Highlights
- With a tweet, the Ocean Protocol announces its strategic partnership with Fractal Protocol, a partnership that will allow identity verification in the OceanMarket.
About Ocean Protocol
Founded in 2017 by a group of entrepreneurs which includes Bruce Pon, Cristina Pon, Trant McConaghy and Razvan Olteanu, Ocean Protocol focuses on data.
The protocol is based on Ethereum and allows users to tokenize their data: each dataset is represented by a token, and users can unlock their value and even monetize them by selling. On the other hand, everyone who wants to consult those data can do that and interact with them in a secure environment – publishers will be protected by the blockchain-based technology of the protocol.
Ocean Protocol token, OCEAN, can be used to trade data in the marketplace, and the price of the token is adjusted thanks to automated market maker pools.
So, users can earn in many ways: they can decide to simply stake OCEAN, to sell data on the OceanMarket, or build their own data market on top of the blockchain.
The platform is decentralized, to further respect users’ privacy.
The Fractal Protocol considers itself as a protocol aimed at filling the gap between data privacy and data integrity: it offers its users an open-source and secure environment, with the goal to protect data online and make the Internet really free.
These two protocols announced their partnership on October 19th, but this is not the first time they are cooperating with each other. Both Bruce Pon, co-founder of the Ocean Protocol, and Julian Leitloff, CEO and founder of Fractal, talked about the respect for each other and the continuous mutual inspiration over time.
This cooperation to build a new project together will lead people to be the real owners of their data. Ocean Protocol and Fractal Protocol are combining their technologies to create a secure framework for data and protect privacy.
If now businesses can arbitrarily take users’ data for free and without permission, thanks to these protocols users will be able to monetize their own data, receive financial support and sell them.
The Ocean Protocol team provided an example on Medium. Fractal will use Ocean’s technology to create a tool able to extrapolate users’ data from Facebook. Then, users will be able to download these data and publish them on Ocean’s marketplace, secured by Ethereum’s blockchain. At this point, users can monetize their data using Fractal’s technology to verify their identity and prove data ownership.
OCEAN In The Future
At the time of writing, the price of OCEAN increased by over 7% in the past 24 hours, and it is currently traded at $0.8821. This token is also interesting for its scarcity: this cryptocurrency has a maximum supply of 1,410,000,000 OCEAN, and a circulating supply of 613,099,141 OCEAN. Its use cases and its maximum supply could lead the token to higher highs, but if you want to know more you can visit OCEAN’s page on CoinMarketCap.
