Ocean Protocol is a web3-based blockchain platform that enables monetization through data shared by users.
What is Ocean Protocol, How Does It Work?
The number of blockchain applications developed on Ethereum is increasing day by day. With the increasing numbers, it has become difficult to monitor the data. Confidentiality and control mechanisms are important for solving this problem. This is because the development of the blockchain project and token depends on its scalability, decentralization and security level. For this reason, the Ocean Protocol was developed.
Ocean Protocol offers its users full control, auditability and transparency over their data. The project developers are Bruce Pon and Trent McConaghy, who are experienced in the big data, artificial intelligence and blockchain industries. Ocean Protocol users have the ability to create their own data markets through the network.
According to the Ocean Protocol, societies have stated that they rely heavily on data and that data security is a serious issue. He mentioned a model called “New Data Economy” as a solution to such problems. Thanks to this model, people will have rights over the data.
Ocean Protocol has organized a decentralized exchange (DEX) for data. Data can be staked or traded on the regulated decentralized exchange. Another feature of Ocean Protocol is IDO (Initial Data Offering). It can be defined as the public offering of data. In the IDO system, the progression mechanism of ICOs is designed on the basis of data systems. With the publication of the data on the platform, it creates its own ERC-20 token.
What is OCEAN Coin?
OCEAN Coin is the native cryptocurrency of Ocean Protocol. Built with the ERC-20 smart contract. OCEAN Coin can be used in various transactions within the platform. For example, users; OCEAN Coin can be used to trade, share, and create artificial intelligence models.
Also, fees paid for performing DEX transactions can be paid with OCEAN Coin. Users with OCEAN Coin can become a liquidity provider by staking OCEAN in the decentralized data marketplace established by the project. In addition, people who lock OCEAN Coin are provided with access to qualified data in proportion to the amount they lock.
Advantages
- Data transferred by users is protected by Ocean Protocol in a secure and confidential manner.
- OCEAN Coin holders can stake their assets and earn additional token rewards.
- Users can create their own data markets. It can also create artificial intelligence models through data.
- Thanks to the Ocean Protocol, users can share and trade data. Thus, revenue can be generated by selling data.
Where and How to Buy Ocean Coin?
OCEAN Coin is listed on many platforms. As an example of these; Exchanges such as Binance, KuCoin, CoinTiger can be given as examples. Investors who want to buy OCEAN Coin must first become a member of a platform they prefer. After the membership and account opening processes are completed, identity verification is performed. Then, the desired amount of OCEAN Coins can be purchased by loading money into the wallet via the trading page. Purchased Ocean Coins can be used in transactions or stored in a preferred secure wallet.
