What is Ocean Protocol?
OCEAN is the token that drives the decentralized Ethereum-based data sharing platform, Ocean Protocol. The protocol uses a combination of a Proof-of-Authority (PoA) algorithm and AI, which ensures users can securely share or access data using the Ocean Protocol while also maintaining transparency with the network.
Essentially, Ocean Protocol aims to target the Big Data industry, acting as a marketplace which safely connects data providers and data consumers — allowing data providers to be paid for sharing their data.
The Ocean Protocol aims to solve the issues of “data silos”, which is huge amounts of data stored by companies, institutions, and individuals, which are not being shared with anyone — even though the stored data could help solve important problems.
Ocean Protocol also gives users control over their private information but allows them to monetize their data as if it were an asset. Once the data is uploaded to the Ocean Protocol, it is searchable to anyone using the platform. Users who want to access private data can then pay data sharers, using OCEAN tokens, to access and utilise the data.
The OCEAN token is used to exchange data on the platform — data consumers will pay data sharers in OCEAN tokens to access data. OCEAN is an ERC-20 token, meaning it can be exchanged like any other ERC-20 token across the Ethereum network, and it can be stored in Ethereum-based wallets.