- Ocean Protocol’s (OCEAN) fourth upgrade, ‘OceanONDA V4’, went live on June 9.
- The Protocol allows individuals and businesses to unlock the value of data.
- The Protocol’s utility token OCEAN is used for governance, staking, and trading.
The Ocean Protocol (OCEAN) has been gaining traction since its fourth upgrade, ‘OceanONDA V4’, went live on June 9, 2022.
However, after a brief rally following the update, the token gradually lost steam to close at US$0.2871, down 0.21%, in the trailing 24 hours to 6:50 am ET on Thursday.
But there is another reason for investors’ recent interest in the token.
Ocean Protocol is planning to hold an AMA session at 5:00 PM UTC on Thursday, where participants have a chance to win NFT.
The protocol will announce three winners who will ask the most interesting questions. Each winner will receive one NFT of Kirsten Zirngibl’s Solarpunk underwater artwork.
Now, let’s understand what Ocean protocol does.
What Is Ocean Protocol (OCEAN)?
Ocean Protocol is a blockchain-based ecosystem allowing individuals and businesses to earn money from ERC-20-based data tokens and interoperable ERC721 data NFTs.
The project claims to enable users to unlock the value of data. Its Ocean Market app allows data owners and consumers to publish, discover, and securely consume data. Any third party can perform data operations within the publisher's privacy and security network.
While publishers can monetize their data on Ocean Protocol, consumers can access datasets previously unavailable or difficult to find. Ocean Market datasets can be purchased and sold. And each data service is represented by a unique data token.
Researchers, data analysts, etc., can access reliable data from the Ocean Protocol platform. Firms that want to build or launch their own data markets can do so by forking the protocol.
The protocol was founded by a group of consultants and entrepreneurs in 2017```.
The project team, led by Ocean Protocol CEO Bruce Pon, has nearly 50 people, of whom 40% are experts in blockchain, AI, big data, and business.
The OCEAN token is used for community governance, staking, and buying and selling purposes. It can be traded on crypto exchanges like Binance, Bybit, and CoinTiger.
The token’s current market cap is US$175.9 million. The trading volume soared 56.40% to US$53.3 million in the last 24 hours. It has a circulating supply of 613.09 million, the same as its total supply.
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