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How to Buy Ocean Protocol (OCEAN) Right Now • Benzinga – Benzinga

Data is an extremely valuable asset in today’s economy. It’s estimated that the total value of consumer data that has been generated exceeds $1 trillion. 

Marketing companies buy data from data providers to advertise their products towards more specific consumers, and it’s never been easier for companies to collect data from platforms like Facebook, Microsoft and Google. 

Ocean Protocol (OCEAN) tokenizes consumer data on the blockchain to allow for safe and secure data usage. The protocol has created a decentralized marketplace to transact data while holding it securely on its network.

What is Ocean Protocol?

Ocean Protocol is a market for data that operates in the decentralized finance (DeFi) industry. The protocol operates on Ethereum’s blockchain –– Ethereum is the largest network for developing decentralized platforms through smart contracts. 

Smart contracts are code that is uploaded to the blockchain, but what makes the code unique is that it can hold cryptocurrency assets in escrow. 

Making data an asset class is Ocean Protocol’s goal. On the marketplace, users can buy and sell data. There are many large institutions that buy data, some of which include:

  • Artificial intelligence companies use data for training programs.
  • Research institutions use data for various research studies.
  • Marketing companies buy data to determine consumer demographics.

But what prevents these companies from selling your data to other companies after they’ve analyzed it? Ocean Protocol keeps tokenized data behind a firewall, and the platform runs data analysis as a 3rd party. The company buying the data never actually sees your data, rather it benefits from the outcome of the data analysis. 

Brief History of Ocean Protocol

Ocean Protocol was founded in 2017 by Bruce Pon and Trent McConaghy. Before they founded Ocean, Pon started BigChainDB, a blockchain database company, and McConaghy worked as an AI specialist. Artificial intelligence is predicted to be the biggest buyer of data, so McConaghy’s background is relevant to the platform. 

The Ocean Token had its initial coin offering (ICO) in May 2019. The token was 1st put on sale for 19 cents, and it’s currently trading for around 91 cents. These are good returns, but they don’t beat the returns of Bitcoin or Ethereum in the same timeframe. 

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It’s also important to note that the maximum supply of Ocean Tokens is 1.41 billion, and only 419 million are in circulation. This makes the token more at risk for inflation than other cryptocurrencies on the market. You can earn Ocean Tokens by providing and curating data, or by acting as a node in the network. 

Step 1: Open an online account.

In order to buy your Ocean Tokens, you need to open an online account with a cryptocurrency exchange or brokerage that supports it. Since Ocean is an Ethereum-based token, you could send them Ethereum to a decentralized exchange to convert your crypto to ocean directly from your software wallet. The most popular decentralized exchange on Ethereum is Uniswap.

If you don’t already own any Eth tokens, you’ll need to make an account with a crypto exchange. The most well-known exchange that supports Ocean Protocol is Binance. To open an online account with Binance, you’ll need to provide them with personal information to comply with the IRS, similarly to stock brokerages. 

Binance is the only exchange in the U.S. that trades over a million dollars of volume per day in Ocean Tokens. If you’re using a centralized exchange, you should use Binance to make sure there is enough liquidity to efficiently trade Ocean.

Step 2: Buy a wallet (optional). 

You shouldn’t keep your crypto assets on an exchange due to the risk of being hacked online. Instead, transfer your Ocean Tokens to a hardware wallet or a software wallet. 

Both are good options, but hardware wallets are the most secure because they store your cryptocurrency offline on a physical device offline. Since hardware wallets aren’t connected to the internet, hackers have no way to access your crypto funds.