Ocean Protocol (OCEAN), which allows software engineers to build marketplaces and other apps to privately and securely publish, exchange, and consume data, is now available on Kyber Network, a protocol that facilitates automated, “decentralized,” instant, and low-cost exchanges of Ethereum-based digital assets.
The Kyber Network team notes in a blog post:
“[The] … Ocean Protocol will be running an Automated Price Reserve for the OCEAN token on Kyber Network. The OCEAN token will be accessible through KyberSwap and other decentralized applications (dApps) and platforms that are powered by Kyber’s on-chain liquidity protocol.”
As mentioned in the announcement, the Kyber Network currently supports more than 80 ERC-20 compliant tokens. The OCEAN token was listed on Kyber Network on October 21, 2020 at 9 PM (GMT+8).
Launched in 2017, Ocean Protocol aims to connect data providers and consumers, using blockchain or distributed ledger technology (DLT). Ocean Protocol helps software programmers with developing online marketplaces and various other applications that allow them to privately and securely publish, exchange, and consume data.
As explained by the Kyber Network team:
“Ocean aims to unlock data, for more equitable outcomes for users of data, using a thoughtful application of both technology and governance. With Ocean, you can build powerful Web3 apps for the data economy. Ocean Protocol technology allows private data to be shared, without compromising control or security for the data owner, while ensuring traceability, transparency, and trust for all stakeholders involved.”
Ocean Protocol is being developed by a “diverse ecosystem” of contributors who share a common goal of “unlocking data” for AI. The Ocean team is focused on supporting the “New Data Economy” that aims to reach “every single person, company and device, giving power back to data owners and enabling people to capture value from data to better the world.”
Ocean Protocol is “governed” by a Singapore headquartered non-profit organization, which aims to ensure “open access to the protocol and platform, provide data governance, encourage the network ecosystem growth, and take measures to ensure that the platform becomes ever more decentralized with time.”
The Ocean Protocol Foundation has contracted BigchainDB to develop the core protocol, network, marketing, and community activities.
The OCEAN “utility“ token is used as “a unit of exchange” for purchasing and selling data and various AI services. The token is an ERC-20 compliant token and can be stored in any crypto wallet with ERC-20 support.
(Note: for more information about Ocean Protocol, check here.)