI, the potential within the vertical of large language models (LLMs) and related AI technology appears highly promising. Ocean's fundamental proposition revolves around being positioned at the intersection of AI, data, and blockchain. The core team at Ocean is actively exploring avenues to support the advancement of AI and maintain a leading position in the field.

Once one or two data-value creation loops demonstrate sustainability on Ocean, where individuals are consistently generating income, efforts will be made to scale up these loops. This involves extending technology and integrations to empower developers and data engineers to accomplish increasingly sophisticated tasks over time. The overarching objective is to foster long-term growth, aspiring for Ocean to become a ubiquitous tool for orchestration and monetization.

Ocean Protocol Price Analysis

As of November 24 2024 Ocean Protocol has a marketcap of $145M. This is {{percentagefromath}} from its all time high of $1.93. In terms of its tokenomics, there's a total supply of 986M with 24% currently outstanding. Keep in mind Ocean Protocol has a fully diluted value of $607M which many investors might interpret as overvalued.

Of course, don’t trust price predictions alone, always check the Coinrotator token screener to follow the trending market.