Ocean Protocol Cryptocurrency Review
Overall Rating
★ 4/5
Ocean Protocol Key Features
 Founded | 2017 |
 Rating | 4 |
 Website | https://oceanprotocol.com |
 Seller | – |
 HQ Location | Singapore |
 COMPARISONS | Kaleido, HollaEx, Brickken, Omni, Cocoricos, Openfinance, Tokeny T-Rex Platform, NFT-X India. |
Pros
- Users must upload, store, manage access to, and monetize their data on the Data Ecosystem platform.
- The Data Marketplace is the upcoming product. In order to make the transfer of digital assets easier, it links buyers and sellers.
Cons
- Users on other networks are unable to utilise it because it is only compatible with Ethereum. Additionally, Ethereum’s scalability problem affects the platform.
Ocean Protocol Details/Product Description
The OCEAN Token is the native token of the Ocean Protocol crypto. It is intended to help make existing data available for a new type of use. It aims to strengthen the control of data owners and establish a decentralised blockchain solution. After all, data is the gold of the 21st century. This article deals with the OCEAN and whether you should buy the coin. In doing so, we look at the price development so far and give a forecast of the potential future price change. Without hesitating, let’s get started!
What Is Ocean Protocol and Cryptocurrency?
ect is led by the Singapore-based Ocean Foundation. The goal is to create a blockchain-based marketplace for data. Providers can sell any kind of data on this. The OCEAN is also capable of using artificial intelligence to process any form of data and make it usable. The marketplace offers a central contact point for both data providers and data buyers. The AI brings any data into a uniform form. At the same time, data sovereignty always rests with the data provider. In a way, OCEAN sees itself as a counterpart to data giants like Google, Facebook or Amazon.
Technically, the Ocean Protocol tokens are based on a Proof of Authority (PoA), which is intended to ensure the fast processing of large masses of data. In the network, so-called keepers collect the data and store it. For this purpose, the Ocean Foundation introduced the programme “Compute-to-Data”, which carries out specific computational tasks and analyses the data volumes. The OCEAN and the associated marketplace can be used by companies to monetise collected data. At the same time, private providers can also sell their data to interested parties. The secure data exchange via the blockchain transparently shows the history of one’s data.
The Ocean Foundation has already been able to enter into several partnerships with well-known companies. These include Mercedes Benz, IBM Watson AI, MOBI, Unilever, Johnson & Johnson and now the banks.
Pros and Cons of the Ocean Protocol Cryptocurrency
Continuing our review, let’s speak about the pros and cons. Every investor must decide for himself whether he wants to buy the Ocean Protocol Coin or not. Of course, this decision isn’t easy and one must rely on many factors, such as forecast, history, community, etc. To help you decide, here are some advantages and disadvantages at a glance:
Advantages of OCEAN:
- Many developers on board
- Favorable buying opportunity compared to the all-time high
- Exciting future field with the data business
- Data is a growth market
- Software based on AI, Ocean Protocol tokens act as highly innovative
Disadvantages of OCEAN:
- Small coin with a manageable market capitalization
- Development is still at the very beginning
How Does the Cryptocurrency Ocean Protocol Work?
Investors have the option of purchasing the coin directly or participating in its performance via CFDs. This is because Capital.com also offers an OCEAN CFD. Both options offer advantages and disadvantages. Investors should keep an eye on their situations. Here, the question also arises as to whether one wants to actively participate in the Ocean Protocol crypto network or only take price gains.
Concierge Icon 20OCEAN CFDs are suitable for all investors who only speculate on the price development. The contract for difference is based on the Ocean Protocol price. If the price rises, the price of the CFD also rises. At the same time, one can speculate on falling and rising price developments. Capital.com also offers a 1:2 leverage, so that larger profits are possible with the same capital investment. This also increases the risk of loss.
Concierge Icon 9In contrast, crypto fans often prefer to hold the real Ocean Protocol Tokens. Hodlers in particular – crypto investors who want to hold their coins for an indefinite, long period – benefit from the low holding costs. However, a crypto wallet is required for secure storage.
What Are the Alternatives to the Crypto Ocean Protocol?
Whoever buys the Ocean Protocol Coin must pay attention to a few things. In particular, sufficient diversification is the means of choice to limit risks. This is because the development of OCEAN has been highly volatile in recent months. Moreover, smaller coins are speculative. The crypto market raises high hopes. Numerous crypto projects could significantly change life as we know it today in the future. But some cryptos will probably not live up to their claim. Today, it cannot yet be said with sufficient certainty that OCEAN will achieve its own goals – although the approaches to revolutionizing data management seem promising. Some of the alternatives to the Ocean Protocol coin are:
- Streamr: Streamr is a network for real-time data delivery and exchange.
- Filecoin: Filecoin is a decentralized storage network that leverages blockchain technology and a native token called FIL.
- Datum: Datum is a decentralized and distributed high-performance database.
- IOTA: IOTA is a distributed ledger technology that uses a novel approach called the Tangle.
Is Ocean Protocol a Good Investment?
There is no question that the Ocean Protocol Tokens have considerable upside potential, but there are also risks. Data is considered the gold of the 21st century and the digital age. More and more companies are interested in the commercial use of data since it is available anyway. The data-collecting companies want to keep their digital treasures secret and use them profitably if necessary. With the OCEAN, such data can be used innovatively. The megatrend towards Web 3.0 could favor this approach. It relies on a decentralized blockchain, which makes central servers unnecessary as a security risk.
The OCEAN should profit sustainably from increasing user growth. At the same time, the company is constantly developing the protocol further and relies on AI-based software solutions. Despite all the opportunities that come with the OCEAN, investors should not ignore risks that are commonplace with smaller crypto projects. A manageable part of the crypto portfolio can nevertheless be invested in OCEANl if one believes in the application scenarios and the commercial use of data via blockchain.
Does the Ocean Protocol Coin Have the Potential for the Future?
A look at the chart reveals the clear potential for the highs in the OCEAN price. The correction of the last few months has taken its toll. Currently, the Ocean Protocol Coin is trading over 65% below the all-time high. In this respect, investors could speculate that the price will reach record highs again. However, there are also some fundamental signs that the OCEAN could move more into the mainstream in the future. The developers behind the protocol are constantly working on improving the software, which is based on artificial intelligence. In 2020, they added a community marketplace to the ecosystem. At the same time, they want to innovate and commercialize the way data is used in the medium term.
In the long term, the growth of the Ocean network could lead to a diverse data economy that includes individual developers and also accommodates multinational corporations. With further user growth, the prices of the ERC-20 token OCEAN should also rise.
Conclusion
In the last year, the Ocean Protocol Tokens achieved a return of over 80%. While this performance would be quite remarkable for conventional assets like commodities or stocks, there are much better investments in cryptocurrencies. In the last month, the coin even lost over 30% of its value. In the short term, investors should keep an eye on further developments so as not to suffer any quick losses. In the medium to long term, however, the potential of the OCEAN could lead to the important ERC-20 token also gaining in value again. After all, the potential of an innovative data economy in the 21st century is immense.
F.A.Q.
It is a decentralised data exchange platform that enables individuals and organisations to share and monetise their data securely and transparently. Itl is legal and safe, as it complies with the relevant regulations and standards in the jurisdictions where it operates. It also uses advanced cryptographic techniques and blockchain technology to ensure the privacy, integrity and provenance of the data and transactions on the platform. OCEAN does not store or access the data itself but rather provides the tools and incentives for data providers and consumers to interact directly and agree on the terms of data exchange. OCEAN also has a community of developers, researchers and enthusiasts who contribute to the development and governance of the platform, as well as a network of partners and collaborators who support its adoption and use cases. OCEAN aims to create a more open, fair and inclusive data economy that benefits everyone.
OCEAN is a decentralised data exchange platform that aims to unlock the value of data by enabling individuals and organisations to share, monetise, and access data securely and transparently. It uses blockchain technology, smart contracts, and tokens to facilitate data transactions and incentivise data providers and consumers.
Whether OCEAN is a good investment or not depends on various factors, such as the market demand for data services, the adoption rate of the platform, the competition from other data platforms, the regulatory environment, and the performance of the Ocean token. OCEAN is still in its early stages of development and faces many challenges and uncertainties. Therefore, investing in OCEAN involves a high degree of risk and volatility.
Potential investors should do their own research and analysis before making any investment decisions. They should also be aware of the legal and tax implications of investing in cryptocurrencies and tokens.
OCEAN is a decentralised platform that allows anyone to access, share and monetise data. If you want to invest in OCEAN, you need to buy its native token, which is used to pay for data services and to govern the network.
To buy OCEAN, you need to have a cryptocurrency wallet that supports ERC-20 tokens, such as MetaMask, Trust Wallet or Coinbase Wallet. You also need to have some Ethereum (ETH) in your wallet, which you can buy from a cryptocurrency exchange or a peer-to-peer platform.
Once you have ETH in your wallet, you can use a decentralised exchange (DEX) such as Uniswap or Sushiswap to swap ETH for OCEAN. You can also use a centralised exchange (CEX) such as Binance or Kraken to buy OCEAN with fiat currency or other cryptocurrencies.