Collecting, aggregating and analyzing data has become major revenue streams for companies like Facebook and Google, which have developed a number of algorithms to use user data to improve user experiences for their apps and online markets.
While data collection is the ultimate goal, developments in recent years have also shown that it is important to protect it and ensure that the privacy of customers and users is protected.
The combination of data collection and the ability to securely store it in a distributed ledger seems natural, and Ocean Protocol (OCEAN) is a blockchain project that wants to capitalize on data generation revenues.
Data from Cointelegraph Markets and TradingView show that the OCEAN price is up 240%, rising from $ 0.31 on January 1 to $ 1.38 on February 12. However, when the market recovered, the altcoin managed to hit a high of $ 1.19 on March 3.
Three reasons for the consistently high performance of OCEAN include new listings on major exchanges, the integration of governance features with OceanDAO, and the growth of a dataset market in which token holders can profit.
Major exchange announced support for OCEAN
On March 2, OCEAN announced that the token will be listed on Kraken, the fourth largest cryptocurrency exchange in the world.
Following the announcement, OCEAN’s price rose 30% from $ 0.89 to $ 1.16, while its daily volume increased 246% to $ 90 million.
VORTECS data from Cointelegraph Markets Pro began providing an upbeat outlook for OCEAN on February 28, ahead of the recent rally.
The VORTECS result, excluding Cointelegraph, is a mathematical comparison of historical and current market conditions obtained from a set of data points, including market sentiment, trading volume, recent price movements, and Twitter activity.
VORTECS ™ glasses (green) vs. OCEAN price. Source: Cointelegraph Markets Pro
As shown in the chart above, the VORTECS score of 74 reached 74 on February 28, about 46 hours before the March 2 rally.
New governance features encourage community participation
OceanDAO’s new features seem to have catalyzed the bullish movement in OCEAN prices as token holders raised their opinion on the most important decisions governing the project.
OceanDAO was announced on November 30, 2020 as a way for community members to participate in the development of the protocol. It is a community-led funding project that allows token holders to vote on projects that will receive a DAO grant to help them create a new feature, conduct marketing for communication, or open data.
For voting purposes, each OCEAN token corresponds to one vote, and those wishing to participate must do so from a wallet they control. The third round of voting for OceanDAO started on March 2, which also coincides with the rise in the price and trading volume of altcoins.
Oceans add datasets
The third force driving the price of OCEAN is the growing dataset market that allows users to enter refundable tokens.
Ocean Markets, originally launched as part of Ocean v3 in September 2020, is an open source marketplace where users can publish, rate, organize, discover, buy and consume data.
As the market developed, its functions also changed. Currently, token holders can profit from tokens by placing them in a specific dataset in order to receive commissions for liquidity providers.
Users looking for deeper engagement can also publish and sell market data, or create and launch their own markets to increase their profits.
The need to collect, distribute and protect data is guaranteed to increase in the coming years, and Ocean Protocol appears to be well positioned to take advantage of this growing market. Only the listing of managerial positions and profit opportunities makes the project more attractive for investors wishing to make strategic investments in the decentralized financial sector.