Ocean Protocol (OCEAN), founded in 2017 as a decentralized data exchange platform that empowers secure and privacy-preserving sharing, discovery, and monetization of datasets to unlock the value of data. Based on blockchain technology, it empowers individuals, businesses, and developers to share, monetize, or use data assets while keeping ownership and privacy intact.
It was a project to democratize access to data while developing an openly secure ecosystem where the data could be shared, bought, and sold with privacy intact. The native utility token of the protocol, the OCEAN token, pays for transactions, is involved in staking, or involves participants in the governance of Ocean.
Ocean Protocol by Bruce Pon and Trent McConaghy. Pon is a serial entrepreneur; his experience has ranged from large-scale IT to data management; hence, he wanted a protocol that finally unlocked the full power of data assets for businesses and people. McConaghy, an AI researcher in love with blockchain technology, joined in with this dream to create a platform to connect AI and data marketplaces with blockchain. The combined vision is to create a data supply chain where ownership and privacy are preserved, but the development of data-driven applications and AI models is possible.
Ocean Protocol is the infrastructure for secure, decentralized data exchange and monetization. Datasets are tokenized into ERC-20 data tokens, enabling them to be traded, shared, or accessed on the Ocean Market. The Ocean Market is a decentralized marketplace where data providers can publish their datasets and buyers can purchase access using OCEAN tokens.
Compute-to-Data (C2D) is a privacy-preserving technology that allows the processing of data without exposing the raw data, ensuring compliance with data regulations such as GDPR. Transactions, royalties, and access rights are automated through smart contracts, ensuring trustless and transparent operations.
Ocean Protocol runs on top of Ethereum but is being integrated with Layer-2 solutions to ensure scalability and cost-efficient operations. OCEAN tokens are used for staking, governance, and incentivizing liquidity providers, ensuring a liquid market for data.
The transactions per second (TPS) of the Ocean Protocol rely on Ethereum’s Layer 1 and Layer 2 capabilities, leveraging scaling solutions like Polygon to increase throughput and reduce costs. It achieves a TPS of 15–30 transactions per second (TPS) via EThereum. With Arbitrum it achieves up to 40,000 transactions per second (TPS), while Polygon supports up to 65,000 transactions per second (TPS).
Ocean Protocol has formed a strategic partnership with Roche Diagnostics, leveraging decentralized data exchange for health research to securely access medical data. This collaboration with Roche demonstrates Ocean’s utility in the healthcare sector. The partnership with Daimler AG showcases Ocean’s potential in the automotive industry, facilitating secure data sharing for supply chain optimization and smart vehicles.
Integration with SingularityNET combines artificial intelligence with decentralized data on Ocean, providing a secure environment for training AI models. Additionally, integrating Ocean with Polygon improves scalability and reduces transaction fees, thereby enhancing the user experience on its marketplace.
Recent developments include the announcement of Ocean Data Farming, where active users and liquidity providers are rewarded for staking datasets in the marketplace, increasing value. The Compute-to-Data functionality has been further extended, allowing developers to train AI models on datasets without ever accessing the raw data, thereby enhancing data security and compliance with regulations. Ocean is actively integrating its platform with Web3 projects to enable decentralized apps (dApps) to easily wield data exchange capabilities.
The DAO governing Ocean Protocol, OceanDAO, continues to grow with ongoing grants and community projects expanding the ecosystem. Ocean Protocol is also advancing toward carbon neutrality, aligning its operations with sustainability goals. Furthermore, Ocean has released new SDKs and APIs, making it seamless for developers to integrate data exchange capabilities into dApps and enterprise solutions.
These strategic partnerships and continuous developments demonstrate Ocean Protocol’s influential position in the decentralized data exchange ecosystem. The focus on partnerships, developer tools, and real-world applications ensures further adoption of the protocol and the reimagining of data infrastructure for the decentralized age.
OCEAN changes hands at approximately $0.58, up 2.9% over the last 24 hours as of December 24, 2024. Factors affecting price movements for Ocean Protocol include healthcare and automotive partnerships with Roche and Daimler, demonstrating Ocean’s value for enterprise use cases and stimulating adoption. The introduction of data farming programs has attracted liquidity providers and increased activity on the marketplace. Ocean’s focus on privacy through Compute-to-Data improvements makes it the platform of choice for highly regulated industries such as healthcare and finance.
Ocean Protocol ups the ante in how data is shared and monetized, making the service decentralized and private for both individuals and enterprises. Through strategic partnerships, state-of-the-art technologies such as Compute-to-Data, and the ever-growing marketplace, Ocean is opening a path to unlock the value of data assets in AI, healthcare, finance, and more. By empowering data owners and offering secure access to high-quality datasets, Ocean Protocol sets the stage for a Web3 data-driven ecosystem.
For more information, watch the video below:
Ready to learn about cryptocurrency? Our guides on LPT, YFI, and RENDER provide all the details you need.
FAQs
Q1. What is the Ocean Protocol used for?
- A: Ocean allows the secure and privacy-preserving data sharing, discovery, and monetizing by individuals and enterprises.
Q2. What are Data Tokens?
- A: Data tokens are access rights to datasets and can be traded as other digital assets in the Ocean Market.
Q3. What is Compute-to-Data?
- A: Compute-to-Data allows processing of data without exposing raw data and, therefore, is compliant with all privacy regulations.
Q4. What is the utility of the OCEAN token?
- A: They will serve in transactions, staking, and governance and also incentivize participants in the Ocean ecosystem.