- Ocean announces a partnership with Fractal
- This partnership will forge and unleash the power of Blockchain
What You Need To Know About Ocean Protocol
Ocean is an open-source protocol for exchanging and monetizing data and data-based services between enterprises and individuals. The Ocean protocol, which is built on top of the Ethereum blockchain, uses ‘datatokens’ to control access to data sets. Users that require access to the information can then redeem the tokens. Ocean wants to make the data available on its platform available to entrepreneurs and researchers without leaving the data in the hands of the people who keep it. Ocean’s software is designed to promote data interchange by connecting users who require data but lack the resources to keep it with those who have. Providers are rewarded with OCEAN, Ocean’s native cryptocurrency, in exchange for their efforts.
What Does This Partnership Mean For Ocean?
Ocean announces a partnership with Fractal. This partnership was announced by a tweet on their official Twitter page by retweeting a tweet by Fractal.
“This collaboration is expected to forge and unleash the power of Blockchain in the data economy.” @oceanprotocol
We are expected to get more details about this partnership on the 19th of October.
"Happy to reveal a partnership that will shape and unleash the power of blockchain for the data economy. This new partner is not just one of the most reputable crypto companies but is also a company that tirelessly builds great technology for the data markets of the future." https://t.co/jVxUSg5a2C
— Ocean Protocol (@oceanprotocol) October 14, 2021
Fractal is not just one of the most well-known cryptocurrency firms. It is also a firm dedicated to developing cutting-edge technologies for the data markets of the future. Fractal is a zero-margin open-source protocol that establishes a basic standard for exchanging user information fairly and openly, providing a high-quality free internet version.
Prospects Of Ocean
Ocean Protocol is all about scalability. In early, 2020 Ocean protocol released its road map and had fulfilled everything on the roadmap by the end of 2020. The growth strategy for 2021 is to build traction. Ocean Protocol already has a strategy for that.
Ocean Protocol’s strategy is based on traction pillars which are: Bottom-up, Top-Down, and DeFi.
What Does Bottom-Up Entail?
This consists of Ocean Market users, developers, startups. Their main activities are to:
- Contribute to the expansion of the Ocean Market. Enhance the user experience (UX), which includes lowering gas expenses. Contribute to the financial success of data publishers and consumers
- Assist folks in creating using Ocean libraries. Enhance the developer experience (DX). Through a simple python interface, it will be simple to integrate into AI flows
- OceanDAO will provide funding to teams for development, outreach, and data unlocking
What Does Top-Down Entail?
Enterprises and governments are what make the top-down. Their activities include:
- Business development and service support, as well as proof-of-concept (POCs) that lead to live deployments. Collaborate with groups like Gaia-X and Catena-X
- Service partners. More service partners are being used to support enterprise and product activities to reduce dependency on a single core team
Ocean And DeFi
- Collaborate with other DeFi projects
- They will also carry out data farming
OCEAN is currently priced at $0.8098 and has a market capitalization of $2,489,347,539,318, according to Coin Market Cap.