As the world moves towards a Web3 future, data security and accessibility are becoming important issues.
Ocean Protocol (OCEAN) is a project looking to capitalize on the growing trend and establish tools for the Web3 data economy. It is a blockchain ecosystem that assists individuals and businesses in unlocking the value of their data, and monetizes it using datatokens.
Data from Cointelegraph Markets Pro, TradingView show that the price of OCEAN rose 86.4% over the past week, from $0.40 on March 7, to $0.748 daily on March 21, amid a 562% increase in its 24-hour trading volume of $321 million.
Three main reasons OCEAN’s price rise are: The upcoming launch Ocean v4, new Ocean protocols, and the continued OceanDAO grant program. There is also an increasing number of data partners who bring real-world applications to the ecosystem.
Ocean v4 is about to launch
The upcoming launch Ocean v4 is a major development that has helped OCEAN gain momentum in March. It is currently being tested and will go into production in Q2 2022.
@oceanprotocol will launch Version4 within the next few weeks. It will be very interesting for data management, monetization and other purposes.
Data X Defi =
Data IP: Managed by NFTs. (ERC721).
Data consumption: Managed by datatokens. (ERC20).
This is DeFi and Data. $OCEAN
— AquaNaut (@AquaNauxt)
March 20, 2022
Ocean v4 will be upgraded with several improvements, including a mechanism to eliminate initial datatokens that were provided to publishers and solve rug pulls in datatoken pool pools. As a way of increasing revenue streams and adding new ways to monetize data, the new protocol upgrade will include data NFTs. These nonfungible token capabilities allow for base intellectual property (IP).
Ocean v4 will be initially deployed on the Ethereum Virtual Machine chains (EVM chains) that support v3, including the Ethereum mainnet and Polygon, BNB Smart Chain and Moonriver, and will then be expanded to other EVM chains.
The ongoing OceanDAO grant program, which supports new projects on the network, is another factor that has helped to improve the outlook for OCEAN.
Ocean Protocol Foundation announced the $140 Million grant initiative in October 2021. This was to fund projects in the Web3 Data Economy that are interested in using Ocean’s data markets or data unions.
OceanDAO just completed the 15th round grant rewards. It was won by TalentDAO. This protocol is designed to address the shortage of scientifically-validated surveys that can be used to study organizational health within the context of DAO contributors.
— Ocean Protocol (@oceanprotocol)
March 18, 2022
OceanDAO 16 is currently underway. There are 200,000 OCEAN tokens that can be used for funding. Deadline for submissions is April 5.
Related: Marshall Islands officially recognizes the DAOs in their legal entity status
Data partners new
The third factor that helps to improve the outlook of OCEAN is the addition of data partners to the Ocean Protocol ecosystem. They are real-world adopters of the Open Data Economy.
Ocean is now partnering with Dimitra Technology to assist farmers in leveraging blockchain technology and data to increase their yields.
Ocean’s Web3 capabilities are used in this partnership to allow data sharing and monetization, so small farmers can enjoy an additional layer of revenue.
Read more on the collaboration here: https://t.co/MADC2yaCPz
— Ocean Protocol (@oceanprotocol)
March 17, 2022
Ocean Shipyard was also launched by the protocol. It is intended to provide funding for entrepreneurs looking to create open-source Web3 solutions using Ocean Protocol, and to add value to the Ocean ecosystem.
VORTECS(tm), data from CointelegraphMarkets Pro started to detect a bullish outlook on OCEAN in March 19, before the recent price rise.
Cointelegraph’s exclusive VORTECS(tm), Score is an algorithmic comparison between historical and current market conditions. It is derived from a combination data points, including trading volume, market sentiment and recent price movements, as well as Twitter activity.
The chart shows that the VORTECS(tm), Score for OCEAN climbed to the green on March 19, and reached a peak of 78 just 14 hours later, before the price rose 54% the following day.
These views and opinions are the author’s and do not necessarily reflect those of Cointelegraph.com. You should do your research before making any investment or trading decision.