Ocean Protocol as a decentralized market for data Web 3.0 It is known to seek to revolutionize the world of information and data privacy. This protocol includes assets and services based on Ethereum, along with all their protection measures. The purpose of Ocean Protocol digital currency is universal and easy access to data, with minimum cost and maximum security. In this article, we will first examine what the Ocean Protocol is, how it functioned in the past; And then we will look at the future of the digital currency Ocean Protocol. Stay with us.
What is Ocean Protocol?
Ocean Protocol Data providers And it gathers its applicants in a centralized platform and users can create their own market in this protocol to buy and sell datasets. Developers can create datasets using Ocean libraries and users can search, discover and use them in the market. Ocean’s open source protocol is based on the Ethereum blockchain and from Data token It uses to access its data. Users can pay these tokens ERC20. Purchase and use the data. Data owners do not lose control over data even if users use it. The details of the owner of the information and those who share and exchange it are transparently recorded in the Ocean Market. This data may be stored in a centralized location to protect privacy.
The history of the formation of the Ocean Protocol
Ocean Protocol in 2017 by Trent McConaughey (Trent McConaghy) artificial intelligence researcher and Bruce Poon (Bruce Pon) CEO of BigChainDB blockchain service company was established and its headquarters is in Romania is established Ocean now has more than three thousand contributors in hundreds of countries. In June 2021, the World Economic Forum awarded it Technology Pioneer status, indicating the future importance of the Ocean Protocol digital currency.
Ocean Protocol White Paper
Ocean Protocol White Paper (Tools for the Web3 Data Economy) was published on December 9, 2020 in 44 pages. This document outlines its goal of equal opportunity access to information and monetization of data. According to this document, Ocean Protocol by creating simple means of information dissemination and data access in the form of nft datatokens Pursues its goals. Tokens interact with ERC-20 wallets, exchanges, DAOs and more. These tools are combined in a wide ecosystem for the growth of the Ocean Protocol digital currency. Program Data Farming It encourages users to provide data through rewards. OceanDAO funds software development and is funded by revenue from apps and services, network rewards, and the Ocean Protocol Foundation.
The Ocean Protocol provides the following tools for data markets:
- Solidity codes that can be run on the Ethereum mainnet
- Python and JavaScript libraries
- A web application for ocean community data
Ocean ecosystem components
Ocean ecosystem consists of developers, users, DeFi platform, Ocean market, Ocean tokens, OceanDAO, a team of builders and data specialists. The main components of this system are:
- Providers who build and sell datasets.
- Consumers who purchase and redeem datasets.
- A marketplace that connects providers and consumers.
- Custom applications based on smart contracts that can exchange data between decentralized applications and the Ethereum blockchain.
What is Ocean Market?
Ocean marketplace acts as a decentralized exchange (DEX) and allows users to buy and sell, staking and even create a Personal fork opens the chain. Data will be published by primary providers. When a provider publishes data, it is converted into a data set with a specific token (data token). A provider can set a fixed price, otherwise the data token is automatically valued. Data Token value discovery is done by the Automated Market Maker (AMM) provided by Balancer. Providers can sell their data on the Data Ocean marketplace in two ways.
- Selling data as a package: A data provider may have a lot of data that is useful to other people. He can upload this data at his suggested rate and sell it on the Ocean platform.
- Selling data openly: In this way, providers can create added value by editing and modifying details or general improvement of existing data and sell the data in the Ocean protocol.
In addition, users can become a liquidity provider in this market by staking. This system uses liquidity pools to enable the settlement of transactions based on smart contracts. Recently, Ocean introduced the new GAIA X protocol with unique features to provide an open, transparent and decentralized market for users. In general, the unique features of the Ocean market are:
- Earn profit
- Automatic price discovery
- User interaction
- Privacy protection
- Web 3.0 wallet
Ocean Decentralized Organization
OceanDAO is set up to make resource distribution decisions for each project. OceanDAO is funded by OCEAN token holders. These tokens are exclusively awarded to those who develop their platform on the basis of Ocean. About 500,000 OCEAN grants are currently available. Ocean Token holders vote to allocate funds to proposed projects. This system guarantees the future of the digital currency Ocean Protocol.
Ocean protocol roadmap
- After Ocean’s successful launch in 2017, its white paper was published in 2018.
- In 2019, the Ocean sidechain was created on the Ethereum network to transfer tokens to the main Ethereum network.
- The Ocean launched in March 2020 with over 3,500 contributors in 100 countries. In the same year, Ocean partnered with IBM WATSON AI XPRIZE and launched its advertising program in 49 cities with 20 expert consultants.
- DAIMLER, DEXFRIEGHT, MOBI, ROSCHE, XPRIZE cooperation with Ocean Protocol.
- The Ocean V4 update on June 8, 2022 pushed the Ocean Protocol price to an all-time high of $0.32.
OCEAN cryptocurrency technomics
OCEAN cryptocurrency was launched in 2017 and its distribution is as follows:
- 20% to the founders of the project
- 15% to buyers who spent a total of $26.8 million out of 160 million tokens across multiple offers.
- 5% to the non-profit company Ocean Protocol Foundation, which supports the future of the Ocean Protocol digital currency.
- The remaining 60% is given to miners who serve as network guards in network operations.
There are currently over 613 million OCEAN tokens in circulation, which is approximately 43% of the maximum supply of 1,410,000,000. A billion of them are expected to be available by early 2031, according to the Ocean One roadmap. This may affect the Ocean Protocol price forecast.
Ocean Protocol price forecast for the next five years
According to the data, the price of the digital currency Ocean Protocol will reach a maximum price of $1.14 by 2026 and will be a good investment over five years. If Ocean’s forecast goes as expected, the value of the token and its market will increase, and Ocean will be a valuable asset for your investment portfolio in the future.
Different views on the future of the digital currency Ocean Protocol
The future forecast of OCEAN cryptocurrency is obtained based on the technical algorithm of some sites by averaging several indicators, of which we mention a few examples below:
- DigitalCoinPrice indicates that the value of Ocean could reach $0.17 this year. In addition, Ocean’s digital currency will rise to $0.51 by 2025.
- TechNewsLeader predicts a maximum price of $0.28 in the next one year. Its forecast for 2025 shows that Ocean Protocol will reach $0.74.
- TradingBeasts predicts that the average value of Ocean Protocol cryptocurrency will be $0.26 in August 2023, $0.29 in August 2024, and $0.31 in August 2025.
- Gov Capital believes that the price of Ocean will exceed $3 in March 2025. The site’s analysis shows that Ocean will be worth $7.41 after five years.
- AMB Crypto has a forecast of $2.39 by 2025 for the future of the Ocean Protocol digital currency.
Is Ocean Protocol a good investment?
Investors expect Ocean Protocol digital currency to perform better in the future. If you are interested in getting to know NHow to buy and sell Ocean Protocol digital currency You can do this on crypto exchanges. Although reviews show that Ocean Protocol is worth investing in in the future, do your due diligence before investing. Remember that past performance is no guarantee of future returns.
The future of the Ocean Protocol digital currency; OCEAN cryptocurrency price prediction for the first time on Wallex blog. appeared.
