Ocean Protocol – All You Need to Know
What’s the hype about the Ocean Protocol? Never heard of or considering to invest? Join in on the discussion!
The Ocean Protocol is a highly valuable ecosystem focused around data assets and services with one aim – to tokenize them. Why? In today’s society, data is one of the most precious assets we own, but a large part of it is wasted or remains locked.
Let’s explore the Ocean Protocol project and its fundamentals together.
The Ocean Protocol Zoomed In
The Ocean Protocol is a blockchain-based ecosystem launched in 2017. As a result, the new data economy now has powerful Web3 apps to suit its needs.
The protocol allows both individuals and businesses to unlock the value of data and monetize it using ERC-20-based datatokens.
What does unlocking the value of data really mean? This way, data owners can add value to and control their data assets without being locked into a single marketplace. They achieve this through traceability, transparency, and trust for all stakeholders involved. To ensure this, the network connects data providers and consumers.
The gist is that the Ocean Protocol makes it possible to share private data without compromising one’s security or control.
There are currently 20+ projects leveraging the Ocean technology, including the Ocean Market and the Ocean Token. On a side note, the former is the Protocol’s core functionality.
The Mission and Vision Behind the Protocol
Our society and data have become interconnected terms.
As it often happens, a handful of powerful organizations with massive data assets have taken control. Why is it a bad thing? Controlled data poses a threat to an open, free society.
Under those circumstances, the Ocean project aims to achieve apportioned equitability to help individuals and businesses take back control of their valuable data.
Data is King
Data defines every layer of our society. By 2025, 160 Zettabytes – or one trillion gigabytes – of data will have been produced. Think about it. Today, data is so much more than just information. It has become a strategic asset that we can collect, buy, and sell at an unprecedented rate.
Organizations collect data to use it in some way – mostly, to monetize it. However, we manage to waste a massive amount of the data produced instead of somehow including it in daily operations.
We can utilize vast amounts of data much better through technology This is what the Ocean project is trying to do. The Ocean Protocol’s goal is to create a decentralized data exchange that can unlock data generated by AI.
The Ocean Protocol and the Data Economy
Back to the problem of a bunch of organizations holding massive amounts of data.
Think about Facebook or Google – the two epitomes of the data economy. What has made it possible? True, AI.
The more advanced and the more accurate AI systems become, the easier and faster it is to gather, organize, and exchange data to then monetize or sell it. This is exactly what the two conglomerates mentioned above do.
We need to balance out the current situation as the amount of data assets held by the financial giants has grown out of proportion. Data owners – individuals and smaller businesses – should also be able to monetize their data, if they need to.
The Ocean Protocol gives us hope by attempting to equalize access to data.
“The data economy has a huge untapped potential, for two reasons. First, only a few companies benefit from the current siloed structure – the shadow data economy. Second, every day, individuals, companies, cities and even nations struggle with who can see their data, and who controls their data. These are issues of data privacy and control, or more generally, data sovereignty,” said Ocean Protocol Founder Trent McConaghy.
What is a Datatoken?
Datatoken is one of the core components of the Ocean Protocol project.
A datatoken is a ERC20* token that represents the value of the data asset. Thus, this provides the access control to the data asset. The use of datatokens also simplifies the user interaction for data sharing.
* To clarify, here’s our in-depth article What are ERC-20 Tokens?
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Surely, the Ocean Protocol has a fantastic potential. Don’t miss out and invest today to become a part of the data economy of the future.