Ocean Protocol (OCEAN)

 Basics

• Founded in:
• Mainnet release:
• Based in: Singapore-based non-profit foundation
• A decentralized data exchange protocol that unlocks data for AI use. 
• From this article (3-10-2020): 

"Ocean provides reliable information for the construction, transfer, publication and its consumption through applications. Recently, Ocean partnered with one of the most important protocols on Ethereum’s DeFi, Balancer, to launch a marketplace, and with the German multinational Daimler AG, owner of Mercedes-Benz. Davis stated: Information is not only used for DeFi, Ocean goes further. This can bring a lot of value to various sectors. In particular, it can be used with information intensive industries such as artificial intelligence. Information may be the new oil."

History

Announced an Alliance merger of Ocean Protocol, SingularityNET and Fetch.AI (17-4-2024):

"The new ASI token, the alliance claims, will have an anticipated combined total value of $7.5 billion once the merger is completed in May.

With different communities coming together, Fetch.AI CEO and Chairman of the Alliance, Humayun Sheikh, explained that the three projects will remain distinct, with members of the Artificial Superintelligence Alliance board only deciding on new entries to the Alliance."

Audits & Exploits

• Bug bounty program can be found [insert here].

Bugs/Expliots

• Ocean Protocol patched (29-10-2022) an insufficient function access control vulnerability thanks to a responsible disclosure by chiefdestroyer.eth.
• When KuCoin got hacked (28-9-2020), 21M tokens were frozen by Ocean Protocol team members. This hints to centralized powers. The project has since announced that it is initiating a hard fork of its contract to “reverse the ill-effects of the hack for anyone choosing to adopt the new version of the contract.”

Tech

• Whitepaper can be found here (15-4-2019).
• Code can be viewed [insert here].
• Built on: Ethereum, ERC20
• Programming language used:

Transaction Details

• Capacity (TPS):
• Latency:

Upgrades

• Ocean V3 has data tokens, incentives, staking, better composability with Ethereum and the emerging DeFi movement.

KuCoin Hard Fork

• When KuCoin got hacked (28-9-2020), 21M tokens were frozen by Ocean Protocol team members. This hints to centralized powers. The project has since announced that it is initiating a hard fork of its contract to “reverse the ill-effects of the hack for anyone choosing to adopt the new version of the contract.”

Their Other Projects

• Is teaming up (24-9-2020) with Balancer Labs to create the first automated market maker (AMM) for data.

Roadmap

• Can be found here (19-4-2020):

"Our whitepaper and July 2019 roadmap laid out our goals, implemented as versions V1-V5. The first three goals are about the functionality of Ocean Protocol:

(Goal 1 / V1) Build a decentralized data exchange foundation — to connect data owners and data consumers, without middlemen being able to see or control the data, via decentralized access control and data marketplaces.

(Goal 2 / V2) Compute-to-data to unlock private data while preserving privacy.

(Goal 3 / V3) Incentives to maximize the supply and sharing of data.

The last two goals are about a healthy, decentralized ecosystem:

(Goal 4 / V4) Community funding for development of core software, applications, and infrastructure; and a broad, diverse ecosystem of builders and partners. Projects are proposed and curated by the community with a steady stream of funding coming from the network reward. The network and protocol need to be self-sustaining over the long-term, without continued funding from the community or a central coordinating organization.

(Goal 5/ V5) Permissionless and censorship-resistant technology — it is self-evident that technology should not be monopolized by the few, while offering a level playing field for newcomers to bring innovation to the market."

Usage

• From Our Network:

"The total 5-year trading volume has crossed $24B (19-4-2024). Binance leads the charge with an impressive $14.01B in OCEAN-USDT trades, while Bybit's OCEAN-USDT pair commands a substantial $1.83B. Perps lead at $13.81B while spot trades across exchanges at $10.95B."

Projects that use or built on it

• Delivers blockchain-based decentralized data orchestration for Daimler AG (28-7-2020).
• Used by the Raiinmaker influencer platform amongst others.

Pros and Cons

Cons

• When KuCoin got hacked (28-9-2020), 21M tokens were frozen by Ocean Protocol team members. This hints to centralized powers. The project has since announced that it is initiating a hard fork of its contract to “reverse the ill-effects of the hack for anyone choosing to adopt the new version of the contract.”

Team, Funding, Partners

Team

• Full team can be found [here].
• Bruce Pon; founder
• Trent McConaghy

Partners 

• Partnered with Balancer (4-10-2020).