What is Ocean Protocol? Ocean Protocol is a web3-based blockchain project that allows users to securely share and sell data. In this article, you can find answers to questions such as what is Ocean Protocol, what it offers, what is OCEAN coin, how to get it, what is it used for. As Kriptokoin.com, we have prepared it for our curious readers. Let’s examine the project together.
What is Ocean Protocol?
Ocean Protocol is a web3-based blockchain platform that allows users to monetize the data they share. Built on the Ethereum Blockchain, the platform works as a decentralized data exchange protocol. The platform has a native cryptocurrency called OCEAN. OCEAN coin has several use cases within the network.
The platform offers its users full control, auditability and transparency over their data. Users have the possibility to create their own data markets through the network. Data owners can create artificial intelligence models with the private data they transfer to the platform. The platform protects user data with high security and confidentiality in accordance with the web3 concept. The platform has developed a decentralized exchange (DEX) to enable data trading.
What is OCEAN coin? What is it used for?
OCEAN coin is a token that works as the native cryptocurrency of data platform Ocean Protocol. The token was created on Ethereum with the ERC-20 smart contract. The maximum supply of the token is capped at 1.41 billion units. OCEAN holders can use their tokens for various transactions within the platform.
Users; can use OCEAN coin for transactions such as data trading, sharing, creating artificial intelligence models. Transaction fees paid for trading on the Network and DEX are also covered by OCEAN. In addition to all these, the token has a staking feature. Users can unlock additional token rewards at maturity by locking their OCEAN holdings with a specified maturity. At the time of writing, OCEAN coin was the 169th largest cryptocurrency with a market cap of around $350 million. In addition, 613 million OCEAN were in circulation, 43% of the maximum supply.
What are the advantages?
- Ocean Protocol securely and confidentially protects data transmitted by users.
- Users can create their own data markets and build AI models through data.
- OCEAN holders can stake their assets and earn additional token rewards.
- Thanks to the platform, users can share and trade data. This means that data can be bought and sold. Users can earn income by selling data.
What are the disadvantages?
- The number of Web3 themed projects is increasing day by day. The popularization of the field also increases the competition. Ocean Protocol may be overshadowed by its competitors over time.
- OCEAN coin is a highly volatile token. The value of highly volatile assets moves in a wider range in the bullish and bearish directions.
How to get OCEAN coin?
Currently OCEAN coin; It is listed by crypto exchanges such as Binance, KuCoin, CoinTiger. Investors interested in the Ocean Protocol project can become a member of one of these exchanges. Users who are fully registered can obtain the token by depositing funds into their wallets.
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