Education • 4 min read
By Camilla Marziani
The internet profoundly changed the way we see data: once considered just snippets of information, today data is an influential force in our economy, to the extent that we now have a “data economy”. However, data is also associated with privacy concerns. Here’s where Ocean Protocol comes into play: read on to find out all you need to know about the protocol that wants to democratise data whilst keeping data privacy paramount.
Ocean Protocol is a data exchange protocol running on the Ethereum mainnet. It combines data services and the crypto ecosystem to allow data publishers to monetise their data without losing privacy. At the heart of Ocean Protocol, there’s OCEAN, the protocol’s token for both governance and the sale and purchase of data.
Before we delve into Ocean Protocol in detail, take a look at its Crypto ID, our easy yet structured way to give you a synopsis of everything you need to know about this protocol.
In the words of the protocol’s team, the mission of Ocean Protocol is very clear:
“Ocean aims to unlock data, for more equitable outcomes, using a thoughtful application of both technology and governance.”
But let’s dive a little into the concept of data.
It’s more than likely all of us have experienced those ads popping up on our screens that were perfectly timed and targeted firsthand - that’s thanks to data that, for example, we share on social media or which is collected from the websites we visit and the videos we watch. Data is almost always being collected and is of incredible value, but too often, only a small circle of companies in the digital sphere actually profits from them.
Additionally, privacy concerns around data collection and retention constitute a reason of concern for many digital users who fear their information is being collected and other parties are profiting from the data without informed consent from the users. For instance, France has recently fined Google and Facebook a total of €210m for obstructing users’ ability to stop tracking their activities.
In a nutshell: data is valuable, profitable and has great potential - however, privacy and control over data are constantly at stake, and profits from data don’t usually benefit its owners.
Ocean Protocol is here to offer a solution. The protocol wants to make the data economy more transparent and democratic, unlocking the value of data for everyone while maintaining privacy and preserving ownership.
And of course, there’s no better space to ensure transparency than blockchain.
Data owners can decide to publish their data on Ocean Market, the protocol’s marketplace. All data published is gathered in datasets, which become data assets upon publication. Ownership remains in the hands of those who created the data: owners can put specific prices on their datasets or can get automated evaluations via an Automated Market Maker.
OCEAN, the protocol’s ERC20 token, is used for both governance and for buying and selling data on Ocean Market. Privacy is retained thanks to the protocol’s feature Compute-to-Data: this allows data to be accessed and navigated by consumers and interested parties via Artificial Intelligence running on the data and gathering information without jeopardising the owners’ privacy. Moreover, data owners are the ones deciding who can or cannot access the data they share.
The groundbreaking characteristic that ensures privacy over personal data lies in the fact that data isn’t moved or transferred: It can be accessed but can never leave the premises.
If you find yourself wondering whether you should expand your portfolio and start investing in OCEAN, we recommend you follow these steps:
Now take a look at your portfolio: how is it looking in terms of diversification? Would this new asset fit into it? Would it help you get closer to your financial goals?
On Bitpanda you can invest in OCEAN in an easy, safe and fast way. If you haven’t opened an account yet, you can get one in a matter of minutes on our web app or on our iOS and Android apps for smartphones. You can start investing in cryptocurrencies, crypto indices, precious metals and many other digital assets from as little as €1.
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