About Ocean Protocol (OCEAN)
Ocean Protocol is a blockchain protocol that allows both individuals and businesses to create, trade, exchange, and monetize data. Based on Ethereum, Ocean Protocol provides users with the ability to use datatokens to restrict access to data. These âdatatokensâ can be redeemed by users in order to gain access.Â
Ocean Protocol is a blockchain protocol that allows both individuals and businesses to create, trade, exchange, and monetize data. Based on Ethereum, Ocean Protocol provides users with the ability to use datatokens to restrict access to data. These âdatatokensâ can be redeemed by users in order to gain access.Â
Designed as a decentralized, interoperable alternative to traditional data monetization models and data marketplaces, Ocean Protocol connects data providers to data consumers through an ecosystem that integrates blockchain-based data provenance, privacy, and control.Â
Notably, Ocean Protocol features include a compute-to-data feature that allows private or sensitive data to be used within artificial intelligence (AI) models without being shared directly, promoting data interoperability in academic research.Â
Other Ocean Protocol features include the Ocean Market, an automated market maker (AMM) that facilitates the decentralized exchange of datatoken assets through the Ocean Protocol. Ocean Protocolâs use cases include decentralized data marketplaces, data wallets, and blockchain-based data monetization.
Within the Ocean Protocol ecosystem, OCEAN tokens serve multiple purposes: they facilitate the trading of datatokens, enable participation in decentralized governance, and can be staked in the Ocean Market AMM. Data users can employ OCEAN tokens either to lease or buy desired data.
Merger with Fetch.ai (FET) and SingularityNET (AGIX)
Ocean Protocol recently announced a merger with Fetch.AI and SingularityNET, forming the Artificial Superintelligence Alliance (ASI). This merger aims to create a decentralized alternative to the current centralized AI development by big tech companies. The merger will consolidate the utility tokens into a new and universal token, Artificial Superintelligence (ASI). All project name and logos change to Artificial Superintelligence Alliance (ASI).
In phase 1, at 2024-07-01, deposits and withdrawals of Ocean Protocol (OCEAN) and SingularityNET (AGIX) were suspended in preparation of the migration. The migration platform from OCEAN and AGIX to FET is open on the SingularityDAO dApp. During this phase, AGIX and OCEAN tokens will temporarily merge into FET on the Ethereum blockchain, requiring holders on other chains to bridge their tokens to Ethereum. FET trading will continue as usual, with its price reflecting the combined value of AGIX, OCEAN, and FET. Additionally, AGIX and OCEAN tokens will begin delisting from exchanges. OCEAN tokens will be swapped to FET at a ratio of 1:0.433226, while AGIX tokens will be swapped at a 1:0.433350 ratio.
In phase 2, the FET token ticker will be updated to ASI. This will be followed by the deployment of the ASI token across multiple blockchains. Additionally, the Fetch.ai network will undergo an upgrade to become the ASI network. Then new migration contracts will be introduced to support the conversion of the remaining OCEAN, AGIX, and FET tokens into ASI. To further support the transitions, EVM and other bridges will be opened for ASI transfers.
Following the merger, the Fetch.AI Foundation, Ocean Protocol Foundation, and SingularityNET Foundation will continue to operate as independent entities, each overseeing the development of their respective platforms. All platforms will integrate the ASI token, and the ASI Alliance will focus on fostering cooperative and synergistic development efforts.
Binance supports this transition to ensure a smooth process for users. For more details, users can refer to the official announcement from Binance.