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OceanDAO – What is it?

04.03.2021

OceanDAO sounds like a code phrase, doesn’t it? A grants DAO curated by the Ocean community is what it really is.

The Ocean Protocol is becoming increasingly popular. No surprise there – its mission in the age of the troubling data economy can be compared to an emergency exit – a life savior.

With the help of the Ocean project, we’ll be able to take back control of our valued and oh-so-wanted data. For more information on the protocol and its fundamentals, turn to our recent article The Ocean Protocol that explores the project’s core in detail.

 

What is a DAO and How it Works?


A DAO is a decentralized autonomous organization based on computer-encoded rules. This form of business is as transparent as it can possibly be, controlled by a community of members and free from having to deal with a central government.

The core financial data, such as records and transactions, and rules of a DAO are maintained on a blockchain.

 

DAO Pros


The ultimate aim of DAO is to solve the most common problems plaguing today’s businesses of all shapes and sizes.

Thus, the greatest advantage of DAO is autonomy as the majority of issues found in companies and corporations start with the management… or should we say mismanagement?

The autonomous structure of a DAO means that it is prearranged – by a computer program, of course, which encodes the organizational rules. This also excludes power plays as the rules cannot be adjusted to one’s own advantage.

Another strong advantage is transparency. Everything that happens in a DAO, stays – no, not in Vegas – on the blockchain. The distributed ledger records all the data for good.

 

DAO Cons


The only con that needs to be mentioned is computer code. As computer code is a man-made practice, mistakes will happen.

After all, to err is human.

 

OceanDAO Revisited


OceanDAO is a grants DAO to help fund the projects of the Ocean community, curated by the same Ocean community. It aims at gradually growing the overall value of the Ocean Protocol.

The Ocean community believes that the DAO technology is still evolving, that’s why they prefer to develop at a slower pace “to ratchet up value-at-risk over time, to give space to learn and for technology to improve.”

This will help OceanDAO to create positive value. As a result, the funds allocated to OceanDAO will go up.

OceanDAO invites you to get involved:

  • as a project looking for funding to build something, unlock data, or else;
  • as an OCEAN holder looking to shape the future of Ocean – by learning about proposals and voting.

To date, two voting rounds for the best projects have been completed. The next ones are expected to be open later this year. In the first round, each winning project received 10,000 OCEAN – we’ll say no more!

 

Voting From Exchanges


If you have no intention of presenting your own project, you can still vote as an OCEAN holder. Did you know that you can vote from exchanges?

To do that, you need to have a balance in OCEAN before the voting round opens. You can buy and trade OCEAN/USD at CoinMetro – the Ocean token has been recently added to our exchange.

 

Buy OCEAN at CoinMetro


CoinMetro’s list of tokens is growing by the day. We never miss potential opportunities, that’s why adding the Ocean token was just a matter of time.

Why choose CoinMetro? Trading with us is safe, fun, and easy – but there’s so much more behind the scenes.

CoinMetro is about strict regulation and innovation that come with a nice package – the industry’s lowest fees, the platform rich in both simple and advanced features, the best service possible, and even beyond.

Log in or sign up to be part of the crypto experience and get your Ocean tokens!

If you have any questions, we are here to help round-the-clock. Find out how you can contact us.