The Ocean Token is an altcoin designed to empower the work of the entire Ocean Protocol ecosystem. The main idea of this project is to create a safe and secure private space for building marketplaces and other apps encouraging users to publish, exchange, and consume data.
This is a decentralized protocol based on Ethereum that helps to share and monetize data. The project’s team insists that they make the data exchange and trading secure, transparent, and effective with the help of blockchain technology.
The main participants in Ocean Protocol are data and service providers and consumers, data marketplaces, service providers, and network keepers. All these participants are connected in the following way: an asset provider offers data while an asset consumer gets the data for his or her use. Asset providers and consumers are connected through marketplaces. Service providers are responsible for computations, storage, and algorithms for sales. Network keepers provide the nodes to support this system.
According to the official statements, the main advantage of the Ocean Protocol is that the data sellers can be sure that they will keep full control over each dataset due to the blockchain-enabled access control. Such a high level of network security is impossible with traditional centralized intermediaries when data owners are always at risk of losing control of the data. With Ocean Protocol, the owner is the only one who can modify or transfer ownership of the dataset. He or she can set a price in Ocean Tokens for the consumers, allow selected consumers to get data for free, restrict browsing or purchases to specific parties.
The Ocean Token
The Ocean (OCEAN) is the project native currency. This is a utility token based on the ERC-20 standard inseparable from the Ocean platform. This coin provides no voting rights, no ownership, no dividends, and no profit to its holders. Instead, it can be used for buying data and for motivating the participants of the system, as a tool of exchange within the Ocean Protocol project, as a part of the network reward system for service providers and owners.
This token can be earned in several ways. Data providers can receive Ocean tokens by publishing data for sharing, launching their own marketplaces to provide access to the assets and receive tokens for these activities, providing network services and so on.
The Ocean Protocol ICO Details
The private sale took place in October 2017. The pre-sale ended in February 2018. IEO started on April 31, 2019, and ended on May 3, 2019, and 56.4 million Ocean tokens that represented 4% of the total supply were offered on Bittrex International. China could not participate.
On the official website, it is mentioned that the maximum amount of OCEAN tokens will be equal to 1.41 billion. Though at first 15% and 60% of Ocean tokens were dedicated to so-called Acquirors and network reward respectively, then some changes took place and Ocean Token allocation was updated. Thus, Acquirors got 24% of tokens and the network reward was reduced to 51%. 20% was allocated to the Founding Team and 5% was allocated to the Foundation. On the whole, the scheme of the token distribution had been changed two times before the coin was launched.
As a standard ERC-20 token, the Ocean Token is compatible with all the apps in the Ethereum ecosystem. According to the official website, the Ocean Token Bridge has been already released to transfer tokens between the Ethereum Network and Ocean’s Pacific Network, but at the time of writing the service is unavailable.
The coins can be bought on some exchanges. At the time of writing, there are eight exchanges listed as official on the project’s website: Bittrex Global, Kucoin, Uniswap, Balancer, Binance, Poloniex, Gate.io, and Vcc Exchange.
This coin can be stored on any ERC20 compatible wallet. Ledger, Trezor, MyEtherWallet, MetaMask, Argent, Coinbase Custody, and Bitcoin Suisse are recommended by the project’s team as those you can rely on. Use crypto wallet software to see your Ocean Token balance and to send Ocean Tokens to some other accounts.
Team and Partners
Ocean Protocol Foundation Ltd. was founded in 2017 and is located in Singapore. At the time of writing, there are 15 people mentioned as the members of the core team. The team combines solid experience in big data, blockchain, AI, and data exchanges with practical business experience. The majority of them are entrepreneurs, technologists, and designers. Many of them are Berlin (Germany) residents.
Bruce Pon is listed first and he is one of the Ocean Protocol’s founders. Pon is also a founder and CEO at BigchainDB, a blockchain database for data-driven use cases. He founded some blockchain projects like Ascribe, IPDB, or Avantalion International Consulting. In 1996-2008, he worked at Daimler Financial Services (Mercedes Benz) and at Accenture.
Trent McConaghy and Cristina Pon are other co-founders of this project. They are also connected with BigchainDB and some other blockchain projects. Dimitri De Jonghe is also a co-founder, but he left the project. Chirdeep Singh Chhabra declares in his LinkedIn profile that he is one of the founders at the Ocean Protocol project and works there now, but he is not mentioned in the official list.
According to the official information, there are over 35 advisors in this project. There are 24 of them mentioned by name: Meltem Demirors, Carsten Stoecker, Sebastian Gajek, Adam Drake, Chris Ballinger, etc. Many of them are also from Germany and the USA. Advisors help to create meaningful collaborations, integrate with the protocol, attract potential business partners, and provide instructions on governance.
The company is open to collaboration and has a long list of partners that includes Daimler AG, dexFreight, MOBI, etc. All these projects are working on integrating with Ocean Protocol. Among Service Partners, there are DAC and ProtoFire/Altoros. They are collaborating to create decentralized data marketplaces. Ecosystem Collaborators include Chainlink, Data Natives, Fabric Ventures, etc. These are the projects in the Web3 ecosystem that work on creating a more equitable future.