What is Ocean Protocol (OCEAN)? =

Technology is the future that we all love to use. Since the advent of the internet, which was not even that long ago, we are almost inundated with the possibilities. An example of this renewed technology is the young crypto market. There are more and more possibilities and one of these new emerging technologies is the use of Artificial Intelligence (AI). Discover here what the Ocean Protocol (OCEAN) and AI have in common.

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Header image: Oleksii Demianenko/Shutterstock.com

 

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  • View quickly
  • What is Ocean Protocol?
  • Origin Ocean Protocol
    • Ocean Protocol White Paper
  • Artificial intelligence
  • New data economy
  • Medical world
  • Car industry
  • Roadmap Ocean Protocol
    • Gas parties
    • stablecoin
    • Multi chain
  • Market position OCEAN
  • How do I buy Ocean Protocol?
  • Conclusion

 

What is Ocean Protocol?

Society and our society is becoming increasingly dependent on data. Central organizations have a lot of information about us, ranging from marital status to where we have a bank account and with which health insurance company we are affiliated. Not only in the private sphere, but also in the professional sphere, it is usually the larger companies that have access to certain data, as opposed to smaller companies.

In addition to the technological revolution that we are currently experiencing, more and more is being invested in artificial intelligence (AI). In this new technological market, a small number of companies own a huge amount of data, which makes it almost impossible for other parties to innovate in the field of artificial intelligence. If we look in practice, companies such as Google and Facebook have such a dominant position in the market that it is almost impossible to have as much data as the competition. As a result, medium-sized and smaller companies have less chance of innovation because they do not have access to this data.

Ocean Protocol (OCEAN) is a kind of marketplace where various data are made public. Where larger players have a monopoly on this data, small starting entrepreneurs can also buy data from Ocean Protocol and share it with other companies in order to have a larger database. This with the aim of making all necessary data related to artificial intelligence accessible.

Part of OCEAN’s financing plan is the Ecosystem Development Fund. This is intended to help developers develop and build projects using Ocean Protocol. There are currently 20 million Ocean Tokens allocated to the fund.

 

Origin Ocean Protocol

OCEAN was launched in May 2019 through an Initial Coin Offering (ICO) and received positive reception almost immediately. An Initial Coin Offering can be seen as crowdfunding for the launch of a project. This ICO raised a whopping $30 million for the project. The token price for one OCEAN was then $0.12. Ocean Protocol (OCEAN) is built on the Polkadot ecosystem like other well-known tokens such as Polkadot (DOT) and Kusama (KSM).

Ocean Protocol (OCEAN) is operated by a Singapore-based non-profit organization. They guarantee open-source access to the protocol and platform, whereby data is much better protected and is only used when the owner gives permission. Large players such as Facebook and Google have proportionally much more data from us than other organizations, which gives them a position of power that makes them almost monopoly in the market. With a view to the future, these major players will only be able to increase their position of power through the availability of all data. These are used for the latest technological innovations related to artificial intelligence, among other things.

The Ocean Protocol is based on the blockchain, which has an open and transparent character, which works with pre-programmed algorithms to link the right information to the right data. They will collect data for the development of artificial intelligence.

Ocean Protocol White Paper

In the white paper they give an example of how this can work in practice. We look at a technical project in which they researched how many kilometers driven it takes to design a good AI operating system for self-driving cars. Obviously, this research requires a huge amount of money and time and hardly any organization has all the necessary data.

It is possible to use Ocean Protocol to share data with other parties involved, such as manufacturers. This way all parties have a good overview of the data they work with and also the results of this project. In this way, various parties can commit themselves to innovation for a better future in the field of artificial intelligence.

The goal is not to develop one marketplace like the example above, but to develop different marketplaces on which different types of data can be placed. For example, companies that do not have sufficient data themselves can use it for the further development of their product. This ensures a much more efficient production process.

Artificial intelligence

Artificial intelligence or artificial intelligence is a software that can mimic the human way of thinking on very specific problems. Complex production processes are often time-consuming and labour-intensive because different scenarios often have to be created due to a lack of data. For example, this could be the question of how fast a certain car can drive on an icy surface with a certain type of car tire. You can apply every possible scenario and collect all this data, which takes a very long time. Or you can use Ocean Protocol to exchange extra existing data to arrive at answers much faster.

The arrival of AI is accompanied by a whole data stream. AI processes cannot be completed without the organization having a whole range of data. In practice, it is often larger players that use AI and can also implement these developments much faster because they have this data available.

As a result, they eliminate smaller organizations that do not yet have this data. In practice, you get a scenario in which large companies have a monopoly over our data, as it were. Ocean Protocol (OCEAN) strives for a kind of marketplace where everyone can buy and exchange data.

New data economy

The technological revolution has gone so fast, and is still going very fast, that we only realize later what it has done to our data. Have you ever happened to be looking online for new furniture and only see advertisements for furniture for consecutive days? This, contrary to what some think, is not a coincidence. These websites use your cookies and personal data and use and sell them to third parties.

It is therefore interesting news that with the new update of IOS14 it is much more difficult to advertise effectively because Apple is going to adjust its data policy. This turns the world of marketing and advertising upside down, while it would be only natural to decide for yourself what happens to your data.

Source: Amanita Silvicora/Shutterstock.com

Medical world

Ocean Protocol is not only there to protect data data, but also to automate certain processes through algorithms on the blockchain. For example, it may just be that you have a birthmark that you are worried about. After a visit to the doctor, these photos can be sent to a lab, where it is checked fully automatically on the blockchain and where you receive more information whether further research is necessary.

This information can be used in the data pool to extend the algorithm. Suppose there is a new unknown case and specialists do not know if it could be dangerous. By doing research and sharing this data based on the Ocean Protocol, others can buy and use this data in function of further developments.

In the past, the Ocean network has been used for an AI solution to make crucial Parkinson’s disease data available to healthcare users around the world. This enables better decision-making and analyzes and resolves trends in different data. Does this mean that we will soon no longer have to go to specialized hospitals in America and that we can also do the treatments from the Netherlands because we have all the data and expertise? That’s the purpose!

Car industry

In their roadmap and white paper, they themselves give the example of the automotive industry, but Ocean Protocol has even more potential applications in this sector. In 2020, Ocean Protocol completed a proof-of-concept demonstrating other ways the Protocol can be used for secure financial data flows.

An example of this is a collaboration between different car manufacturers. For example, Toyota has a coalition with Mercedes, Daimler and Ford, among others. Together they want to collect, analyze and compare data in order to further develop and produce the AI for self-driving cars. Smaller companies do not have enough data for developments and are competing with market leaders such as Tesla, Google and Facebook. By offering a marketplace for data via the Ocean Protocol, all these companies can collaborate in a reliable and secure way. All this without having to worry about losing their intellectual property.

Source: metamorworks/Shutterstock.com

Roadmap Ocean Protocol

Ocean Protocol is innovating every day to position their project more and more effectively on the market. View here which innovations the project wants to realize in the future, and in particular in 2021.

Gas parties

A much-discussed theme in the world of crypto is the gas fairs. These are the costs associated with a transaction. This can go from exchange to exchange, or even to a software or hardware wallet. Often there are too high costs associated with a transaction. This is a working point of the Ethereum blockchain, among others, and some argue that the success of the native Binance Coin (BNB) owes its success to the high gas fees of Ethereum (ETH).

Addressing the high gas fees is planned for various tokens and the Ocean Protocol (OCEAN) would also like to offer a solution for this in the near future.

stablecoin

There are now a whole range of stablecoins. According to CoinGecko, the counter currently stands at 52 stablecoins, which is obviously a lot. The essence of the crypto world is of course a counter-movement to the current monetary system in which fiat money is subject to strong inflation and deflation and central organizations have power over our money. We now know a number of well-known stablecoins such as the DAI token and Tether.

In the second quarter of 2021, the Ocean Protocol would come to market with its own stablecoin. This is to reduce the variations of prices and liquidity. Not only do they want to offer a financial currency, but they also hope to create a real building block for further developments within the Decentralized Finance domain. By offering pairs and a stablecoin, they want to increase their position in the market.

Multi chain

Ocean Protocol will continue to invest in optimizing its data assets at all times. They aim for a multi-chain environment where users can access their data assets across multiple blockchain chains.

Market position OCEAN

With a top 100 position, Ocean Protocol (OCEAN) demonstrates the importance of their project. More and more investors are joining the project and see the future here. There are a total of 420 million tokens in circulation with Binance being the most active market trading them.

Ocean Protocol is a token of interest on a very large scale. In the past it has successfully completed research related to Parkinson’s, but its way of working is applicable to different aspects of society.

 

How do I buy Ocean Protocol?

Buying Ocean Protocol on Kucoin is a piece of cake. With this explanation you will be the proud owner of OCEAN within a few steps.

  1. Sign up to Kucoin for free here
  2. At the top, press Assets
  3. Press Deposit at USDT
  4. Set up your Google Authenticator (very simple)
  5. Generate your own “Deposit Address” and copy it.
  6. Create a free account on Bitvavo via this link
  7. Verify yourself by clicking on your name in the top right corner and then go to ” Verification “.
  8. Deposit money into your Bitvavo account via iDEAL
    Click here for more information about Bitvavo if you need it
  9. Buy Tether (USDT) and then send it to the deposit address you copied.
  10. Wait until the USDT is on Kucoin
  11. Go to Exchange on KuCoin and click on OCEAN
  12. Purchase the desired amount of Ocean Protocol.

Conclusion

Where there are more and more influences from artificial intelligence, there are more and more opportunities to effectively solve problems through this modern technology. We are increasingly aware of the data that is digitally transmitted around the world at lightning speed and the Ocean Protocol wants to make this data available to all companies and start-ups that can use this data for the development of their product.

We already see successful projects in the automotive industry and healthcare, but it doesn’t stop there. There is great interest in this crypto because its operation can be applied to almost all facets of society. Offering this data on the blockchain for all requesting parties supports the decentralized nature of the crypto market.

Would you like to know more about Ocean Protocol or are you curious about how the Ocean Protocol can still be applied? Ask in our Facebook group and you might be pleasantly surprised by what this crypto has to offer!

 

 

 

 

 

 

 

 

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