Ocean Protocol help developers build marketplaces and other apps to privately and securely publish, exchange, and consume data. Building Powerful Web3 Apps for the Data Economy gets easier with the Ocean Protocol.
Around August 21, 2020, a token swap took place. All the Ocean token balances from the previous 0x985 token contract have been migrated to a new Ocean token contract, 0x7AF. The Ocean Protocol token swap, finalized as of 2300 CET on August 21, was conducted for over 11,000 Ocean token holders.
The Ocean Utility Token is mostly used as a unit of exchange for buying and selling data and AI services.
This recent Token Swap has set the stage for the Ocean V3 release where Data Tokens, Staking and Incentives can be deployed for the Ocean community.
The data tokens are the interface, which connect the data assets with DeFi tools. The Ocean Protocol is the on-ramp for data services into ERC20 data token and data assets on Ethereum, and also an off-ramp to consume data.
Sydney Ifergan, the crypto expert opined: “It looks right when they say about Ocean Protocol as the data tokens that have evolved from Money Legos to Data Legos where the DeFi Helps Data and Data Helps DeFi.”
For those who do not know, reportedly, the Decentralized Finance (DeFi) Tokens are referred to as “Money Legos” to ensure composability. The Ocean Protocol data tokens are now in beta and they permit these DeFi tools to manipulate data infrastructure, thereby unlocking the “data legos”.
When talking about Ocean Protocol, as a new data economy, concepts of protocols and of re-purposing, where in the DeFi Infrastructure is repurposed using Data Tokens, and further data growing the Defi space is all involved. The best part is that the data assets will be able to optimize returns in DeFi.
Ocean Protocol (OCEAN) Use Cases
Several Organizations have stated that they are feeling proud to collaborate with the Ocean Protocol. Ocean Protocol work closely with their collaborators and service partners to iterate on the network’s underlying technology, and to further delivering world-class Web3 experiences built on top of Ocean Protocol to enterprises.
Ocean are also working closely with a wide range of leading projects and organizations in the Web3 ecosystem who are sharing their passion for creating a better and more equitable future.
They also have a service partner program in place, where companies and teams provide application development, support and expertise to help with integrating Ocean Protocols in to other products and create new Dapps that are purely Ocean based.
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