Ocean Protocol – the data protocol

The internet has profoundly changed the way we view data: data was once considered just bits of information, today data is an influential force in our economy, to the point where we now have a “data economy”. However, the data is also associated with privacy issues. This is where Ocean Protocol comes in: read on to find out everything you need to know about the protocol that wants to democratize data while keeping your privacy at the forefront.

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Ocean Protocol in a nutshell

Ocean Protocol is a data exchange protocol that runs on the Ethereum mainnet. It combines data services and the cryptocurrency ecosystem to enable data providers and owners to monetize data without losing privacy. At the heart of the Ocean Protocol is OCEAN, the protocol’s token for both governance and the buying and selling of data.

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Ocean Protocol in detail

Before delving into the Ocean Protocol in detail, take a look at its “Crypto ID”, or its identification sheet, an easy but organized way that we have designed to offer you a summary of everything you need to know about this protocol.

Ocean Protocol, the protocol for data in the spotlight

Democratizing data while guaranteeing privacy: Explaining the basic mission of the Ocean Protocol

In the words of the protocol team, Ocean Protocol’s mission is very clear:

“Ocean aims to unlock data, for more equitable outcomes, using a thoughtful application of both technology and governance.”

But let’s dig a little deeper into the concept of data.

More than likely we have all experienced first-hand those ads that appear on our screens perfectly timed and targeted, thanks to the data that, for example, we share on social networks or that is collected from the websites we visit and videos What we see. Data is almost always collected and is of incredible value, but too often only a small circle of digital companies truly benefit from it.

In addition, privacy concerns around data collection and retention are a concern for many digital users who fear that their information is being collected and that other parties are profiting from the data without their informed consent. For example, France recently fined Google and Facebook a total of €210 million for obstructing users’ ability to stop tracking their activities.

Bottom line: data is valuable, profitable, and has great potential; however, your privacy and control are constantly at stake, and the benefits of the data often do not reach their owners.

Ocean Protocol has arrived to offer a solution. The protocol wants to make the data economy more transparent and democratic, unlocking the value of data for everyone while maintaining privacy and maintaining ownership.

And of course there is no better space to ensure transparency than the blockchain.

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How does it work?

Data owners can choose to publish their data on the Ocean Market, the market for the protocol. All published data is collected into datasets, which become data assets upon publication. Ownership remains in the hands of those who created the data: Owners can put specific prices on their datasets, or they can get automated valuations through an automated market maker.

OCEAN, the protocol’s ERC20 token, is used for both governance and the buying and selling of data on the Ocean Market. Privacy is maintained thanks to the Compute-to-Data protocol feature, which allows consumers and stakeholders to access and navigate data through artificial intelligence running on the data and collecting information without putting endanger the privacy of the owners. Furthermore, data owners are the ones who decide who can or cannot access the data they share.

The innovative feature that guarantees the privacy of personal data lies in the fact that the data does not move or transfer: it can be accessed, but it can never leave the premises.

Invest in OCEAN from as little as €1

Where to start research

If you are wondering if you should expand your portfolio and start investing in OCEAN, we recommend that you follow these steps:

  1. Consult in depth the official website of the asset; in this case, oceanprotocol.com . Find out what the project consists of and learn about its future plans in its roadmap.
  2. Think about the risks and the benefits: see if you are comfortable with the risks of investing and consider what kind of benefits you are looking for.
  3. Now take a look at your portfolio: is it diversified? Would this new asset fit her? Would it help you get closer to your financial goals?

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Where can you buy OCEAN?

At Bitpanda you can invest in OCEAN easily, safely and quickly. If you have not yet opened an account, you can get one in a matter of minutes on Bitpanda’s website or in Bitpanda’s app for iOS and Android. You can start investing in cryptocurrencies, crypto indices, precious metals and many other digital assets from as little as €1.

Invest in OCEAN from as little as €1