Review on Ocean Protocol by David Olayide
Ocean Protocol Data Monetization
Ocean Protocol is a blockchain-based ecosystem built to allow individuals and businesses to easily unlock the value of their data and monetize it through the use of ERC-20 based data tokens. Consumers and the community at large can benefit from the data economy. To create this data economy, borderless data sharing, and privacy are two key features that Ocean Protocol plans to focus on. The data economy is being revolutionized on a frequent basis and as such large volumes of data is pumped into the digital space. As such there is a need for a kind of data regulator to ensure that things do not go haywire.
The Ocean Protocol project makes use of blockchain technology, smart contracts, and tokens to ensure that there is a secure sharing of data, with control and auditability while still promising privacy. The technology allows both organizations and individuals to set pricing and trade data without losing control of their data assets. The implementation of smart contracts gives data owners and buyers transparency, security too. The project is open source and developers can as well enter into the project.
With the use of blockchain technology in data sharing and a data economy, the future is definitely set to change for the better where power now belongs to the data owners and creating an environment in which everyone benefits without undue exploitation. Insurance, and healthcare organizations or companies, have already begun to see areas in which they can apply these useful bits of technology coming from Ocean Protocol.
The OCEAN utility token is used to stake on data, govern community funding, and buy & sell data. The supply of OCEAN is disbursed over time to drive near-term growth and long-term sustainability. OCEAN is designed in such a way that, the price is determined or set by the volume of usage. OCEAN is ERC20 based, and with a circulating supply 347.20 million. A total supply of about 1.41 billion. Binance, Kraken, Bittrex, gateio are cryptocurrency exchanges from which you can purchase the token. Since it is a standard ERC-20 token it can be stored on compatible wallets.
Pros
- OCEAN token is ERC20 compliant and thus compatible with Eth wallets
- Ocean Protocol gives power back to data owners
- Everyone can benefit from the new data economy with the blockchain technology
- The project is open source
Cons
- The price of the token is determined by the volume of usage
