Data security and accessibility have become major issues of the modern age as the world inching toward a Web3 future that establishes blockchain technology as the underlying infrastructure for the new Internet.
One project that seeks to capitalize on this growing trend by establishing tools for the new Web3 data economy is the Ocean Protocol (OCEAN), a blockchain ecosystem that helps people and businesses unlock the value of their data and monetize it through the use of data tokens.
Data from Cointelegraph Markets Pro and TradingView shows that over the past two weeks, the price of OCEAN has risen 86.4% from a low of $0.40 on March 7 to a daily high of $0.748 on March 21 amid a 562% increase in its 24-hour trading volume to $321 million.
There are three main reasons for the OCEAN price spike: the upcoming release of Ocean v4, the addition of new projects to the Ocean protocol thanks to the ongoing OceanDAO grant program and a growing list of data partners bringing real-world use cases to the ecosystem.
The next release of Ocean v4
One of the biggest developments fueling the push for OCEAN in March is the upcoming release of Ocean v4, which is currently in public testing and is expected to go into production in Q2 2022.
.@oceanprotocol is launching Version4 in the next weeks and it will get really interesting for data management and monetization.
Data X Defined =
Data IP: managed by NFTs (ERC721)
Data consumption: managed by datatokens (ERC20)This is how Data meets DeFi. $OCEAN
— AquaNaut (@AquaNauxt) March 20, 2022
@oceanprotocol will release version 4 in the next few weeks and it will get really interesting for data management and monetization.
Data X Defined =
IP data: managed by NFTs (ERC721)
Data consumption: managed by data tokens (ERC20)This is how data meets DeFi. $OCEAN
Depending on the project, Ocean v4 will include several updates, including a mechanism that aims to resolve rug pulls on data token pools by removing the initial data tokens provided to publishers. The new protocol upgrade will also see the introduction of data NFTs, which add non-fungible token capabilities to base intellectual property (IP) as a way to help increase revenue streams, as well as the addition of new ways for the community monetizes the data.
Ocean v4 will initially roll out to Ethereum Virtual Machine (EVM) chains that currently support v3, including the Ethereum mainnet, Polygon, BNB Smart Chain, Moonriver, and Energy Web Chain, and will roll out to additional EVM chains over time.
OceanDAO Grants
A second factor that helps strengthen OCEAN’s perspective is OceanDAO’s ongoing grant process that helps launch new projects on the network.
The Ocean Protocol Foundation originally announced its $140 million grant initiative in October 2021 as a way to help fund projects in the Web3 data economy that were interested in utilizing data marts and data unions. of Ocean.
OceanDAO recently completed the 15th round of grant awards, which were won by TalentDAO, a protocol designed to address the lack of scientifically validated surveys to study organizational health in the context of DAO contributors.
We continue with introducing the winning projects of the recently concluded @OceanDAO_ Round 15 to the Ocean Community @talentDAO_ is the latest grantee to have joined the Ocean ecosystem! pic.twitter.com/Qe9YHjRFgY
— Ocean Protocol (@oceanprotocol) March 18, 2022
We continue with the presentation of the winning projects of the recently concluded @OceanDAO_ Round 15 to the Ocean Community @talentDAO_ is the latest beneficiary to join the Ocean ecosystem!
OceanDAO Round 16 is now underway, offering a pool of 200,000 OCEAN tokens available for funding. The submission deadline is April 5.
New data partners
The addition of new data partners to the Ocean Protocol ecosystem is a third factor that helps drive the overall OCEAN outlook, as they represent real-world adoption of the Open Data Economy.
Dimitra Technology is the latest company to partner with Ocean as a way to help agricultural producers harness blockchain technology and data to produce higher yields.
In this partnership, Ocean’s Web3 capabilities will be employed to enable data sharing and monetization so that small farmers can benefit from an extra layer of revenue.
Read more on the collaboration here: https://t.co/MADC2yaCPz
— Ocean Protocol (@oceanprotocol) March 17, 2022
In this partnership, Ocean’s Web3 capabilities will be used to enable data sharing and monetization so that small farmers can benefit from an additional layer of income.
The protocol has also announced the launch of the Ocean Shipyard, which is designed to help fund entrepreneurs looking to build open source Web3 solutions on the Ocean Protocol and create value for the Ocean ecosystem.
Cointelegraph Markets Pro’s VORTECS™ data began spotting a bullish outlook for OCEAN on March 19, prior to the recent price surge.
The Score VORTECS™, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements, and trading activity. Twitter.
As seen in the chart above, the VORTECS™ Score for OCEAN rose to green on March 19 and reached a high of 78 around 14 hours before the price surged 54% over the next day.
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