What is Ocean Protocol?

What is Ocean Protocol?

Ocean Protocol is an open sourced protocol built on the Ethereum blockchain and is the foundation of the Ocean Missions community.

It’s designed to encourage individuals and organisations to create and exchange data.

By using the Ethereum blockchain, Ocean Protocol provides ‘access control’ to data assets using ‘data tokens’.

What are Data Tokens?

Data tokens are ERC20 tokens and can be bought, sold and shared just like other Ethereum based digital assets. 

A data token gates access to a particular data asset. For example, data token A will grant you access to data asset A but not data asset B, C or D…

After a data token has been created, the data asset it unlocks can continue to be updated. It’s assumed that as data assets becomes more valuable, so too will their data tokens.

What are Data Assets?

On Ocean Protocol, a data asset can be a dataset or an algorithm (e.g. a script that can be executed on data sets). 

For example, you might have a dataset with a list of NFTs and their most recent ‘sale price’. This dataset is a data asset and access to it can be granted via its data token. 

You may also have an algorithm which searches through that dataset to calculate the ‘average sale price’ for these NFTs. This algorithm is also treated as a data asset in Ocean Protocol and you could use the algorithm by spending the data token associated with it. 

It’s assumed that the more valuable the datasets &/or algorithms are, the more valuable the data token is likely to be.

Data assets can also continue to be updated after publishing enabling data teams to continually improve on them.

What is Ocean Market?

Ocean Market is the beta marketplace released by Ocean Protocol. This marketplace allows users to upload and sell their data assets. It also enables you to mint data tokens when you upload new data assets.

What is the Ocean token?

The Ocean Token is Ocean Protocol’s native token. It is used by the protocol as the means by which data tokens are bought and sold. It’s also used by the Ocean Protocol foundation to fund projects inside Ocean DAO

What is the Ocean DAO?

The Ocean DAO is the community building on top of Ocean Protocol. It’s a source of funding for teams building valuable products within the Ocean ecosystem including Ocean Missions.

Click here to learn more about DAO’s.