What Is Ocean Protocol (OCEAN)?

The Ocean Protocol is a blockchain-based project that seeks to allow businesses and individuals to gain from their data with ERC-20 based data tokens. Data tokens act as an interface between data assets and blockchain.

With Ocean Protocol, users can gain from their data without sacrificing privacy or control. Consumers can access previously unobtainable or hard-to-find data sets. There are data sets available on Ocean Market, where users can transact and later consume or trade them.

The native token of the Ocean Protocol ecosystem is OCEAN. OCEAN tokens are employed to stake data, manage community funding, and trade data. The supply is distributed over time for near-term growth and long-term sustainability.

 In Ocean Market, users can stake OCEAN on a data asset to earn. The act of staking involves adding liquidity to a data token-OCEAN pool. Traders can earn a percentage of each data transaction fee, proportional to their stake. Ocean protocol has also plans to let its stakeholders earn even more through the Ocean Data Farming program.

 According to the whitepaper, Ocean Protocol provides data services for crypto ecosystems through data tokens. Data tokens are fungible ERC20 tokens that can access particular data services. Smart contracts and libraries in the cloud make it easy for users to publish data services and consume data services. Ocean contracts are first deployed on Ethereum's mainnet, followed by other deployments.

Ocean Protocol aims to launch a new Data Economy that reaches every person, company, and device and empowers people to capture value from data to better the world.

History of Ocean Protocol

The Ocean Protocol is managed by a Singapore-based nonprofit foundation with a diverse ecosystem of contributors who share a common vision of utilizing data for artificial intelligence. Different countries, industries, and backgrounds have created the core team and advisers. 

There is a maximum total supply of 1.41 billion OCEAN tokens in the Ocean Protocol ecosystem.