April 26th, 2019 at 10:15 pm UTC · 2 min read
Aiming to break down data silos and unlock the 13 trillion data and AI economy, Ocean Protocol uses blockchain technology and smart contracts to enable the safe and secure sharing of data, guaranteeing control and auditability while protecting privacy.
The technology allows organizations to put value on, own and control their data while smart contracts allow the data owners themselves to program the conditions of access which are then executed with perfect precision. Ocean Protocol is supported by the Ocean Foundation, a non-profit organization based in Singapore.
During March, Ocean undertook an ICO which raised over $1,800,000 USD. The sale was hosted by crowdfunding sites Coinlist and Fractal, and via their own private organisation. Now, Ocean Protocol and Bittrex International have announced than an Initial Exchange Offering (IEO) will be held on the Bittrex International digital asset trading platform, where participants will be able to purchase OCEAN tokens. In preparation for the IEO, OCEAN completed a rigorous evaluation process that included comprehensive technical, compliance and regulatory reviews.
The IEO will officially start at 16:00 GMT / 18:00 CEST on Tuesday, April 30th. Bittrex users can participate using BTC.
Founder of Ocean Protocol, Bruce Pon, said:
“With Ocean Protocol, people with data can be connected with people who need data. This is the start of a new data economy and Ocean is the means to promote liquidity and ultimately a financial value for data.”
Data owners and buyers have never had a working model which ensures privacy, security and guarantees of payment and puts use rights into their hands. Additionally, Ocean enables algorithms and models to travel to the data, get trained and then leave without exposing the data or taking a copy, thereby retaining privacy, and freeing up data to advance economy and society. By 2020, 1.7MB of data will be created every second for every person on earth, which shows the immense potential for this untapped market.
By bringing together decentralized blockchain technology, a data sharing framework, and an ecosystem for data and related services, Ocean Protocol is committed to kick-starting a new Data Economy that touches every single person, company and device, giving power back to data owners, enabling people to reap value from data to better our world.
Disclaimer: Ocean Protocol is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all. Token sales are only suitable for individuals with a high risk tolerance. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.