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OCEAN
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Ocean Protocol
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About Ocean Protocol

The price Ocean Protocol today is 0.509838 USD, and the trading volume in 24 hours - 22,204,491 USD. The crypto asset has grown by -3.45% over the day. Currently, the coin’s market capitalization is 312,581,240 USD, and has 613,099,141 coins in circulation with the max supply of 978,213,335 coins OCEAN.

What is Ocean Protocol (OCEAN)?

Ocean Protocol is a decentralized project that aims to unlock the potential of big data for use in new ways, especially for Web 3.0. As part of this mission, Ocean Protocol aims to strengthen the ability of owners to control their data and what it is used for by replacing centralized servers with a decentralized blockchain.

Who created Ocean Protocol?

Ocean Protocol was created in 2017 by BigchainDB founder Bruce Pohn and artificial intelligence and design expert Trent McConaughey. Their goal was to take back control of big data from corporations like Microsoft, Google, and Apple, and instead allow it to be freely shared and monetized on the exchange. Owners will no longer have to relinquish control over their data or compromise its security in order to make money from it. 

Pon and McConaughey assembled an extensive team with expertise in AI, blockchain, and big data, as well as politics and business, to develop Ocean Protocol.

What is unique about Ocean Protocol?

According to the founders of the project, "big data" seriously puts users and network participants at a disadvantage, because they share their data and monetize it, while users have almost no control over the process. To fix this, the Ocean team aims to create a decentralized data exchange protocol that allows consumers, corporations, and everyone in between to share data with symmetrical control and transparency. 

The project also aims to activate a huge amount of inactive or unused data, stimulating participants through monetization. The ultimate goal of this protocol is to foster continuous innovation in artificial intelligence( AI), a technology that relies heavily on data entry and a robust and reliable data market.

Ocean believes that the key to a sustainable and profitable data market is to ensure that providers and custodians feel secure when sharing data. A peer-to-peer protocol for data exchange is Ocean's solution.

How many OCEAN tokens are in circulation?

OCEAN's initial supply was set at 690.9 million tokens. The supply limit is 1.41 billion. The distribution of OCEAN tokens according to the schedule is as follows:

  • 70,500,000 (5%) for the Ocean Protocol Foundation to build the project's community and ecosystem.
  • 282000000 (20%) for Newton Circus (DEX) and BigchainDB
  • 338 400 000 (24%) for acquirers that support the development and liquidity of tokens
  • 719 100 000 (51%) of the remuneration for the Ocean blocks miners for network maintenance.

As of February 2021, there were 419,026,837 OCEAN tokens in circulation.

How is the Ocean Protocol network protected?

Ocean Protocol relies on four different parties for network security and data exchange. 

  1. Providers are participants who can offer data, data storage, and computing power purchased with their own Ocean token. 
  2. The trading platform is the environment created by the participants that facilitate data discovery, opportunity and transaction verification.
  3. Shared information resources that interact with websites, libraries, etc. 
  4. Keepers who maintain the network through the Ocean operation and node, and are compensated in the form of block rewards.

Data exchange is a three-step process that begins when a customer initiates an offer that is accepted and purchased by the data service providers, and then verified by the custodians.

Summary

  • To own your crypto assets, you need to manage your own private keys.
  • Ledger hardware wallets make private key management easy and secure.
  • Each unique 24-word recovery phrase creates a new set of private keys.
  • Make sure you secure your 24-word recovery phrase properly.
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