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What Is Ocean Protocol?

Jul 12, 2022
5 min read

This blog post will cover:

  • About Ocean Protocol (OCEAN)
  • Where did Ocean Protocol (OCEAN) come from?
  • What are the advantages of Ocean Protocol (OCEAN)?
  • What are the disadvantages of Ocean Protocol (OCEAN)?
  • How to buy OCEAN?

About Ocean Protocol (OCEAN)

The longer we've come from the invention of trading, the further the concept of markets develops. Gone are the days of exchanging goods by hand; the understanding of what can be bought and sold has also expanded dramatically. Information has always been precious, but today it is one of the most valuable and highly treasured resources, which can cost a fortune one minute and become absolutely useless a minute later. Ocean Protocol is a data ecosystem created in 2017 that provides its users with access only to this precious resource. Datasets (collections of data) are exchanged on the Ocean Market for OCEAN, the ERC-20 token. The token is also necessary for project governance: users decide which goals the project pursues, and they steer Ocean in the most promising direction. Users looking to earn some OCEAN tokens might consider becoming liquidity providers for the project’s liquidity pools and receive a part of the fees for transactions generated by the pool.

Where did Ocean Protocol (OCEAN) come from?

The core idea of Ocean Protocol is to provide the widest audience with access to data monetization. To achieve this, the project’s creators Bruce Pon, Trent McConaghy, Daryl Arnold, Cristina Pon, and Razvan Olteanu determined three aims. These aims are: to make a system that is sustainable and growing, with a design simple enough to comprehend, and adhere to the values of data preservation, trustlessness, law obedience, and others.

The reason why the creators of Ocean Protocol founded this project is the growing concern regarding monopolisation of data ownership and control. At the moment, there is only a small number of big companies that both manage enormous amounts of data and have AI capabilities to profit from it. Ocean Protocol is meant to give a wider audience access to data and its monetization potential.

What are the advantages of Ocean Protocol (OCEAN)?

  1. An ocean of possibilities
    New ways that data can be used appear monthly, if not daily. Marketing, AI learning, biology, technology, medicine, social sciences to name a few — data related to all these fields can be bought and sold in a secure marketplace and can become the basis for another exciting breakthrough. Ocean Protocol is a rare mix of philanthropy and a successful business model, considering that very few other projects offer the same services, and most of the data that is collected in the world at the moment cannot be accessed by the general public.
  2. A capable crew
    It’s enough for a lot of successful projects to have one cutting-edge technology under their belt, but Ocean Protocol gathered specialists in artificial intelligence, data, and blockchain under its banner. And if multiple years of experience covering various fields of knowledge is not impressive enough, Ocean Protocol can also boast three dozen carefully selected, experienced advisors spanning the globe. They research collaboration and partnership possibilities and provide invaluable insight in terms of the project’s governance.

What are the disadvantages of Ocean Protocol (OCEAN)?

  1. Muddy waters of tokenomics
    Ocean Protocol had a rocky start when its investors noticed that only a very limited supply of OCEAN was available at the ICO, and, what was even more bizarre, the circulating supply contained tokens meant for the project founders. Finance projects need to earn a lot of trust from the public to take off, and trust is even more important when it comes to blockchain projects, so it was quite a risky move for Ocean Protocol to undermine itself at the very beginning of the journey.
  2. Not the most popular niche
    Being a trailblazer comes at a price: you will either claim the throne or will struggle to make people aware of your existence. The niche Ocean Protocol is trying to fill is not in the spotlight, so the project is supported by a relatively small number of backers (compared to blockchain giants). What greets potential future users on the front page of Ocean Protocol Market is not encouraging either: the datasets with the highest liquidity were all uploaded over a year ago, and the publisher with most sales is Trent McConaghy, one of the co-founders.

How to buy OCEAN?

Are you excited to dive into the depths of data with Ocean Protocol and get some OCEAN tokens? Go to the SimpleSwap homepage and follow the instructions:

  1. Choose the currency you want to exchange (e.g. BTC). Enter the amount you would like to swap.
  2. Select OCEAN in the second drop-down list. You will see the estimated amount that you will receive after the exchange.
  3. Click the Exchange button.
  4. Enter the Recipient's Address. OCEAN will be sent to this address. Be careful and make sure you use the correct address.
  5. Create the exchange.
  6. You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the exchange. Then wait for OCEAN tokens to reach your wallet.

Thank you for your time. Make sure to check out our articles about other cryptocurrencies!

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

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