Weekly Token: All you Need to Know About Ocean Token

How does Ocean Protocol use Ocean Token to strengthen your data control?

Ocean Token serves as the fuel that makes the Ocean Protocol environment work. The goal is to revoke big data control from big players, like Google, Apple, and Microsoft, then share and monetize it freely on a secured market exchange protecting data’s privacy.

Quick infographic (by DECUS Network GmbH)

Key Facts

The Ocean Protocol created the Ocean Token to fuel the data market place and serving as the default currency in the Ocean Market being the bridge between the works of data managers looking for data and scientists providing data through Web3.0.

With the Ocean Token it is now possible to gain access to sensitive and private data that was previously locked away by big corporations and governments. It enables users to monetize data, which attracts contributors to share more data and gives a pool of accessible information for data scientists to dive into. A New Data Economy emerges with the help of Ocean Protocol in a cost-saving and liberalized way.

What is so interesting about it

The main aspect of the Ocean Token is that it is able to unlock completely new data, that was not available to the public before. This is also an advantage to those who share funded data so their copyright won’t get tampered with and be sold by someone else to be monetized. As an example, medical data is now more accessible and can be shared worldwide to efficiently diagnose and cure diseases.

Additionally, the Ocean Protocol’s team is working closely together with a bunch of developers and is building a strong community to fulfill their ambitious goal, to reach every single person, device, and company, and build a better world with the use of quality shared data. Since we, from DECUS Network, believe in the power of decentralization and since the Ocean Protocol is decentralizing big data, we can see them soaring higher in the near future and potentially being the next big thing in Data Science, Blockchain, and Web3.0.

How the Ocean Token works

The Ocean Token is an ERC-20 contract that is deployed on the Ethereum mainnet. You can buy the token to be able to purchase data you like or receive it when selling your own data, be able to make decisions on research projects and operate on data.

The maximum supply of OCEAN is capped at 1.41 billion tokens, while 51% of this supply is disbursed on a Bitcoin-like schedule over decades, to fund community projects curated by the OceanDAO.

Why buy the Ocean Token?

Possessing Ocean Tokens will mainly give you access to a global market of data. Though the marketplace is in a Beta version at the moment, it is still agreeable that it holds sumptuous information. And to gain access to these data pieces, you need to pay with OCEAN.

Another reason might be that as the demand for qualitative data increases, the value of the Ocean Tokens will increase too. Thus, making the Ocean Token also an investment case. As the maximum OCEAN supply is capped at 1.41 Billion tokens and the rest will be disbursed at a Bitcoin-like schedule, there is scarcity implemented in the Contract.

Liquidity

Source: Etherscan.io

Although transaction volume is decreasing the Ocean Token is still highly liquid due to the listing on major exchanges such as KuCoin or Binance. Many transactions also take place on Uniswap and other decentralized exchanges.

The token has now been live for 3 months and so far there have been almost 200,000 transactions recorded with close to 25,000 addresses currently holding the Ocean Token.

Restriction: These numbers are taken from Etherscan, which might not depict the complete reality of transactions. Since contract creations and other events are also included, actual token activity numbers are most likely much lower.

Conclusion

Source: Fabric Ventures

In a conclusion, Ocean Protocol created a token that is not only focusing on gaining profit but also helping others by sharing data. It is interesting where the company is at already in the market and will be years from now.

Ocean Token is a must-watch for those who are interested in the future of web and data science.

Remarks

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Authors

Simon Peters is the Managing Director of DECUS Network. We at DECUS open the doors for asset managers to new uncorrelated & uncensored asset class. Diversify your portfolio and Make Your Legacy Unshakeable!

Leander Schmidt is the Content Marketing Manager at DECUS Network. His areas of interest include Ethereum smart contracts, distributed ledger technologies (DLTs) and decentralized finance (DeFi).

DECUS Network GmbH is a venture of BlockSize Capital.

Marketing Manager at DECUS network GmbH. Writing about blockchain, digital assets and all finance related topics