Ocean Protocol is one of the projects built in the Polkadot ecosystem in the Substrate-based category. This platform was built to provide solutions for data processing or unlock data on artificial intelligence.
The current price of OCEAN tokens is $0.8933, which is still quite low and the Ocean Protocol could be a good investment. It is ranked 134th out of all cryptos, and 9th in Polkaproject. Ocean Protocol is a tool for Web3 and the data economy. Which at the time of writing has a $500 million market cap.
- 1 Ocean Protocol explained
- 2 Ocean Protocol foundation
- 3 Founder Ocean Protocol
- 4 Ocean Protocol how it works
- 5 What is the Ocean Protocol coin?
- 6 How to stake Ocean Protocol
- 7 Staking Ocean Uniswap v2
- 8 How to buy Ocean Protocol
- 9 Where to buy Ocean Protocol?
- 10 Ocean Protocol wallet
- 11 Should I buy Ocean Protocol?
- 12 Ocean Protocol price prediction
- 13 Ocean Protocol technical analysis
- 14 Final Thought
Ocean Protocol explained
Ocean Protocol is like a decentralized data marketplace on a blockchain platform to unlock data to consumers and data providers.
The Ocean Protocol platform allows data providers to monetize access to data pools. Such data can be consumer survey results, financial data, or scientific measurement data. To get access to data, consumers have to pay for the data to buy it or rent access to data.
Ocean Protocol was built as a business framework that allows data and services to be shared and sold, in a secure manner. The platform can store metadata, link to data, create licenses, and set prices.
The Ocean Protocol connects multiple data markets that serve as a link between consumers and data service providers.
Ocean Protocol foundation
Ocean Protocol Foundation is a not-for-profit company based in Singapore. The Ocean Protocol foundation contracts BigchainDB which builds the core protocol, network, marketing, and community activities.
According to the Ocean Protocol blog, the foundation has allocated 180 million OCEAN for grants to OceanDAO the equivalent of $140 million.
OceanDAO has funded projects in the Web3 data economy by building applications for data pool access, using Ocean to reach new communities, releasing data, and building OceanDAO itself.
Founder Ocean Protocol
Ocean Protocol has been launched in 2017 and is inseparable from its founders Trent McConaghy, and also Bruce Pon. Trent McConaghy is a personal investor who, according to Crunchbase, invested up to €4M in Odyssey.
Previously Bruce Pon founded Avantalion. It is a consulting firm that helped build 20 banks worldwide for companies such as Mercedes-Benz, Volkswagen, Mitsubishi & Jaguar Land Rover.
Meanwhile, Ocean Protocol’s core team comes from various territories, totaling more than 20 team members including founders Bruce Pon and Trent McConaghy. While the number of advisors is also more than 20 members including Meltem Demirors and Dr. Carsten Stoker.
Ocean Protocol how it works
Data is still a new asset class in cryptocurrency- Ocean Protocol has unlocked its value. Ocean Protocol is like a market center of interaction between the data providers and consumers by using the Ocean Market application to publish, discover and use data assets in a secure and privacy-preserving manner.
How the Ocean Protocol works is Ocean data tokens will convert data into data assets. This makes it possible to leverage data wallets, data exchanges, and data collaboration with other Defi tools. It has an OCEAN library to help drive the Web3 data economy.
This protocol has the Ocean Token function for staking data, managing Ocean Protocol community funding, and buying and selling data. The supply of tokens is channeled over time to drive short-term growth and long-term sustainability.
Meanwhile, Ocean Tokens are available for trading on several major exchanges. So that the owner of the Ocean token can convert it into another currency or fiat currency.
Using the Ocean Protocol feature allows for faster data access because you don’t have to access the data and everything in it, so it doesn’t take a long time for data analysis.
There are three main components in Ocean Protocol:
- Providers. Whoever provides the data and sells it.
- Consumers. Any user who purchased the data asset.
- Marketplace. Connection provider and consumers.
This is an AMM (Automatic Market Maker) that uses smart contracts that provide token data minting and exchange facilities. The way it works is similar to Decentralized exchanges like Uniswap, or Pancakeswap, which are data pools where users can buy and sell data assets.
What is the Ocean Protocol coin?
Ocean protocol has a native OCEAN Token which functions to stake data, manage Ocean community funding, and buy & sell data.
This token uses the Ethereum network with a maximum supply amount of up to 1.41 billion tokens. 51% of this supply is disbursed according to schedule to fund community projects curated by OceanDAO.
Ocean tokens in circulation at the time of writing are 613,099,141.00 OCEAN or 43% of the maximum supply at $0.8437.
Is Ocean Protocol Erc-20?
The Ocean token was launched on Mainnet Ethereum, and it is an ERC-20 token compatible with various crypto wallets for Ethereum.
OCEAN tokens are also used for rewards in this Ocean Protocol environment which provides pre-software that facilitates the exchange of user and provider data in one marketplace.
The OCEAN token is a multipurpose coin, including for validating data tokens and for enabling users to participate in governance and buying and selling of data.
How to stake Ocean Protocol
In the Ocean Protocol ecosystem, staking rewards are obtained in two ways, first from transaction fees ranging from 0.1% to 5%. The second is from Ocean Data Farming which is a function for staking data assets.
OCEAN token holders allow them to participate in staking, and it is an investment that allows you to earn OCEAN coin rewards. You can stake at Ocean Market, Balancer, UniSwap, Sushiswap, and O-Dollar.
Although staking allows you to get rewards, it also has risks. This is important to pay attention to. As founder Trent McConaghy explained that the unavoidable risk is:
- Staking poses a risk of non-permanent loss due to changes in the data token compared to when you first staked.
- Another risk is called carpet pull risk. If data token issuers withdraw their shares, in OCEAN this will be at the Staker’s risk as OCEAN’s remaining holdings in the pool fall, causing losses.
Staking in Ocean Market
You can stake OCEAN tokens on datasets on Ocean Market and become a Staker. To start you go to Ocean market then connect your wallet. Ocean token holders can bet to earn on the Ocean market.
OCEAN holders stake in the Mutual Liquidity Pool (MLP) Market. And they will possibly receive rewards in 3 tokens: POP!, OCEAN, and ALBT.
Staking Ocean Balancer
You can also stake Ocean tokens on the Balancer, you also need a connect wallet to bet Bitcoin on the Balancer.
Staking Ocean Uniswap v2
Uniswap is a Decentralized exchange, compatible with Ethereum Blockchain. Reward 0.3% per transaction by becoming Ocean’s liquidity provider. Visit here.
Staking Ocean SushiSwap
It is also a Decentralized exchange like Uniswap, being a liquidity provider at Sushiswap will get a reward of 0.25% per transaction. Visit here.
Staking Ocean Bancor
You can also become a liquidity provider and get a reward of around 0.20% per transaction. Although the value is rather low, Bancor has trading risk protection. Visit websites.
Is Ocean Protocol a good investment?
Ocean Protocol is a crypto asset that is a developer of decentralized data, becoming a bridge between data providers and consumers. Someone answered on Quora, this is a good investment with progress and a team that has expertise and experience in the cryptocurrency field.
If you flashback the price history again, the Ocean token has just experienced an increase in volatility since August 2020. Before that, the value of the Ocean token was described as flat.
This means that the adoption of the Ocean token is increasing and becoming one of the assets traded on the exchange. But if you look at the market cap, this is only $500 million not a high value compared to Kusuma or other top coins.
However, with the price still below $1, the Ocean token might be worth investing in staking in several places, either in Ocean market, Uniswap, Sushiswap, Bancor, or Balancer.
If speculating for Ocean trading, you must understand technical and fundamental analysis well, because the potential risk remains exist.
How to buy Ocean Protocol
Following are the steps to buy Ocean tokens.
Register online at the broker
This is the first step, finding an online broker that sells and buys Ocean tokens. Binance is one of the largest exchanges with a volume of millions of Ocean transactions. And since Ocean is an Ethereum based token, you can convert via Uniswap.
In registering process the exchange may ask you to comply with KYC and AML rules. You will need verification documents if requested.
Have a wallet
The Ocean token is an Ethereum based token, multiple wallets are compatible with the Ocean token. To be more secure you can buy a hardware wallet, if you keep Ocean in the long term, a hardware wallet is considered the most secure.
Funding an account
You cannot buy Ocean tokens without money, the exchange where you will buy them may have to force you to fund an account with cryptocurrency. You can buy supported crypto with flat money on the exchange using a credit card or other supported means.
Purchasing Ocean tokens
This is the last step in the process of buying Ocean, you have to find a pair that matches the Ocean token. For example in an exchange that supports OCEANETH, you have to buy Ocean tokens using ETH.
On exchanges, usually also have crypto wallets, you can save Ocean on the exchange, but pay attention to the safety factor, it is not recommended to store large funds in exchange wallets. It would be vulnerable to hacking.
Where to buy Ocean Protocol?
From the official Ocean protocol page, to get tokens Ocean has supported 17 exchanges for buying and selling Ocean.
You can buy Ocean tokens on the Binance exchange on the OCEANUSDT pair. It is the largest cryptocurrency exchange. Even transactions using BNB will get a discount which allows lower transaction fees.
You can register on the Kraken exchange to then purchase Ocean tokens. You can buy Ocean tokens using fiat currency Euro, USD, GBP, or BTC.
You can also trade Ocean on Bittrex, to get started you register, and verify your account. On the Bittrex market to buy Ocean it can be on the BTC market as well as the USD market.
You can get Ocean on Uniswap, it is a decentralized exchange that uses AMM. Many of Ocean’s liquidity providers stake in pools for transaction rewards.
You can also get the Ocean token in the Balancer exchange. Where this is Decentralized finance using Automatic Market Maker.
Here in Poloniex you can sell and buy Ocean with USDT pairs. This platform supports order book and market orders, or in other terms pending orders and instant orders.
Gate.io is also a big global exchange, you can buy and sell Ocean with USDT on this exchange.
If you want to trade Ocean, on the VCC exchange there is a market for buying and selling Ocean with USDT and BTC. BTC market price volatility may be more promising with high fluctuations than stablecoins.
You can buy Ocean on Voyager, for this, you have to download the Voyager app, register an account, link a bank account to fund an account, and buy Ocean.
Crypto.com has been listing Ocean since September 8, 2020, so this is one of the reasons the price of Ocean started to increase in volatility as the big exchange Crypto.com caused Ocean’s volume to increase.
Coinlist is also an exchange where you can buy Ocean, to continue buying you must first register an account and fund an account, and start trading OCEANUSD.
It is also a decentralized exchange, which also supports Ocean token in its AMM platform.
It is a decentralized lending protocol, you can get Ocean on the Cream.finance platform.
The Coinmerce platform is quite simple, you get to buy, sell and swap options for Ocean token transactions.
Carrying the motto buy crypto with USD instantly, you can buy Ocean tokens on Dharma.io.
You can swap simply on SimpleSwap, it also supports Ocean token, where you can exchange other cryptocurrencies such as BTC, ETH, and many more.
WanSwap is a unique decentralized exchange. You can buy wanOcean on this exchange with wanBTC, wanBNB.etc.
Ocean Protocol wallet
The ocean is a token based on ERC-20 tokens, so it is compatible with Ethereum wallets, some of the wallets of which you choose to place Ocean include the following:
- Metamask wallet.
- Coinbase custody.
- Bitcoin Suisse.
Professional crypto investors may prefer hardware wallets, such as Ledger and Trezor for long-term security. But you might consider Argent as your Ocean wallet. Because Argent’s unique features such as social recovery and integration with Defi might interest you in the Argent wallet.
Should I buy Ocean Protocol?
Ocean protocol is here to provide a solution for data assets that are increasingly massive in the digital age, enabling Ocean’s adoption to also increase. Since Ocean tokens have been traded on popular exchanges, the volatility of Ocean tokens has also increased.
On the other hand, the existence of a loop using the Ocean tool in the Ocean ecosystem allows an increasing number of Ocean tokens to be staked. And that allows the demand for Ocean tokens to increase and ultimately increase the price.
However, the risk remains to exist. The still low market cap volume does not reflect the popularity of the Ocean protocol so that adoption is significantly increasing over its competitors.
In general, the token value will increase as demand increases. And also currently only around 43% of circulating tokens, still take a long time to reach the maximum supply. With a low price now below $1 quite to attract investors to make Ocean a good investment.
Ocean Protocol price prediction
Wallet Investors .Ocean will become an outstanding investment in the next year to reach $1,335 and in the next five years it will reach $3,072.
CryptonewsZ. Year after year the price of Ocean gradually increases, the price will be above $1 in 2022 and reach a high of $3.2 in 2024.
Price Prediction. Ocean prices will increase tremendously in 2030 to reach f $27.64.
Ocean Protocol technical analysis
12.12.2021 Ocean prices on Price: $0.8553, and is in the lower band area of the Bollinger band indicator. This became a support area at the closest point, and today Ocean is down 1%.
Further declines could head towards the next low in the $0.7662 range. This is a price area that Ocean may cross later this year.
Referring to the MA cross, there has been a cross on December 8, 2021, from top to bottom, which means it gives a downtrend signal. And the price is currently below the MA line, and both MAs are still heading down, a bearish indication is more dominant.
While looking at the RSI indicator, the current RSI value is 41.75, based on indicator theory, this is a downtrend that has not yet entered the oversold zone. The possibility of a decline to $0.776 is still possible based on technical analysis.
OCEANUSD live price Tradingview
Ocean Protocol is a platform that comes with its uniqueness, as a data ocean where it becomes a market between data providers and data consumers and allows developing Ocean tokens through staking.
With the current price in the support zone, it can be a start to repeat the highs in 2022. Although some experts predict Ocean is a good investment, risks can arise at any time.
Note: This article is for personal information and opinion only, but does not constitute investment advice. Crypto, Forex, and CFD trading are risky. Each investor is responsible for his investment.
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