While Bitcoin traders are actively pushing the cryptocurrency closer towards the $50,000 support level, other investors are playing closer attention to other blockchain projects generating interesting fundamental news. One such project is the Ocean protocol, which seeks to lead the new trend of data monetization in a more efficient manner.
The OCEAN token is not exactly a currency unit, but it is being used to highlight the potential of the project. On the first trading day of the year, OCEAN was trading around $0.30. In early March, it is trading for $1.19. At its highest level, OCEAN has climbed by 240%, thus making it the most attractive token of its kind.
In essence, the Ocean protocol offers an opportunity to leverage distributed ledgers so that they can store the vast amounts of data collected and generated on a daily basis by internet users. Think about all the user data that a popular online service such as YouTube generates; this data needs to be collected and parsed for the purpose of fine-tuning algorithms and serving content that is interesting to users and advertisers alike. In other words, the Ocean protocol can make Big Data management easier and more effective.
OCEAN tokens are now listed on the Kraken cryptocurrency exchange, thus making them more attractive and accessible to prospective investors, but this is not the only fundamental news update boosting the project. The development team has recently released a set of tools that can be used by third-party developers who are interested in data monetization. There is also a new governance module that allows token holders to make proposals and vote on issues that can advance the project. A few rounds of voting have already been completed, and there are more in the way.
Investors who take a chance on OCEAN tokens will also be to participate in the various data analysis projects. This is important insofar as enticing data scientists to explore the data and analytics being generated on the blockchain. Market analysts predict that more utility tokens such as OCEAN will continue to attract a new breed of investors and traders.