Ocean Protocol (OCEAN) – All you need to know

What is Ocean Protocol?

Ocean Protocol is a marketplace for buying and selling data. You can sell your own private data on the open market at a value of your choice, and researchers can buy the data they need whenever they want. The Ocean token is the means of payment for all these transactions, and it’s used for staking and governance as well.

At the moment, private data is hoarded by a handful of big tech companies. This is bad both for individual privacy and because it blocks anyone else from accessing it. The Ocean Protocol transforms data into a commodity to be bought and sold, putting control back in its owners’ hands.

How does Ocean Protocol work?

Ocean Protocol works by ‘tokenising’ data sets. This is just a way of turning a loose batch of data into a crypto token that can be traded, in the same way some popular stocks have been turned into tokens. Each set is encrypted and secure, with each transaction stored on the blockchain so ownership can be verified.

To create and verify these data sets means using the OCEAN token. Users can stake their coins as collateral that a data set is high quality and they own it, then other users can also stake their coins to verify that’s the case. Assuming it is, everyone earns a reward. If it turns out to be fraudulent in any way, all the staked coins are destroyed, incentivising everyone to act in the best interests of the platform.

Fact-checking & references

Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.

Risk disclaimer

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >