Have you ever heard about Ocean Protocol? Or about their cryptocurrency token, OCEAN? High chances that you heard about this cryptocurrency before 🙂 because this project has been gaining much popularity lately. And that’s pretty cool, because it only came into effect in early September 2020. This protocol provides data to companies and agencies that need data storage and offers a calculation algorithm.
This may still sound strange to you, but we are going to explain how that works in this article. We tell you what Ocean Protocol is and how it works, but also explain where you can buy OCEAN tokens yourself. Ultimately, of course, you want to make money through crypto trading , and that is possible with the OCEAN token. See below an official video of what Ocean Protocol is and means.
- 1 What is Ocean Protocol (OCEAN)?
- 2 The team behind Ocean Protocol
- 3 How does Ocean Protocol work?
- 4 Ocean Protocol’s Future Plans
- 5 Is it possible to mine Ocean Protocol?
- 6 How can I discontinue Ocean Protocol?
- 7 The OCEAN Token
- 8 How do I buy OCEAN tokens?
- 9 How can I store my OCEAN tokens?
- 10 Is OCEAN a wise investment?
- 11 The course of Ocean Protocol (OCEAN)
- 12 Conclusion
What is Ocean Protocol (OCEAN)?
The startup Ocean Protocol was held in Singapore. The platform was launched after only 18 months of development. It should enable companies, governments and individuals to share their data while protecting their property. Everything is based on blockchain technology and shared artificial intelligence (AI).
Those behind the project had the ambition to enable data sharing without questioning the ownership of the data. This is a complete innovation in the way current problems are approached.
The team behind Ocean Protocol
Trent McConaghy is behind the Ocean Protocol crypto. He has specialized in artificial intelligence since the 1990s and has conducted numerous research projects for US national defense. He is a prominent member of MetaCartel Ventures and wanted to explore the blockchain technology and its many features, some of which are undiscovered.
He argues that decentralization can address today’s digital challenges, but monetizing data is the difficulty. Unfortunately, the use and often misuse of data for commercial or criminal purposes is a reality. According to Trent McConoaghy, everything can be solved by combining bockchain technology with artificial intelligence. And that is what the Ocean Protocol crypto project is all about.
How does Ocean Protocol work?
To fully understand how the Ocean Protocol project works, you need to know that the project is for everyone. This solution is proposed as an alternative to open data. Everything is related to the problems of trust and centralization, which are regularly pointed out by individuals, but also by companies. Everything is based on a decentralized approach, and on federated learning. The principle of the Ocean Protocol is based on the management and monetization of data to help individuals, businesses and governments regain control of data.
Ocean Protocol has not opted for machine learning, better known as Machine Learning. That is, the artificial intelligence does not have direct access to the data. The principle is actually very simple: the company, government or person using the Ocean Protocol retains control over their data. The data is spread over several locations for maximum security. The platform is innovative because users can create applications and/or services based on their data, without having direct access to it! So it is indeed an alternative to open data, and all this is possible thanks to the Blockchain.
Ocean Protocol’s Future Plans
The Ocean Protocol crypto does not have quite the same role or purpose as more traditional cryptocurrencies. As the founder Ocean Protocol explained, it is all based on IDO, the Initial Data Offering process.
The goal is simply to develop some kind of marketplace that will assess the value of data and allow it to be traded. So it is possible to access the data to estimate its content, but it is never revealed.
And everything goes through the crypto Ocean Protocol pool. The goal is to have several million tokens to create new data pools.
Is it possible to mine Ocean Protocol?
It is not possible to mine the Ocean Protocol . Even if you have all the necessary hardware to mine, it won’t be possible. To get OCEAN cryptocurrency as a reward, you can choose to discontinue it. This way you can earn OCEAN tokens without having to buy them. We will also explain how to stake OCEAN tokens.
How can I discontinue Ocean Protocol?
Staking Ocean Protocol is currently the easiest way to earn Ocean Protocol crypto. By staking, you become a quality provider, thus getting rewards. By joining the Ocean Data Farming program, you become an essential user and receive even more rewards in the form of OCEAN tokens.
Waking up on the Ocean Protocol is as easy as adding money to the platform. You should know that the creator of the OCEAN data token pool pays the transaction fees directly to the strikers. These fees correspond to a percentage of the sales volume.
So you will have understood it: the greater the volume of sales, the more profit you make. Finally, if you decide to discontinue the Ocean Protocol, you will be paid in proportion to the amount of money made available to you. You can withdraw your money whenever you want, without penalty. That’s something you don’t often see in a strike. Often you can’t just get back your staked tokens.
The OCEAN Token
You have probably now understood the Ocean Protocol project correctly. It is necessary to understand all the interests of the creation of the Ocean Protocol crypto. In order for the project to succeed, it is of course necessary that there is also a token that people can buy.
The role of the cryptocurrency OCEAN is to admit users to the system. The role of the cryptocurrency is to act as a gateway to this data that is actually stored elsewhere.
The OCEAN tokens are primarily considered as a reward, especially when you go to discontinue Ocean Protocol. However, you can also choose to publish and sell data on Ocean Market, which obviously offers a higher earning potential. You can also choose to create your own marketplace on Ocean Protocol, but the process is much more complex and is for advanced users. If you are a beginner, you better choose to buy the tokens.
How do I buy OCEAN tokens?
Do you want to get OCEAN tokens? Then you have a number of choices. So you can choose to:
- To strike
- Publishing and selling your data in Ocean Market
- Launch your own market on Ocean Protocol
- Buying on a crypto exchange
When you choose to buy OCEAN tokens, you can do so at most crypto exchanges. Think for example of Binance or Bitvavo . These crypto exchanges offer the best security and highest liquidity. Within a few clicks you have OCEAN tokens in your possession.
In addition, these are also proven crypto exchanges when it comes to security. You can buy OCEAN tokens here without worrying about your security. There are plenty of other crypto exchanges where things have unfortunately gone wrong in the past.
It is also possible to buy OCEAN on a decentralized exchange, such as Uniswap or Sushiswap . As we said before, the chances of a purchase going wrong are much higher on a DEX. You have to go through many more steps, which are difficult for some to perform.
How can I store my OCEAN tokens?
If you want to store OCEAN in a wallet, you can do this in most cases by using the wallet of the crypto exchange you use for your purchase. Think, for example, of the wallet of Binance or Bitvavo. It is also possible to store OCEAN in a MetaMask wallet. Since the OCEAN tokens are ERC-20 tokens, you can store them in almost any wallet. This is because Ethereum projects are the most common projects. So you really never have to worry about this.
However, storing your tokens and coins in a software wallet (also called a hot wallet) is not the best and safest way. This is because these wallets are connected to the internet at all times. This means that there is always a possibility that hackers can get into the wallet. And that would mean they also have a chance to steal your OCEAN tokens.
Would you like to keep your OCEAN safe? Then it is better to use a hardware wallet , which is also known as a cold wallet. These wallets are many times more secure than a hot wallet , because they can be disconnected from the internet. It is in fact a USB stick, which you can physically keep. By storing the hardware wallet in a safe, your OCEAN tokens are protected against hackers.
In that case, you must of course ensure that you do not lose your hardware wallet. Ledger and Trezor are the best known and most used hardware wallets, which we can also recommend to you.
Is OCEAN a wise investment?
The Ocean Protocol project is new, which worries some crypto traders. However, in recent months, and especially since early 2021, several partnerships have been formed, proving that the Ocean Protocol takes crypto seriously.
For example, a collaboration with the Benchmark protocol has been announced. In addition, Ocean Protocol was listed on Kraken on March 2, 2021, driving up the price of the Ocean Protocol tokens. These various partnerships have brought lucky token holders of OCEAN tokens directly into contact with more traditional financial markets.
So you could say that Ocean Protocol is a stable project that still has a bright future. However, it is important to do good research into this project yourself before investing in it. You can do this through a fundamental analysis or a technical analysis . This way you can determine for yourself whether it is a good time to step in, or whether it is too late to do so. Of course you want to be able to buy OCEAN for the best price and then sell it for the best price.
The course of Ocean Protocol (OCEAN)
According to data available on CoinMarketcap, Ocean Protocol grew very strongly in early 2021. This was not surprising, because at the same time, the value of many other cryptocurrencies also rose. From April 2021, the value fell very sharply. At the time of writing (June 2021), Ocean Protocol is worth approximately $0.39.
The price of OCEAN tokens fluctuates a lot. As a result, it can happen that it is smart to buy these tokens at one time, and it is anything but wise to do so at another time.
It is best to keep a close eye on the live price for this. You can do that via the link below, after which you will go to the price of Ocean Protocol (OCEAN) on CoinMarketcap:
As you will have understood by now, the OCEAN token is not a cryptocurrency like any other. The challenge Ocean Protocol wants to take on is absolutely incredible, and there’s a lot of hype surrounding this project. This ensures that there is still a lot of potential in this project. Because it’s not just a hype. There is actually a solid project and team behind Ocean Protocol. That is quite important for the success of a crypto project.
Therefore, it may be wise to ensure that you get hold of OCEAN tokens. There are several ways you can do that. For example, you can choose to discontinue OCEAN tokens, sell your data on the Ocean Market or by launching your own market.
The fastest and easiest method is of course to buy OCEAN tokens. At the moment, Binance is the most active market in which the OCEAN tokens are traded. This is a secure exchange where you can get the OCEAN tokens within a few clicks.
Thanh Lanh Tran(1989) is Chief Editor from BitcoinUSD.com