Ocean Protocol


5/7/20242 min read

Ocean Protocol is a decentralized data exchange protocol designed to unlock the potential of data and provide fairer outcomes for data users. This project allows data providers to interact with data consumers through a decentralized data marketplace while ensuring control, auditability, transparency and compliance for all participants. Let's dive into the background and goals of this project.

Project Background

Society is increasingly dependent on data, especially with the advent of artificial intelligence. However, a small group of organizations with massive data assets and AI capabilities have become powerful and pose a threat to free and open societies.

Ocean Protocol aims to solve the worldwide problem of AI development. Some companies provide advanced algorithms for the AI industry, but these companies lack data. Then there are companies that have a lot of data, but they lack the means to share it in a fair, transparent and secure way. Ocean Protocol aims to bring these two parties together to democratize the world of AI development.

Key Features

  • Decentralized data exchange protocol: Ocean Protocol allows data providers and data consumers to interact through a decentralized data marketplace to share and exchange data.

  • Data Tokenization: Ocean Protocol introduces Datatoken, which enables stored data to be traded as NFT (non-homogenized tokens) and ERC20 tokens.

  • Assurance of control and transparency: The protocol ensures control, auditability, transparency and compliance for all participants.

Project Progress and Collaboration

  • Ocean Protocol's DEX product is a reference market built on the protocol.

  • Singapore is Ocean Protocol's main government partner, supporting its 18-month development roadmap with the Ocean Protocol Foundation.

  • The program has also entered into collaborations with organizations such as IBM Watson AI XPRIZE, SingularityNET and Mattereum.

Ocean Protocol's token is OCEAN, which is the protocol's native ERC-20 utility token. OCEAN is used in the following ways:

  • Data Pledge: Users can use OCEAN to pledge data and participate in data filtering and management.

  • Data Transactions: OCEAN can be used to buy and sell data.

  • Governance Participation: Users holding OCEAN can participate in the governance of the protocol.

The supply of OCEAN is decentralized to drive near-term growth and long-term sustainability.

Total number of tokens: 141 million. Allocation:

  • 51% (7,191,000 OCEAN) for data pledges and incentive programs through lock-in and phased release.

  • 15% (2.115 million OCEAN) for the Ocean community (including grants, etc.) and Foundation operations.

  • 10% (1.410 million OCEAN) is attributed to the founding companies and in turn distributed to investors, employees and operations.

  • 24% (3.384 million OCEAN) is allocated to token purchasers, which has been finalized in 2019.

Token design: OCEAN's design is based on the “Web3 Sustainable Cycle” model, which is designed to flexibly adapt to the development and growth of the Ocean product.

In short, Ocean Protocol is committed to promoting the development of data sharing and the data economy, creating a fairer, more transparent and secure environment for data users and providers.

(Content sourced online, contact for removal if copyrighted)

Don't miss any chances, Join Depi for more DePIN Info!