Ocean Protocol is a system that allows creating marketplaces and other apps to securely and privately publish, exchange, and consume data. Its token is used as the internal currency in the ecosystem.
Table of Contents
What Is Ocean Protocol?
Ocean Protocol is a system that allows creating marketplaces and other apps to securely and privately publish, exchange, and consume data.
Ocean Protocol is a protocol for data trading, as well as a network containing services and data based on artificial intelligence (AI). The main goal of the network is to create a global data chain supplied with AI. This data is divided into 2 types: public and paid.
The network allows providers to control their data: who (or what) is trying to access the data, as well as how and where it is used. Data control is an integral part of any platform that deals with data to ensure its reliability and relevance.
Ocean token is used as the internal currency in the Ocean Protocol ecosystem. Accordingly, tokens are used in trading, in the curation of data, and also it is a motivation for holders or developers who are responsible for maintaining the ecosystem. It should also be noted that the token is issued on the Ocean platform, and not ERC20.
Pros and Cons of Ocean Protocol
Like any currency, Ocean Protocol has its pros and cons. The most significant are considered below:
Advantages of Ocean Protocol crypto
- New Data Mining Technologies;
- Decentralized payment technologies for data exchange;
- Professional team and support from large investors;
- Own ecosystem.
Disadvantages of Ocean Protocol crypto
- The difficulty of verifying AI algorithms, checking their performance and reliability;
- Lack of information on the structure of the distribution of collected funds.
And also, KYC – market participant verification technology that allows eliminating unreliable and shady customers and data providers. This may be considered as both an advantage and a disadvantage, depending on your position.
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