Ocean Protocol is a DEX platform whose goal is to empower data-ownership and decentralizing servers. It is a culmination of blockchain, data sharing framework, and ecosystem related services. Providers and consumers can utilize the platform to share, stake and trade data access whilst retaining transparency, traceability, and security for all stakeholders involved using datatokens.
A datatokens is an interoperable ERC20 that represents both the value and the access permission of a registered dataset which could be a copyrighted IP or encrypted data on a storage device. A user must send 1.0 datatoken to the data provider to acquire the license to use that dataset.
Datatokens can also be used as the interface that connects data assets with blockchain and DeFi tools via DeFi composability within Ocean. Each data service in Ocean Protocol will also be assigned its own data token and can be leveraged as their equivalent. For example, crypto wallets can become data wallets, crypto exchanges to data marketplaces, or DAOs as data co-ops. This interchangeability allows Ocean to act as an on-ramp & off-ramp for data assets across DeFi platforms.
The Ocean marketplace serves as an intermediary between data providers and consumers, and stores a record of registered data holders and consumer transactions. However, none of the registered data are kept on-chain. The platform only facilitates access links, and owners can upload and store their data behind their respective firewalls and encryption.
In this data economy, the $Ocean Token is the commodity that drives the platform, and is the default unit of exchange. This utility token is used to stake on data, governance, and trading. It can be earned through multiple means. Stakers are given a cut of the transition fees as a liquidity provider, sellers are given the majority of their sales revenue, or a user could build your own Ocean-based marketplace where they can earn a cut of every data asset sold on their own market.
As of October 27th, 2020, Ocean Protocol’s V3 platform went live. Which meant the Ocean Market has also exited beta and entered public access. The team has contracted security audits, and their architecture has also been updated as shown.
Source: Ocean V3 Architecture Overview
Ocean Protocol has additionally announced an early-stage program for Web3 community integration and growth called Ocean Shipyard, which has set aside up to 20 million Ocean Token over the next 2 years to fund projects and teams interested in building on Ocean.
OCEAN is currently trading at $0.44 USD, with a market cap of $182,499,539. The current circulating supply is 414,026,837 out of a total supply of 613,099,141 $OCEAN