Ocean Protocol
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About Ocean Protocol

Ocean Protocol is an open-source platform that aims to allow businesses and individuals to exchange and monetize data and data-based services. The platform uses 'datatokens' to gate access to data sets and is built on top of the Ethereum blockchain.

Its software facilitates data exchange between users who need data or do not have resources to store it and those with spare resources. In return for their work, providers are awarded OCEAN, the platform's native cryptocurrency, which is multipurpose and used to validate the best datatokens, participate in governance, and buy and sell data.

Ocean enables marketplaces to implement its protocol to connect parties and facilitate transactions between them. Ocean Market, created by the Ocean team, is where datatokens are publicly available for trade. The Ocean Protocol Foundation, a non-profit based in Singapore, and OceanDAO, a decentralized autonomous organization, support the project. The Ocean Protocol Foundation raised a total of $26.8 million through several rounds of token offerings, releasing roughly 160 million OCEAN tokens.

Ocean operates through three main components to make the system work: providers, curators, and consumers. Providers mint datatokens and sell the right to access off-chain data sets. Curators ensure that data sets are high-quality and compliant with regulations. Consumers purchase datatokens and use them to access the data sets. The platform seeks to make data sets available to startups and researchers without the data having to leave the hands of those who store it.

Ocean Protocol was founded in 2017 by Bruce Pon and AI researcher Trent McConaghy, who previously founded BigChainDB, a blockchain database software company.