What is Ocean Protocol (OCEAN) | What is Ocean Protocol token | What is OCEAN token

What Is Ocean Protocol (OCEAN)?

Ocean Protocol is a blockchain-based ecosystem that allows individuals and businesses to easily unlock the value of their data and monetize it through the use of  ERC-20 based datatokens.

Through Ocean Protocol, publishers can monetize their data while preserving privacy and control, whereas consumers can now access datasets that were previously unavailable or difficult to find. These datasets can be discovered on the Ocean Market, where they can be purchased and later consumed or sold.

On Ocean Protocol, each data service is represented by a unique datatoken, which is used to wrap a dataset or compute-to-data service — this essentially allows third-parties to perform operations on the data without it ever leaving the secure enclave of the publisher.

OCEAN is a utility token that is used for community governance and  staking on data, in addition to buying and selling data as the basic unit of exchange on the Ocean Market. The price of these datatokens is set by an OCEAN-datatoken AMM pool, which adjusts the price of the datatoken as it is bought and sold based on supply and demand.

Who Are the Founders of Ocean Protocol?

Ocean Protocol was co-founded in 2017 by an experienced group of consultants and entrepreneurs, who together have a wealth of experience in developing and growing high tech businesses.

The Ocean Protocol core team includes: Bruce Pon, an experienced international project manager and current CEO of BigchainDB; Trent McConaghy, an experienced engineer and AI expert; Cristina Pon, marketing director at both Ocean Protocol and BigchainDB; and Razvan Olteanu, who has more than 20 years of technical and management experience in senior roles.

The Ocean Protocol core team is currently composed of 15 individuals, and the platform is supported by a massive list of advisors — many of which are experts in AI,  blockchain, big data and business, and have developed and managed their own successful companies.

What Makes Ocean Protocol Unique?

Ocean Protocol unlocks access to data that would previously be unavailable or challenging to access, by allowing anybody with sought-after datasets to tokenize their data and make it available on the Ocean Market.

This produces an additional income stream for data publishers while giving scientists, researchers, data analysts and anybody else access to more reliable data.

Ocean Protocol provides the tools needed for firms to build and launch their own data markets, by either directly forking the Ocean Protocol, or by using the supplied Ocean Protocol React hooks. It also provides extensive documentation to assist with this process.

Holders of OCEAN tokens can directly participate in the datatoken economy by staking their tokens on datasets on the Ocean Market. Stakers then become liquidity providers in the selected OCEAN-datatoken pool, and earn a fraction of the transaction fees generated by the pool.

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Get up to speed with the latest crypto lingo with the CoinMarketCap Crypto Glossary.

Get an overview of the current market insights with the CoinMarketCap blog.

How Many Ocean Protocol (OCEAN) Coins Are There in Circulation?

As of November 2020, a total of 414 million OCEAN tokens are currently in circulation. This is out of a fixed maximum of 1.41 billion tokens, which was set in the new Ocean contract deployed on August 21, 2020.

It will take a total of 50 years for the full OCEAN supply to be released, whereas a total of ~600 million tokens are expected to be in circulation by May 2022, and 1 billion tokens by January 2031.

Of the total Ocean supply, 20% is allocated to the project founders, 15% to acquirors (SAFTE purchasers), 5% to the Ocean Protocol Foundation and the remaining 60% will be distributed to keepers (those that run Ocean network nodes).

How Is the Ocean Protocol Network Secured?

OCEAN is currently an ERC-20 token operating on the  Ethereum blockchain. As a result, it is backed by Ethereum’s extensive  proof-of-work (POW) mining and node network, which protect it against a variety of  attacks.

Ocean Protocol previously operated on a proof-of-authority (PoA) sidechain, but this was scrapped to ensure datatokens remain compatible with the broader Ethereum ecosystem.

According to a 2019  blog entry, Ocean Protocol applied military-grade security practices when designing its smart contracts — ensuring they can be securely upgraded and deployed without opening up any attack vectors.

Introducing OceanDAO

A grants DAO curated by the Ocean community, for growth & long-term sustainability

Introduction

Hello Oceaners!

Ocean has been following a journey to full decentralization since its inception several years ago. We’re pleased to announce a key piece of that puzzle: community-led funding in the form of a grants DAO that we call OceanDAO. It closes the loop on a “snowball effect” feedback cycle where the health of OCEAN and the Ocean ecosystem rises as the usage of Ocean goes up. We call this the “Web3 Sustainability Loop”; this blog post has details.

Today we’re pleased to announce the release of OceanDAO, and its first funding cycle.

OceanDAO is a grants DAO to help fund Ocean community projects, curated by the Ocean community.

OceanDAO is a great way to get involved:

• As a project: If you’re looking for funding to build something, do outreach, or unlock data
• As a curator: If you’re an OCEAN holder & want to help steer the future of Ocean, you can make an impact by learning about proposals and voting.

Future Funding Rounds

OceanDAO future Funding Rounds 2, 3, 4 etc are planned monthly, starting in February 2021:

• Project proposals — due by 23:59 GMT on the 1st day of the month.
• Voting — closes 23:59 GMT on **4th day **of the month.
• Funding — funds will be disbursed within 24 hours after voting ends.
• There may be variations in: amount of funding, ## teams funded, and action steps themselves.

The OceanDAO wiki has the links and up-to-date information you will need, to participate as a project team member or as a community curator.

Project Types

OceanDAO funding is for projects of these types:

• Build / improve applications or integrations to Ocean
• Outreach / community (grants don’t need to be technical in nature)
• Unleash data
• Build / improve core Ocean software

Project Criteria

When proposing a project, these are the two criteria to keep in consideration: (1) ROI towards growth (2) aligned with Ocean mission. Projects that fail (2) will not be considered for voting. Once voting opens, only criterion (1) remains. Let’s elaborate!

Criterion (1). On average, value added to the Ocean ecosystem must exceed the grant value spent.

• That is, the average “return on investment” (ROI) must be > 1.0. Value added by a project is hard to know in advance. Some will fail; others will succeed and bring 10x value. But this must hold true on average across projects.
• Motivation: We want a “snowball effect” for ecosystem growth, where more funds granted leads to more funds available for grants in the future. This will happen with more network revenue or a rise in OCEAN.
• This page has more information on Expected ROI.

Criterion (2). The project must help to promote the Ocean’s mission & values (or at least not work against them).

• Mission & values. Ocean’s mission is to equalize the opportunity for people to access data. Ocean’s values, and further details, a

Minimum Proposal Requirements

Anyone can propose a project to OceanDAO. However, to be considered, you must have at least 5,000 OCEAN in the same Ethereum wallet as listed in your proposal by the time the proposal process ends (December 14th, 23:59 pm GMT). If selected for a grant, this will be the same wallet where you will receive your grant funding. This helps to filter towards people with a vested interest or “skin in the game” in OCEAN — that is, Ocean community members. Ocean Protocol team members will verify.

Discussion Venues

There are two main venues for discussion: text chat-based at Discord, and videochat Town Halls.

Discord: Navigate to the Ocean Protocol Discord and join the  OceanDAO channel. Here we welcome all conversation and questions OceanDAO related.

Town Halls . These are regular videochat events among community members, open to all. It’s a great place to get to know the community. Here you can ask questions, share proposal feedback, and more.

The first Town Hall is Wednesday, Dec 2 at 16:00 GMT.

See the Town Hall page for information on future calls.

Voting: Details

Voting will take place on:  vote.oceanprotocol.com

Implementation

• At proposal deadline (December 14th at 23:59 pm GMT), Proposals that meet the “Minimum Proposal Requirements” and “Project Criteria” will be migrated to the  OceanDAO Voting Page.
• Vote with your OCEAN Tokens. 1 OCEAN = 1 vote.
• In order for your vote to count, you must have the OCEAN already in the non-custodial wallet you plan on voting with before the vote opens (December 15th at 12:00 pm GMT). This is so your existing OCEAN balance can be counted. Voting from exchanges is not supported.
• Your wallet address can only vote on one proposal. If you would like to vote on more than one proposal, you will need to fund your multiple wallet addresses with the respective amount of OCEAN before the voting opens.
• You can only vote with the OCEAN tokens in your wallet. You will be unable to vote with OCEAN that is deposited as liquidity in Ocean Market, Bancor, or otherwise. It is your choice if you would like to remove liquidity, vote, and re-add the liquidity back later. Risks come with removing liquidity (impermanent loss etc). This is up to you to manage. In the future, we aim to support voting without needing to remove liquidity (e.g. vote with BPTs).

How to Vote

• Navigate to the  OceanDAO Voting Page.
• Once voting begins you will see the active proposals on the ballot.
• Connect your Web3 wallet containing your OCEAN tokens.
• Select the proposal you wish to vote for.
• Click “Vote” and sign with your wallet.
• Vote percentages will adjust accordingly as votes are counted.

Grant Details

Grant Recipients

In Funding Round 1, each winning project will receive 10,000 OCEAN from OceanDAO. There will be 5 winners: the top 5 highest voted proposals (additionally, to receive a grant you must also receive greater than 1% of the vote).

Funds will be disbursed to the grantees within 24 hours after voting ends.

Funds for OceanDAO currently come from Ocean Protocol Foundation (OPF). Future funds are earmarked to also come from the 51% Ocean token supply

Non-Grant Recipients

If you were not selected for a grant in this Funding Round, we highly encourage you to continue to stay involved in the Ocean community. You are appreciated! There are future OceanDAO funding rounds on the first of every month starting in February 2021, and  other opportunities to receive funding.

On OceanDAO Evolution

The best practices and technology around DAOs are still evolving. OceanDAO’s strategy is to “bake slowly” — to ratchet up value-at-risk over time, to give space to learn and for technology to improve. Accordingly, the amount of funds per Funding Round may vary, and OPF reserves the right to make changes in general. The aim is: if OceanDAO creates positive value, then the funds allocated to OceanDAO will go up.

How does Ocean relate to other Ocean funding programs (Shipyard, Data Economy Challenge)?

They are complementary:

• Shipyard offers grants curated by the core Ocean team.
• OceanDAO offers grants curated by the broader community of OCEAN holders.
• Data Economy Challenge (DEC) offers prizes curated by expert judges from the community.
• More information is at:  https://oceanprotocol.com/fund

Is Ocean a governance DAO? Can we use it to change parameter x?

No. OceanDAO is exclusively a grants DAO which gives funding for community-proposed projects. That’s it.

Is this Ocean V4? If no, does that mean you didn’t complete your roadmap?

The roadmap laid out shipping OceanDAO as Ocean Goal 4 / V4. In shipping OceanDAO, we are fulfilling Goal 4 and the promise of the roadmap. However, we are now reserving the label “Ocean V4” for future changes to Ocean smart contract software.

Why not quadratic funding? Quadratic voting? Conviction voting? Futarchy?

These are all great ideas. Currently we constrain ourselves to using readily-available tooling with a minimum of experimentation needed. None of the ideas listed fit that criteria. However as DAO tooling improves, we hope to be able to try out new ideas.

Are there plans for a governance DAO?

Not at the present. This is also because, for Ocean, PRs or forks are generally more appropriate anyway, see below. Let’s see how things evolve. For changes to:

• Ocean Market code, then make a PR, or fork and make your own version.
• libraries like ocean.js, then make a PR, or fork and make your own version.
• the datatokens contracts: there is virtually nothing to change since they’re so simple. Basically just ERC20.
• the pool contracts, fork it, change it, and deploy as your own version. We want more types of pools in Ocean.

More OCEAN tokens are in circulation via the grant rewards. Does this really bring more value to the Ocean ecosystem? What are the benefits of OceanDAO?

OceanDAO is a grants DAO with the purpose of growing the overall value of Ocean Protocol. Investing in the Ocean ecosystem is a critical aspect of this goal. See  The Web3 Sustainability Loop for more details.

The OPF has Ocean tokens, will they use them to vote for proposals? Will it then be a centralized system where the OPF chooses what will get funded?

No. The OPF and BigchainDB will not be voting.

Where Can You Buy Ocean Protocol (OCEAN)?

Ocean Protocol (OCEAN) tokens can currently be traded on more than two dozen exchanges, including several top tier platforms — like Binance, KuCoin, Bittrex and Poloniex. As of November 2020, Binance is the most liquid centralized exchange for OCEAN, whereas Uniswap is the most liquid decentralized exchange for OCEAN.

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