What Is Ocean Protocol (OCEAN)?
Ocean Protocol is a blockchain-based ecosystem that allows individuals and businesses to easily unlock the value of their data and monetize it through the use of ERC-20 based datatokens.
OCEAN is a utility token that is used for community governance and staking on data, in addition to buying and selling data as the basic unit of exchange on the Ocean Market. The price of these datatokens is set by an OCEAN-datatoken AMM pool, which adjusts the price of the datatoken as it is bought and sold based on supply and demand.
What Makes Ocean Protocol Unique?
Ocean Protocol unlocks access to data that would previously be unavailable or challenging to access, by allowing anybody with sought-after datasets to tokenize their data and make it available on the Ocean Market.
This produces an additional income stream for data publishers while giving scientists, researchers, data analysts and anybody else access to more reliable data.
Ocean Protocol provides the tools needed for firms to build and launch their own data markets, by either directly forking the Ocean Protocol, or by using the supplied Ocean Protocol React hooks. It also provides extensive documentation to assist with this process.
How Is the Ocean Protocol Network Secured?
OCEAN is currently an ERC-20 token operating on the Ethereum blockchain. As a result, it is backed by Ethereum's extensive proof-of-work (POW) mining and node network, which protect it against a variety of attacks.
Ocean Protocol previously operated on a proof-of- authority (POA) sidechain, but this was scrapped to ensure datatokens remain compatible with the broader Ethereum ecosystem.
According to a 2019 blog entry, Ocean Protocol applied military-grade security practices when designing its smart contracts - ensuring they can be securely upgraded and deployed without opening up any attack vectors.
Where Can You Buy Ocean Protocol (OCEAN)?
Ocean Protocol (OCEAN) tokens can currently be traded on more than two dozen exchanges, including several top tier platforms like Binance, KuCoin, Bittrex and Poloniex. As of November 2020, Binance is the most liquid centralized exchange for OCEAN, whereas Uniswap is the most liquid decentralized exchange for OCEAN.