Ocean Protocol (OCEAN)
Ocean Protocol is an open-source protocol that facilitates the exchange and monetization of data and data-related services for businesses and individuals. Leveraging the Ethereum blockchain, it utilizes 'datatokens' to control access to datasets, allowing users to redeem these tokens for information access. The protocol is particularly beneficial for artificial intelligence, enabling the sharing and selling of data in a secure and transparent manner.
History of Ocean Protocol
Founding and Development
Ocean Protocol was established in 2017 by Bruce Pon, founder of BigchainDB, and Trent McConaghy, an expert in AI and design. Their primary objective was to decentralize big data control from major corporations and enable its free exchange and monetization. A diverse team with expertise in AI, blockchain, big data, policy, and business was assembled to develop the platform. Ocean Protocol supports a decentralized marketplace for data assets and services, recording data ownership and transactions on-chain, as noted by co-founder Trent McConaghy.
| Ticker | OCEAN |
| Category | Artificial Intelligence (AI) |
| Website | https://oceanprotocol.com/ |
| @oceanprotocol | |
| Telegram | oceanprotocol |
| https://www.reddit.com/r/oceanprotocol/ | |
| Contract Addresses | |
|---|---|
| ethereum | 0x96...48 Copied! |
| energi | 0x99...2bCopied! |
| optimistic-ethereum | 0x25...9eCopied! |
| polygon-pos | 0x28...a1Copied! |
| sora | 0x00...b9Copied! |
Key Milestones
The protocol launched the Ocean Token in November 2017, alongside its Marketplace Framework. By 2018, Ocean Protocol had a global distribution with contributors from 100 countries and announced partnerships, including one with IBM Watson AI XPRIZE. In March 2020, the decentralized marketplace was launched, and by May 2019, over $28 million had been raised in funding.
Ocean Protocol ecosystem
Structure and Functionality
Ocean Protocol is an ecosystem comprising data assets and services. It facilitates data discovery by storing and promoting metadata and offers a licensing framework with pricing tools. Data is not stored on the network; instead, encrypted references are provided, ensuring data owners retain control. Multiple marketplaces can connect to Ocean Protocol, allowing data owners to manage datasets independently.
Community and Enterprise Marketplaces
The protocol aims to enhance AI software and services, offering a Community Marketplace alongside the Enterprise Marketplace for data transactions. Efforts include deploying a standalone web app, restructuring data tokens for simplicity, and integrating incentives and staking. Over 20 million Ocean Tokens are allocated to support developers, startups, and service providers on the network.
Recent Developments
In October 2023, Celer Network integrated Ocean Protocol’s OCEAN on the Oasis Sapphire mainnet, allowing users to bridge OCEAN between Ethereum and Sapphire. This integration supports Ocean Predictoor, a dapp for prediction feeds. Earlier, in January 2021, Moonbeam, a smart contract platform on Polkadot, partnered with Ocean Protocol, introducing data exchange functionalities into the Polkadot ecosystem.
Use cases of Ocean Protocol
Industry Implementations
Ocean Protocol has been implemented across various sectors. In 2019, sgCarMart integrated it into its used car marketplace for reliable data access. In healthcare, it enables secure sharing and analysis of data, such as with the AI solution James for Parkinson’s disease. The protocol's partnerships showcase how data sharing can enhance competitive advantage and well-being, as seen with Aviva and ConnectedLife in insurance, and Roche Diagnostics in healthcare.
Services
Ocean Protocol provides a broad data environment with open-source software, including the Keeper blockchain client, Parity SecretStore, and Aquarius metadata management, empowering developers to create their own networks. The main products are the Data Ecosystem Platform and the decentralized Data Marketplace, facilitating data transactions while ensuring data owners retain control.
Ocean Academy
Ocean 101
Ocean Academy, launched by four Ocean Protocol Ambassadors, offers Ocean101, an educational module introducing blockchain technology. It includes 23 chapters covering Ethereum wallet installation, blockchain basics, and smart contracts in data science. Participants learn about Ocean Protocol’s infrastructure and receive a completion certificate upon finishing the module.
Ocean Token
Introduction to Ocean Token
Launched in November 2017, the Ocean Token is the exchange medium within the Ocean Protocol network. It rewards providers when their data is sold and was distributed globally with 3,500 contributors by 2018.
Token Allocation
A total of 1.41 billion Ocean tokens were emitted, with allocations for network rewards, founding teams, and community development. Adjustments were made to boost network participation incentives, increasing tokens for network rewards to promote developer and provider engagement.
Partnerships
Strategic Collaborations
Ocean Protocol has formed partnerships to enhance its ecosystem. Collaborations include Oraichain for AI-powered offerings, Zühlke for healthcare data solutions, Travala.com for travel bookings with OCEAN, and ProtoFire for developing data marketplaces. Each partnership leverages Ocean Protocol’s technology to expand its reach and applications across various industries.
Recent Partnerships
In March 2021, Ocean Protocol partnered with Polygon to deploy smart contracts on its blockchain, reducing transaction fees. In October 2021, Ocean Protocol was deployed on the Moonriver Network, enhancing security and cross-chain interoperability within the Polkadot ecosystem.