What is Ocean Protocol?

Ocean Protocol is a technology that utilizes blockchain, decentralized networks, and cryptographic techniques to facilitate secure and privacy-preserving data sharing. It seeks to create a new Data Economy that empowers data owners by giving them control over their data while preserving privacy. Ocean Protocol's approach allows anyone with sought-after datasets to tokenize their data and make it available on the Ocean Market. This not only provides an additional compensation stream for data publishers but also gives scientists, researchers, data analysts, and others access to more reliable data.

How does Ocean Protocol work?

Ocean Protocol operates by unlocking access to data that would previously be unavailable or challenging to access. It provides the tools needed for firms to build and launch their own data markets. Holders of OCEAN tokens can lock their tokens and receive VeOcean. They can then receive passive compensation by holding their VeOcean or receive active compensation by staking their VeOcean on potentially selling datasets. Ocean Protocol's smart contracts and libraries aim to make it easy to publish data services and consume data services. The protocol's approach to data sharing and monetization aims to foster a new Data Economy at the intersection of blockchain, data, and AI.

What are the potential use cases for Ocean Protocol?

Ocean Protocol has a wide range of potential use cases. It can be used to facilitate secure and privacy-preserving data sharing, enabling data owners to control access to their data while preserving privacy. This can be particularly useful in industries where data privacy is paramount, such as healthcare or finance. Additionally, Ocean Protocol can be used to create new data markets, allowing firms to monetize their data in a secure and controlled manner. It can also be used to incentivize the sharing of valuable datasets, providing an additional compensation stream for data publishers.

What is the history of Ocean Protocol?

Ocean Protocol was founded with the mission to build technology for a Data Economy at the intersection of blockchain, data, and AI. The founders of Ocean Protocol have a deep background in big data, blockchain, artificial intelligence, and data exchanges, combined with real-world business experience as entrepreneurs, designers, and technologists. The protocol has developed several technologies to push the envelope forward, including the original patent for NFTs, token engineering, data tokens, and others. As of October 2023, 100% of the OCEAN token supply will be minted, with the proceeds being transferred to oceanDAO multisignature wallets.