What is Ocean Protocol (OCEAN)?

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Bittime  - Ocean Protocol (OCEAN) has emerged as an attractive decentralized solution to the problems of data access, exchange and management.

In this article, we will explore more deeply about what Ocean Protocol is, what its features are, and what the basic analysis of this token is.

What is Ocean Protocol (OCEAN)?

Ocean Protocol is a decentralized network designed to facilitate the secure and efficient exchange and use of data.

Built on blockchain technology, Ocean Protocol provides an infrastructure that allows data owners to monetize and share their data, while other users can access that data securely and encrypted.

Ocean Protocol uses blockchain technology to facilitate data exchange between various parties. Data is stored and managed within a decentralized data pool known as an “ocean,” which can be accessed by users participating in the network.

With a focus on decentralization, security, and data monetization, Ocean Protocol has great potential to change the way we view and use data in the future.

By empowering data owners to control and monetize their data, while also enabling users to access data securely and encrypted, Ocean Protocol brings the vision of a more open, inclusive, and fair internet to reality.

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Ocean Protocol (OCEAN) Key Products & Features

Ocean Protocol (OCEAN) offers a variety of products and features that support decentralized data exchange, management, and monetization. Below are some of the key products and features of Ocean Protocol.

1. Ocean Market

Ocean Market is a decentralized data trading platform that allows users to sell, buy and gain access to data. Users can discover various types of data offered by data providers, as well as securely negotiate prices and access terms using smart contracts .

2. Ocean Tokens (OCEAN)

OCEAN is a crypto token used within the Ocean Protocol ecosystem. This token has several functions, including payment for data access, incentives for data providers, and as a tool for measuring and transferring value within the network.

3. Ocean Commons

Ocean Commons is part of the Ocean Protocol which provides open and free access to public and openly licensed data. This allows users to access data for free or at very low cost, increasing data accessibility and adoption globally.

4, Ocean Data Science Tools

Ocean Protocol provides a variety of tools and services to support data analysis and artificial intelligence. This includes tools for data processing, predictive analysis, machine learning, and more, allowing users to extract valuable insights from the data available within the network.

5. Ocean Market Integration

Ocean Protocol integrates with various other platforms and services outside its ecosystem to improve interoperability and data accessibility. This includes integration with cloud storage services, trading platforms, financial systems, and others, expanding the scope and use of data within the network.

6. Ocean DAO

Ocean Protocol has an autonomous organization known as Ocean DAO , where OCEAN token holders can participate in decision-making and management of network resources.

This DAO allows the community to collaborate in governing the development and growth of the Ocean Protocol ecosystem.

Also Read: What is DAO Summoning?

What is Ocean Protocol (OCEAN) Token?

Ocean Protocol Token (OCEAN) is a digital asset used within the Ocean Protocol ecosystem. OCEAN is an ERC-20 standard token issued on the Ethereum platform.

However, it is worth noting that since its launch, Ocean Protocol has adopted its own mainnet network, called the Ocean Protocol Network, and OCEAN has been ported to it.

Here are some of the main functions of the Ocean Protocol (OCEAN) token.

1. Payment

One of OCEAN's main functions is as a payment tool within the Ocean Protocol ecosystem. Users can use OCEAN to pay for access to data provided by data providers, data analysis services, or for other transactions within the network.

2. Incentives

OCEAN is also used as an incentive for data providers to provide their data within the Ocean Protocol network. Data providers are awarded OCEAN in return for their contribution to enriching the ecosystem with quality data.

3. Participation in Governance

OCEAN holders have the right to participate in decision-making and management of the Ocean Protocol ecosystem through an autonomous governance mechanism called Ocean DAO. Token holders can vote on protocol changes, fund management, and other important decisions that affect the ecosystem.

4. Value Measurement

OCEAN is also used as a tool to measure and transfer value within the network. This allows users to trade or transfer value safely and efficiently within the Ocean Protocol ecosystem.

5. Financing

OCEAN can also be used to fund projects or initiatives within the Ocean Protocol ecosystem through mechanisms such as crowdfunding or liquidity provision.

Tokenomic Token Ocean Protocol (OCEAN)

Tokenomics or Ocean Protocol token economics (OCEAN) refers to the underlying economic structure of these tokens within the Ocean Protocol ecosystem.

It covers several aspects that influence the value, distribution, use, and growth of OCEAN on the network.

The details of the OCEAN tokenomin are:

Total Supply: 1,410,000,000 OCEAN

Distribution:

• 40% - Public Sale
• 30% - Team & Advisors
• 20% - Ecosystems & Reserves
• 10% - Partnership Fund

Ocean Protocol (OCEAN) Fundamental Analysis

Ocean Protocol fundamental analysis (OCEAN) involves evaluating various factors that influence the long-term value, growth, and adoption of the Ocean Protocol ecosystem.

OCEAN's strengths are innovative projects with great potential, experienced teams, and partnerships with well-known companies. OCEAN's weakness lies in competition from other data platforms and OCEAN's price volatility.

Comparison of Ocean Protocol (OCEAN) & Competitors

The following is a comparison table of OCEAN and its competitors.

Ocean Protocol Founder & Team (OCEAN)

Ocean Protocol was founded by Bruce Pon, Trent McConaghy, and BigchainDB. The Ocean Protocol team consists of experts in the fields of blockchain, data science, and technology.

Expert Opinion About Ocean Protocol (OCEAN)

Expert opinions on Ocean Protocol (OCEAN) are mixed. Some experts believe that Ocean Protocol is a revolutionary project that could change the way data is shared and used, while others question OCEAN's price volatility and competition from other data platforms.

Conclusion

Ocean Protocol is an innovative project with huge potential to change the way data is shared and used. Ocean Protocol has an experienced team and partnerships with well-known companies. However, investors should be wary of OCEAN's price volatility and competition from other data platforms .

How to Buy OCEAN on Bittime

After knowing what OCEAN is and how it works, are you interested in buying and investing in this crypto asset? You can do it at Bittime. OCEAN tokens are available on Bittime in  ALGO IDR pairing. 

 Below is a guide on how to buy OCEAN tokens on Bittime. 

1. Register an account at Bittime using an active email. 
2. Complete the identity verification process.  
3. Once the account is verified, open the Bittime application.
4. Select the Market menu or click the graphic icon. 
5. Select IDR pairing to buy OCEAN with Rupiah.
6. Click 'Buy'.
7. Select the order type to use. Limit orders, market orders and stop orders are available.
8. Enter the nominal rupiah to buy OCEAN.
9. Click the 'Buy OCEAN' button. 
10. A notification pop up will appear. Read it carefully and click 'Confirm'. 
11. Enter the six digit Transaction PIN.
12. The application will display a successful order notification. 

For a complete guide on how to buy OCEAN, click  here .

Apart from buying OCEAN tokens, you can also buy various crypto assets such as BTC, ETH, SOL, ADA, AVAX, DOGE, and many others. Don't forget, keep monitoring ORDI, BTC, ETH, SOL price chart movements today to find out crypto market trends  on Bittime. 

Crypto asset buying and selling transactions on Bittime are easy, safe and instant. Bittime is officially registered and supervised by Bappebti and Kominfo. 

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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.