Data collection, aggregation and analysis has become one of the biggest profit makers for companies like Facebook and Google, which have developed a number of algorithms designed to leverage user data to better optimize the user interfaces of their applications and their online marketplaces .
While collecting the data is the ultimate goal, the events of the past few years have also shown that securing and protecting the privacy of customers and users is essential.
The combination of data collection with the ability to securely store it in a distributed ledger seems like a given, and Ocean Protocol (OCEAN) is a blockchain project that aims to leverage data monetization.
Data from Cointelegraph Markets and TradingView show that OCEAN’s price is up 240% year-to-date as it rose from $ 0.31 on Jan 1st to $ 1.38 on Feb 12th. OCEAN corrected sharply, but as the market rebounded, the altcoin secured a swing high of $ 1.19 on March 3rd.
OCEAN / USDT 4 hour chart. Source: TradingView
Three reasons for OCEAN’s continued strong performance include new listings on major exchanges, the integration of governance functions into OceanDAO, and the growth of the records market where token holders can generate a return on investment.
Big stock exchange announces support for OCEAN
On March 2, OCEAN announced that the token would be listed on Kraken, the fourth largest cryptocurrency exchange in the world.
Following the announcement, OCEAN price rose 30% from $ 0.89 to a high of $ 1.16 and 24-hour trading volume rose 246% to $ 90 million.
Cointelegraph Markets Pro’s VORTECS ™ data began to see an optimistic outlook for OCEAN on February 28 ahead of the recent price hike.
The VORTECS ™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS ™ Score (green) vs. OCEAN price. Source: Cointelegraph Markets Pro
As can be seen in the graph above, VORTECS ™ hit a high of 74 on February 28th, approximately 46 hours before the price rose on March 2nd.
New governance features drive community engagement
New features at OceanDAO seem to be the motivating factor for OCEAN’s bullish price action, as token holders have more say in the most important decisions that guide the project.
OceanDAO was announced on November 30, 2020 to give community members the opportunity to participate in the development of the protocol. It’s a community-led funding project where token holders can vote on which projects should receive a DAO grant to create a new role, do outreach marketing, or unlock data.
For voting purposes, each OCEAN token equals one vote and those who wish to participate must do so from a wallet they control. The third round of voting on OceanDAO began on March 2nd, which also coincided with the rise in altcoin price and trading volume.
Oceans Adds Record-Earning Agriculture
The third force helping to increase the OCEAN price is the growing market for records that users can use to deposit tokens for a return on investment.
Originally launched as part of Ocean v3 in September 2020, Ocean Markets is an open source community marketplace where users can post, rate, curate, discover, buy and consume data.
As the market has evolved, so has its functionality. Currently, token holders can get a return on their tokens by putting them in a specific record to earn fees for liquidity providers.
Users who want greater engagement can also publish and sell data in the market, or build and start their own market to improve their earning potential.
The need to acquire, distribute, and secure data is guaranteed to increase in the years to come, and the Ocean Protocol appears to be well positioned to take advantage of this growing market. The inclusion of governance features and revenue opportunities only makes the project more attractive to investors looking to make strategic investments in the decentralized financial sector.
The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading step is associated with risks. You should do your own research when making a decision.
