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."

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

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).