How Ocean Protocol Is Building The Data Economy Of The Future 🐳
Ocean Protocol

How Ocean Protocol Is Building The Data Economy Of The Future 🐳


In my last post, I told you about my TOP 3 DeFi Altcoins Powered By Polkadot. I believe that the three projects Ocean Protocol, Mantra DAO, and Polkastarter are having a huge potential. They are primed for massive gains in the upcoming months. For this reason, I am going to highlight each project with a more detailed post, starting today with Ocean Protocol.

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What is Ocean Protocol?

Ocean Protocol is all about data and data is the digital gold of today`s modern economy. The global data economy is incredibly huge and it encompasses lots of different aspects, for example, data generation, processing, storage, analysis, and distribution. The global data market is a market worth trillions of dollars a year while the number of data produced is massive and it is increasing every day.

Some big companies like Facebook and Google are completely data-driven. Most of the data collected by these companies is stored on their own servers and not being shared. So less than one percent of that collected data is actually being analyzed and used. That circumstance seems to be a massive waste of collected data that is not being used to solve the world's biggest problems. So decentralizing the data could be really valuable.

Ocean Protocol aims to solve this problem of data hoarded by companies as it wants to unlock access to private data. So Ocean Protocol wants to be a unified substrate that connects the problem, the solution, and the data. Ocean Protocol is the connecting layer to establish decentralized data marketplaces.

Decentralized Web3 Data Marketplaces

At the moment, Ocean Protocol is launching a data marketplace in collaboration with the Balancer Pool.

Furthermore, Ocean Protocol enables developers to build powerful decentralized Web3 apps for the data economy, dapps like data marketplaces, and other apps to privately and securely publish, exchange, and consume data.

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Data Science And Artificial Intelligence

Let me point out why these decentralized data market places are so important by looking at Artificial Intelligence (AI) and deep learning.

The more data you have to feed the algorithm, the better the AI models become. This means that Artificial Intelligence and deep learning are extremely data-hungry. Artificial Intelligence and deep learning are nor some sort of Science Fiction as it is already here. 

In this field of data science, the data is extremely valuable. However, today´s data-driven tech giants like Facebook and Google are keeping this private data in silos, which means that they don`t share their collected data with anyone else at the moment. Scientists developing new AI models don`t have any access to this private data, the data that is kept in private silos can`t create value. 

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The $OCEAN Token

The $OCEAN utility token is used for buying and selling data and AI assets and services. At the moment, $OCEAN is running on the Ethereum blockchain. Ocean Protocol has informally collaborated closely with Polkadot since 2015. The integration into the Polkadot ecosystem is planned. This integration could begin on the heels of an Ocean DAO. This will happen earliest 2021.

Ocean Protocol`s price today is $0.34. Ocean has a circulating supply of 350 Million coins and a maximum supply of 613 Million coins. Binance is the current most active market trading $OCEAN. You can also trade it on UniswapHotBit, and KuCoin.

Since the $OCEAN is a standard ERC-20 token, you can store it in any wallet with ERC-20 capabilities like Trust Wallet or Atomic Wallet.

Ocean Data Farming

There will be four different ways to earn $OCEAN right now:

  • You can become a network keeper and provide validation and verification services.
  • You can open up your own data marketplace on the Ocean Protocol.
  • You can do quality control or curate data.
  • You can provide data to the network. On October 1st, Ocean Protocol announced Ocean data farming, a program to incentivize a supply of relevant and high-quality data assets into Ocean Protocol. Ocean data farmers can earn $OCEAN for providing liquidity to the data pools.

Partnerships And Collaborations

Ocean Protocol`s partnerships and collaborations are already quite impressive. Big companies like Daimler and Roche either have an ongoing agreement with Ocean Protocol or they are currently working on integrating their project with Ocean Protocol.

Ocean Protocol is also working closely with a wide range of leading projects and organizations in the Web3 ecosystem like Chainlink, Filecoin, and Polkadot.

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My Final Conclusion

I am still a huge fan of Chainlink and Band Protocol. I have both of them also in my highly diversified portfolio but Ocean Protocol could make much bigger gains because of it`s current small market cap. So if you like oracles like Chainlink, Tellor, and band Protocol, then you will definitely love Ocean Protocol.

Besides that there is a real problem is today`s data economy. Ocean Protocol is, in my opinion, the only oracle that is focussing on solving this problem.

A possible Coinbase listing of $OCEAN is currently officially in the discussion.

At the end of my post, I also like to remind you that my intention in this post is to raise your awareness of Ocean Protocol and my intention is not to replace your own research. However, nothing in my post is sponsored, it really reflects my own opinion.

So I hope that I could provide you with some interesting and useful information about Ocean Protocol and the importance of oracles.

Thank you guys for reading, liking, following, and tipping 👍

If you like, you can also follow me on Twitter.

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