Ocean Protocol (OCEAN) is a decentralized data exchange platform that brings together data producers – individual users and businesses – and consumers who want to buy the data they produce. Ocean Protocol’s native cryptocurrency is OCEAN. In this article, we will look for answers to questions such as what is Ocean Protocol (OCEAN), what does Ocean Protocol (OCEAN) do, what are the advantages of Ocean Protocol (OCEAN).
What is Ocean Protocol (OCEAN)? What Does It Do?
Today, knowledge is one of the greatest powers. The data generated by businesses and individuals is a major engine for the emergence of knowledge. To unlock this value of data, Ocean Protocol serves as an efficient platform.
Ocean Protocol (OCEAN) is a platform for the sale of data owned by businesses and individuals to artificial intelligence (AI), Big Data and data-based services. is the marketplace. Ocean Market in this marketplace, data producers put their data up for sale and consumers buy it. In this whole shopping process, users can earn income from the data. Ocean Protocol aims to benefit everyone, rather than just a select few. At this point, users can easily access data that is not normally easy to access and can be obtained at high costs thanks to Ocean Protocol.
OCEAN is an ERC-20 based token running on the Ethereum blockchain. The native cryptocurrency of Ocean Protocol, OCEAN, is used for trading on Ocean Market. OCEAN also enables staking transactions to take place.
What Advantages Does Ocean Protocol Offer?
Ocean Protocol is a platform designed to facilitate data sharing and trade between data owners and data recipients. In making this possible, it has some advantages on its side.
Open Market
The Ocean Protocol is not just a way for data owners to make money or for data recipients to get the data they need. Because the Ocean Protocol is publicly available, anyone can benefit from the value of the data. In other words, this means the democratization of data.
Data Market:
Ocean Protocol provides a marketplace for users to buy and sell data. This makes it easier to price the data. Users can create their own data markets.
Wide Data Access
Ocean Protocol’s advanced filtering options simplify the screening of data sources. This way, users are not drowning in data and can access the data they need with a single shot. Easily accessing the ideal data means getting the right results, saving time and money.
Stake Chance
Users holding OCEAN, the native cryptocurrency of the Ocen Protocol, are rewarded with additional tokens for staking their assets. This means that users earn a profit.
Artificial Intelligence & Big Data Development:
Ocean Protocol cares about developing artificial intelligence and big data, and it is valuable to spread the benefits of these concepts to the grassroots. Thanks to the resources and tools in the Ocean Pyhton library, those who work with data can build interfaces with data. In addition, data on the platform can be used to build artificial intelligence models.
How Does Ocean Protocol Work?
While making data meaningful and transforming it into information is of great benefit to users, data has difficulty in finding its true value. The Ocean Protocol was developed to solve the problems in the data economy and to offer data owners the opportunity to get the maximum benefit from their data.
In Ocean Protocol, datasets and data services are converted into ERC-20 tokens, known as datatokens, which run on the Ethereum blockchain. One of the nice things about Ocean Protocol is that it runs on the Ethereum blockchain. In this way, data providers can continue their data sales in a highly secure structure.
In order to better understand the working logic of the Ocean Protocol, the following items can be examined.
Data Subjects:
In Ocean Protocol, data owners upload their data to the platform and control the data sets. The decision to share or sell the data rests entirely with the data owners. These data may come from different sources. For example, this data could be corporate databases, sensor networks, social media platforms or personal.
Data Market:
Ocean Protocol creates a data marketplace. This brings data owners and data recipients together. Data buyers can search for the data sets they need by applying specific filters. Ocean Protocol’s advanced search features make it easy to purchase the right data sets.
Smart Contracts:
Ocean Protocol uses smart contracts running on the Ethereum blockchain. Smart contracts enable the automated processing of agreements and transactions between data owners and data recipients. When data is purchased, the price is transmitted to the data owner via a smart contract.
Data Privacy & Security:
Ocean Protocol adopts the security operation of the Ethereum network. In Ocean Protocol, data subjects can apply different levels of privacy measures to protect their data. This is how sensitive data is protected and only authorized persons have access to it.
Data Set Improvements:
The Ocean Protocol encourages data providers to improve the quality and value of their datasets. Keeping datasets up to date, increasing the number of data in the dataset and combining datasets with other sources are effective in selling data at a higher price.
Who are the Founders of Ocean Protocol?
Ocean Protocol is based in Singapore and was launched in 2017. Bruce Pon and Trent McConaghy, who have experience in big data, artificial intelligence and blockchain, are the core developers of the project.
Bruce Pon, founder of BigchainDB and Ascribe, is an entrepreneur and executive specializing in financial technology. Brucu Pon holds a bachelor’s degree in engineering and an Advanced Management Certificate from MITSloan.
Trent McConaghy‘s background includes being the founder of ADA, Solido and Ascrine. Trent McConaghy, who holds a PhD in creative artificial intelligence, has written several books in this field.
Other developers of Ocean Protocol are Razvan Olteanu, COO of BigchainDB, and Cristina Pon, Marketing Director.
What Other Things to Know About Ocean Protocol (OCEAN)?
To find out a little more about the Ocean Protocol, it is useful to look at the answers to some of the questions below.
Is OCEAN a token? Or is it a coin?
Coin is a cryptocurrency created on its own blockchain. A token is a cryptocurrency that does not have its own blockchain and is created on an existing blockchain. OCEAN is a token because it does not have its own blockchain structure.
Which blockchain is the OCEAN token on?
The OCEAN token is on the Ethereum blockchain and is based on ERC-20 standards.
Is the OCEAN token mined?
Since the OCEAN token is on the Ethereum network, it cannot be mined in the classic sense. OCEAN uses its own unique consensus protocol called Ocean v3, a mechanism based on the Proof of Stake (PoS) algorithm on the Ethereum blockchain. This protocol allows token holders to perform transaction verification and block generation tasks, for which they can earn OCEAN tokens as a reward.
How to buy OCEAN token?
To buy OCEAN tokens, it is sufficient to create a membership on ICRYPEX. Once the membership process is complete, trading in other cryptocurrencies including OCEAN token is fast, easy and secure.
How to Become a Member of ICRYPEX?
After visiting www.icrypex.com from a browser, you can click on the “SUBSCRIBE” button at the top right of the page, fill in the required information and you can easily create your membership.
From mobile devices, primarily;
Android users can download our app by clicking here, Apple users by clicking here and HUAWEI users by clicking here. After logging in to the application, you can click on the menu icon at the top left, then click on “SUBSCRIBE” to fill in the required information and easily create your membership.
