- Ocean’s team is highly experienced in data-related management and services, as well as AI and machine learning.
- Ocean has a wide variety of backers, including investing partners, advisors, as well as collaboration partners in enterprise, governmental, non-governmental, and academic entities.
Market Data
Price BTC
0.000008
Price USD
0.174368
ATH BTC
0.000061
ATH USD
1.940724
Down % ATH BTC
-86.09
Down % ATH USD
-91.02
Market Cap BTC
5,204
Market Cap USD
106,904,750
Volume 24h BTC
206.085
Volume 24h USD
4,233,345
Circulating Supply
613,099,141
Total Supply
613,099,141
Launch Date
2019-04-01
Website
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Avg. Social Sentiment 24h
62% Bullish
1.3%
63% prev. 24h
Social Dominance 24h
0.016%
28.9%
0.012% prev. 24h
Social Engagement 24h
1,399,943
87.7%
745,953 prev. 24h
Social Volume 24h
370
28.9%
287 prev. 24h
Social Contributors 24h
14
40.0%
10 prev. 24h
News Volume 24h
0 Articles
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Project Highlights
- Two companies lead Ocean's development. BigChainDB drives forward the technical implementation of the network, whereas Newton Circus is responsible for finding partners and collaborations.
- The Ocean network was released in a permissioned way with all core components implemented and will transition to a fully decentralized model when the network proves to be resilient and secure.
- Ocean Protocol is a decentralized data exchange protocol that unlocks data for AI and other data-related applications.
- Ocean Protocol allows AI algorithms and models to be applied to data and get trained, without exposing the data or taking a copy. This gives data owners the possibility to share their data without compromising on security.
S.W.O.T Analysis
Strength
Weaknesses
- Ocean’s crowd-funding efforts have been relatively pale in comparison to other projects, with a failed ICO and a tumultuous IEO launch.
- Ocean’s leading team is mostly clustered around BigChainDB and Newton Circus.
Opportunities
- Ocean Protocol tackles a highly relevant issue in today’s markets that, once achieved, could unlock a lot of added value.
- If Ocean manages to kick-start a decentralized data economy, there will appear a lot of demand from enterprises.
Threats
- The project’s aim is ambitious and could either take longer to fully deploy or stumble along the way.
- The usability of the platform could prove to be lackluster.
- The commitment and vesting period of the founding teams at BigChainDB/Newton Circus to develop Ocean is five years, which could eliminate the incentive to continue development.
Technical Analysis
Technical Analysis by Kong Trading - 01/03/2020
Currently, on the 2D, we can see that OCEAN broke the previous resistance and is now, after a strong impulse move, showing some signs of weakness, which could indicate an incoming retrace to the area of the breakout. We can clearly identify overbought conditions, and a bearish start of a trend like this should not be ignored. Even though a re-test of local highs to form a structure like a double top is quite likely.
To read the full Technical Analysis from Kong Trading click here.
What is Ocean-Protocol
The Ocean network is designed to help to unlock data, and specifically for AI applications. It is planned to be used at scale and uses blockchain technology
that allows data to be shared and sold in a safe, secure, and transparent manner.
While tremendous amounts of data are generated each year, data exchange and analysis have been hampered due to concerns over trust and security. Currently, many organizations have data but don’t have the trusted and secure means to share it and gain insights from it. At the same time, the improvement of AI models hinges on more data that can be accessed. Right now, a handful of companies have both AI and data capacities, and if data remains locked up, the development of AI could cluster around a few companies.
Ocean Protocol connects through blockchain technology and tokens, data providers, and consumers, allowing data to be shared while guaranteeing traceability, transparency, and trust for all stakeholders involved. It is designed to give data owners control over their data assets and prevent them from being locked into any single marketplace.
By bringing together decentralized blockchain technology, a data-sharing framework, and an ecosystem for data and related services, Ocean Protocol aims to kick-start a new Data Economy – wherein access to data is democratized and fair.
Technology
Ocean Protocol works on an infrastructure to sanction data sharing, consumption, and monetization safely and transparently. The Ocean network is composed of data assets and services. If assets take the form of data sets and computation algorithms, services include computation execution, data validation, and storage.
Ocean Protocol relies on four different parties for network security and data exchange:
Data Providers – Supply Data
Any entity that has data, a data set, or a data stream and wants to monetize it can make it available through Ocean and get paid. When data consumers use data, data providers receive OCEAN tokens in return.
Data Curators – Data Quality Control
Data curators are responsible for identifying good and bad data. Ocean aims to become a decentralized system; therefore, curators with domain expertise can participate and earn tokens by separating the useful data from the bad one. Data curators put several tokens at stake to signal that a particular dataset is of high quality – to avoid manipulation of the system.
Verifiers – Keep Environment Secure
Verifiers are responsible for checking cryptographic proofs, hashes to avoid compromise of data and maintain a secure environment for participants. The Verifier network is also tasked with resolving disputes about the performance of a service.
Keepers – Make Data Available
The nodes in the Ocean network are called keepers. They run the Ocean software and make datasets available to the network and receive tokens for this. Data providers need to use at least one keeper to make data available to the network.
Service Execution Agreements
The Ocean protocol provides a tokenized service layer that offers data, storage, compute, and algorithms to be used in a trustless manner – all this ensured by verifiable service agreements.
At the heart of the data exchange system are decentralized Service Execution Agreements (SEAs) and decentralized access control, which together power the data service supply chain.
Ocean Service Execution Agreements (SEAs) are similar to SLA (Service Level Agreement) in traditional markets. Similar to the way legal SLAs in procurement have Terms and Conditions, Ocean SEAs have conditions that can be embedded as code in a smart contract. These conditions need to be fulfilled by the counterparties in the agreement.
Aside from legal agreements, SEAs are conceived to function in a permissionless environment with layers of cryptographic security (encryption, signatures, hashes, cryptographic proofs & attestations) and automation.
Curation Proofs Market
Ocean uses curation markets to signal how relevant a dataset or service might be. Curation markets leverage the power of the crowd, with people staking on datasets and services they believe are valuable and relevant. Previously mentioned data curators do this, and they make up the Curated Proofs Market.
They are the foundation for an open data marketplace that brings together data providers, data consumers, and service providers, allowing them to safely buy and sell data, as well as perform computations on data sets.
To avoid people gaming the reward system, only stakeholders provably making high-quality data and services available to reap the rewards. Network rewards for a given dataset/service are distributed based on the amount of stake in that dataset/service.
Target Audience
In a data economy, the primary target users of Ocean are AI researchers and data scientists – at least right from the start. This is also the reason why Ocean shipped its initial version of the network in a semi-decentralized way and built interface tools for data scientists and researchers, so they can easily transition to the network. Besides that, for the seamless operability of the network, Ocean would need to be appealing enough for data and service providers. Ocean is an attractive opportunity for data providers since it offers a safe and convenient way to monetize their data. At the other end of the spectrum are the data consumers, mostly presumed to be comprised of enterprises. If the data exchange on Ocean starts flowing, with enough data providers and data scientists providing services, data consumers will be following.
Product
Ocean’s architecture is based on three layers: the application layer, the protocol layer, and the decentralized virtual machine (VM) layer. Within each of these layers, there are gateway applications that stakeholders and participants use to interact with the Ocean ecosystem.
Application Layer
The application layer is the frontend of the ecosystem. This will be any application implementing the following high-level functionality:
- Publishing - Allows the user to publish new assets to the network.
- Consuming - Allows the user to list and consume published assets.
- Marketplace - Enables complex interactions and advanced capabilities like:
- Publishing of Assets existing in cloud providers
- Search and discovery of assets
- Filtering
The frontend application layer interacts with all other layers and listens to transactions in the virtual machine. It registers and processes events emitted from the smart contracts, enabling the receipt of asynchronous messages.
Manta Ray – Data Science Tool
An application provided by Ocean developers is the Manta Ray. This is the interface that AI researchers and data scientists use to tap into the Ocean environment. Typically written in Python, these tools enable high-level API access to Ocean capabilities allowing developers to integrate it in various computation pipelines easily.
Protocol Layer
The protocol layer includes all the high-level libraries to interact with the Ocean Protocol.
Squid Libraries
Squid is a high-level specification API abstracting the interaction with the most relevant Ocean Protocol components. The Squid API can be implemented in different programming languages, while currently being implemented in JavaScript, Python, and Java.
Aquarius
Aquarius is an application that enables metadata management running in the backend. It abstracts access to different metadata stores, allowing Aquarius to integrate different metadata repositories. The OceanDB plugin system can incorporate various data stores (e.g., Elasticsearch, MongoDB, BigchainDB) implementing the OceanDB interfaces.
Brizo
Brizo is a component providing capabilities for publishers. Brizo interacts with the publisher’s cloud and/or on-premise infrastructure. The most basic scenario for a publisher is to provide access to a data asset the publisher owns or manages. In addition to this, other extended services could also be offered:
Decentralized VM Layer – Keeper Contracts
The Keeper Contracts are Ocean-Protocol-specific smart contracts that can be deployed to run on any decentralized Ethereum Virtual Machine (EVM).
Use case
OCEAN ERC-20 utility token powers the Ocen Protocol.
First, Ocean Tokens are used as a unit of exchange for buying and selling data and services. While a marketplace can price data in other currencies such as USD, EUR, ETH, or DAI, the marketplace would use a cryptocurrency exchange to convert to OCEAN. Hence the network would only use OCEAN.
Ocean tokens are also used for staking. Data curators stake for datasets and services they deem of high quality and keepers stake in the process of making data available on marketplaces.
Finally, Ocean Tokens are used in dispensing network rewards, according to Ocean’s emission schedule.
Is there a MVP?
Ocean V1 includes the launch of the initial physical network, which is a permissioned network. Called Pacific, the network launched as a Proof-of-Authority (PoA) network running Parity Ethereum clients. Ocean plans to become permissionless at a later stage.
Ocean Protocol v1.0
The Pacific launch includes stable versions for all of Ocean’s core components:
• Keeper Contracts
• Aquarius — The Ocean Protocol metadata store
• Brizo — The Ocean Protocol proxy
• Squid API — With libraries available for JavaScript, Python, and Java.
• Commons Marketplace — where users can discover, publish, and consume free and priced data.
• Token Bridge — Ocean Tokens circulating on Ethereum Mainnet can be bridged and used on Pacific network.
Competition
Ocean does not have any major projects in direct competition. But here are some similar ones.
Enigma
The closest project that comes to Ocean’s functionality is Enigma. Enigma is a secure computation protocol, where “secret nodes” perform computations over encrypted data. However Ocean views Enigma as a project that could connect its service into the Ocean ecosystem to provide their service.Enigma - $28.1 Million Market Cap, 2.2 x of Ocean’s Market Cap
Numerai
Another project that leverages the power of the crowd is Numerai. Numerai enables data scientists to contribute computation models for financial data that is encrypted. Successful implementations are rewarded with tokens. This way hedge funds leverage the wisdom of the crowd while sharing their data in a secure way.Numerai - $13.6 Million Market Cap, 1.05 x of Ocean’s Market Cap
Datum
Datum competes with Ocean Protocol on Blockchain Data Storage and Monetization subjects. Datum is a decentralized and distributed data store where structured data can be safely stored and traded between the data generator and any party interested in purchasing such data, but only under your own terms.Datum- $650K Market Cap, 0.05 x of Ocean’s Market CapTeam Members
Ocean protocol is supported by a Singaporean NGO that advocates proper data governance, openness, and fosters the growth of the network while ensuring the network becomes decentralized with time.
The team is experienced in big data, blockchain, AI, and data exchanges from their previous work experiences and their business experiences. The majority are entrepreneurs, technologists, and designers. Below are the leading members:
Bruce Pon
Founder
Founder and CEO of BigChainDB. Previously, Pon was a Founder at Avantalion International Consulting, and has previous experiences at Daimler Financial Services and Accenture.
Trent McConaghy
Founder
McConaghy has extensive experience in AI, having done research for the national defense, published research papers, as well as successfully started two AI-based startups in ADA and Solido, that were sold to Synopsys and Siemens respectively.
Daryl Arnold
Founder
DEX Chairman. DEX is the founding partner of Ocean Protocol Foundation with BigchainDB.
Cristina Pon
Founder
Marketing Director of BigchainDB and C0-Founder of Ocean Protocol.
Roadmap & Events
The Ocean team has generally been able to meet their deadlines when it comes to code implementations, fulfilling their roadmap along the way. The project is ambitious and some changes along the way were also made, but nothing with a great impact on the overall project. Details on the roadmap and previous milestones can be found here.
2019
- Pacific network launch, Ocean's PoA Mainnet
- Token bridge between Ethereum Mainnet and PoA network
- Commons Marketplace update including AI for Good channel, stability of consume flow, and metadata validation
Q2 2020
- Beta version of Compute to the Data on cloud providers
- New asset types supported in Ocean (algorithms and workflows)
- Registration of Compute Services
- CLI allowing to publish and execute algorithms in private data
Past Events
Jun 3, 2020
Upcoming Events
Token Sales & Economics
There were several ways to participate or invest in Ocean Tokens for the initial circulating supply:
• participation in the seed round
• participation in the pre-sale
• participation in the token sale (ICO – Coinlist)
• participation in the initial exchange offering (IEO – Bittrex)
The founding team has an allocation of 94 million OCEAN tokens and the foundation has 47 million put aside – both with a 5 year vesting schedule.
Seed investors received 8 million tokens that are locked in for 2.5 years, which includes the 1.5 years leading up to the network launch and a 1 year linear vesting period.
During the pre-sale round, contributors were allocated 93 million token with a lock in for 1.5 years, which includes the 1 year leading up to the network launch and a 6 month linear vesting period.
Ocean’s first round of crowd funding came to an end in Q1 2019. However, they didn’t reach their ICO target after raising $1.85 million from more than 350 contributors on CoinList.
The IEO on Bittrex started on April 30 and with a starting price of $0.12 and ended with 56 million being sold.
On day one there were 314 million tokens in circulation from the following sources: Bittrex International IEO (56.4m), Coinlist ICO (16m), Pre-Launch (93m), Seed (8m), Foundation (47m), Founding Teams (94m) – this does not account for vesting and lock-up periods.
Emission Schedule
After the initial supply is put into circulation, the first year is set to have a very high inflation rate due to the gradual unlocking of allocations for seed and pre-sale investors as well as the foundation teams. The scheduled token emission looks like this:
Block Rewards
Since the network is initially deployed as a proof-of-authority network, there is a warm-up phase when the network reward will be throttled to between 0–50% of the normal network reward.
The block reward structure will vary depending on the network difficulty and the amount staked for a specific data or service. In order to correctly align incentives of all participants, a data set or service will have an individual reputation and bonding curve that will change with the amount staked by curators. For example, early stakers will get to benefit more than stakers that joined later whenever that specific data asset is successfully utilized. For more details on how it works read this blog post from Ocean.
Founding Team Wallet: 0x6e382b32079b1f7d9ea4b6912f49a13c39a0fa92
Foundation Wallet: 0x7df5273ad9a6fcce64d45c64c1e43cfb6f861725
Partnerships
Republic of Singapore
Newton Circus signed a memorandum of intent with the Info-communications Media Development Authority of Singapore (IMDA) and PriceWaterhouseCoopers Risk Services to foster the formation of data collaboratives.
emporio analytics
Ocean Protocol is working with emporio analytics to build better shopper experiences using data. By building a data marketplace on Ocean, emporio analytics will enable retailers and brands to work closely together on data-driven shopper marketing.
NextBillion
NextBillion creates data platforms to gather customer insights, offering fair value for data, while giving flexible, cost-competitive insights to companies. Unilever Foundry supports NextBillion by being an anchor customer and using their data and AI services that are built on Ocean Protocol technology.
Roche Diagnostics
In partnership with the Info-communications Media Development Authority (IMDA) and Ocean Protocol, Roche Diagnostics has launched a pilot to improve the current practice and standards of care for patients on blood-thinning therapy.
The Ocean Protocol project is being led by two companies – BigChainDB and Newton Circus (DEX). BigChainDB is responsible for deploying the network, protocol, data science, and general marketplace components. Newton Circus is responsible for several initial use cases, collaborating with partners in Singapore, and working with public and private entities to unlock their data potential. Ocean Foundation has a 5-year collaboration deal with the companies.
Ocean seems to have the backing of a lot of investors along with an array of partnerships around specific data use cases – mostly with Singapore-based entities.
Investors
Github activity
Overview
Main Repos
Commit Activity past 12 months
+3022
Last Commit
3 hours ago
Stars
Languages
Community Data and other Key Information
GitHub
The Ocean GitHub has 72 repositories and 15 people contributing to it, with a relatively consistent code commit frequency.
Social Presence
The Ocean’s social presence is relatively good with 8200 members in the Telegram channel and 15000 followers on Twitter. The only lackluster presence is on Discord, with only a handful of users online.
CertiK Audit
The CertiK team has recently completed a security audit for Ocean Protocol. CertiK’s team indicated that Ocean Protocol’s smart contract code is of high quality. There were no critical vulnerabilities detected, and overall, the code style is well-written, achieving correctness by aligning technical implementation with the developers’ specifications.
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