Ocean Protocol is turning datasets into ERC-20 tokens – Photo: Shutterstock
Ocean Protocol (OCEAN) has combined datasets with the Ethereum (ETH) blockchain to create a unique market. Developers can tokenise their own datasets and trade in Ocean Protocol’s marketplace.
However, OCEAN, the protocol’s native cryptocurrency and unit of exchange, has succumb to the 2022 bear market, despite its apparent clear utility.
What is Ocean Protocol?
At its core, blockchain technology is used to store data. Ocean Protocol has harnessed this and created an investable data market. Developers and businesses can create their own datasets and monetize them.
Every dataset that is uploaded by developer is represented by its own datatoken, which uses the ERC-20 standard.
Ocean Protocol’s CoinMarketCap page explaines: “This essentially allows third-parties to perform operations on the data without it ever leaving the secure enclave of the publisher.”
These tokens and datasets are then displayed on Ocean Protocol’s marketplace, where investors can purchase and trade them.
Ocean Protocol is hoping these tools can spur long-term growth for an “open, permissionless data economy”.
Its whitepaper said: “The aim of Ocean Protocol is to spread the benefits of AI [artificial intelligence] by equalizing the opportunity to access and monetize data. We accomplish this by creating simple tools to publish data and consume data as decentralized data NFTs & datatokens”
There are 15 people on the Ocean Protocol core team who have expertise across blockchain, artificial intelligence, and business, according to its CoinMarketCap page.
The Romania-based Bruce Pon is the founder behind the protocol. As well advising the protocol, he is the CEO of BigChainDB, a blockchain-as-a-service company.
OCEAN is the data platform’s utility and governance token. It is used as a unit of exchange on the protocol’s marketplace.
The datatokens prices are based on an automated market-making (AMM) pool with the OCEAN token, “which adjusts the price of the datatoken as it is bought and sold based on supply and demand.”
The cryptocurrency can also be locked and turned into eOCEAN tokens, enabling holders to vote in its decentralised autonomous organisation (DAO).
Ocean Protocol decided on a DAO to have a decentralised system to decide on the distribution of resources into the platform’s projects.
Its whitepaper said: “OCEAN holders are incentivized to do work to learn more about each team and project proposal, and then use OceanDAO to vote for the most promising teams/projects.”
OCEAN price history
OCEAN launched on 6 May 2019 at $0.03 and its price stayed roughly flat for its first year. It took until 2020 for OCEAN to start making significant gains. The token managed to reach a high of $0.75 on 18 August 2020.
Despite correcting slightly, OCEAN continued this momentum throughout the rest of 2020 and into the following year, when it saw its largest breakout.
The data cryptocurrency rallied with the wider bull market in the beginning of 2021. It climbed to $1.33 on 21 February, which was after the OCEAN community voted to list OCEAN on the decentralised finance (DeFi) lending protocol Cream Finance.
OCEAN then rocketed to its all-time high of $1.94 on 10 April. This was after the DAO vote closed on funding proposals.
After a major correction, the data token came close to this mark again in December following its listing on the Thai cryptocurrency exchange Bitkub. It reached a high of $1.43 on 1 December, before succumbing to the bear market.
OCEAN’s value plummeted throughout 2022, especially during the crypto crash in May, when it fell below the $0.20 barrier.
At the time of writing, on 20 October, OCEAN had dropped to $0.16. However, it was up 16% over the past seven days.
Ocean Protocol price prediction
As of 20 October, CoinCodex’s OCEAN price prediction said there was neutral sentiment, with 17 bullish technical indicators and 11 signalling “sell”. At the same time, the fear and greed index was displaying “extreme fear”.
The site’s ocean protocol price prediction for 2022 suggested it could have climbed by 4% to $0.17 on 19 October.
AMB Crypto said it could have averaged at $0.42 this year and $2.39 in 2025. Its ocean protocol price prediction for 2030 saw an optimistic new all-time high of $8.54.
A more reserved forecast was provided by Price Prediction, which suggested the token could have climbed to $0.17 this year and $0.51 in 2025. By the beginning of the next decade, the site’s ocean protocol coin price prediction gave an average value of $3.09.
Similarly, TechNewsLeader said the data token would have achieved a maximum price of $0.28 in a year. Its ocean protocol price prediction for 2025 estimated the token to have climbed to $0.74.
When considering a ocean protocol crypto price prediction, it is important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin or token’s price will be in a few hours, and even harder to give long-term estimates. Analysts and algorithm-based forecasters can and will get their predictions wrong.
If you are considering investing in cryptocurrency tokens, we recommend that you always do your own research. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. Keep in mind that past performance is no guarantee of future returns. Never trade with money that you cannot afford to lose.
Source : capital.com/ocean-protocol-ocean-price-prediction undefined - November 15, 2022