Decided you want in on the action? You can buy Ocean Protocol on Binance (or Binance.US for U.S. investors) or Kucoin.
The artificial intelligence (AI) and data sectors of the crypto industry have erupted in 2023, with projects such as Ocean Protocol leading the way. Ocean Protocol is a decentralized platform that aims to unlock the value of data by providing a transparent and private way for individuals and businesses to share and monetize their data.
As the demand for data continues to grow, particularly in the AI industry, the use of blockchain technology in data management is becoming increasingly more lucrative. With Ocean Protocol's unique approach to data sharing, many experts believe that the platform has significant potential for growth in the future.
The following discussion will take a look at the current state of Ocean Protocol and explore some predictions about the price of OCEAN tokens in the coming months and years.
What is Ocean Protocol?
Ocean Protocol is a blockchain protocol based on Ethereum that enables businesses and individuals to create, exchange, trade and monetize data. Users can employ datatokens to restrict access to data. These datatokens can then be redeemed by users to gain access.
The purpose of the platform is to allow users to share their data while maintaining control over the access and usage of that data. Ocean Protocol has a feature called compute-to-data that allows for sensitive and private data to be used in AI models without compromising privacy. This feature opens the doors to data interoperability in academic research, which means that data from different sources can be used together in a secure and private manner.
Imagine Ocean Protocol as a vast ocean of data, where different ships (data providers) sail and drop anchor to share their valuable cargo (data) with other ships (data users) that are in need. In the same way that ships in the ocean have to follow specific rules and regulations, data providers and users on Ocean Protocol have to follow a certain set of rules to ensure the data is shared in a secure, private and decentralized manner.
In this analogy, each ship is equipped with smart contracts, similar to a ship’s manifest, to govern and document the transactions of data – ensuring an equitable exchange and use of data. Ships require fuel to sail, and data providers on Ocean protocol use tokens to access and transact data and services.
Ocean Protocol Market Position
In mid-January 2023, Ocean Protocol’s market capitalization is roughly $150 million, placing it in the top 150 cryptocurrencies by total market capitalization. Ocean Protocol’s biggest competitors are The Graph, Fetch.ai and SingularityNET, which have respective market caps of $700 million, $200 million and $180 million.
Ocean Protocol falls under the category of big data and AI, a relatively new crypto niche that has picked up a lot of steam in early 2023 from the explosion of AI. If Ocean Protocol can continue to capture the growing demand for data privacy, there is no telling how valuable OCEAN could be in the coming years.
Adi Chhabra’s Bullish Long-Term OCEAN Price Prediction
Adi Chhabra is a technologist and Web3 enthusiast, and the founder of Stealth Web3 Startup. Although he didn’t give an exact price prediction for OCEAN, he strongly believes Ocean Protocol will be an important part of the data industry in the coming years.
In a tweet posted by Ocean Protocol, Chhabra openly stated that “blockchain developments like Ocean will ensure that AI models can be run on anonymized data.”
AMBCrypto’s OCEAN Price Predictions
AMB is a nifty tool for forecasting the future prices of OCEAN and various other crypto assets. It provides a wealth of prediction data, which is generated by combining AI and market analysis. According to AMBCrypto, Ocean Protocol's value may rise in the upcoming years, but as with any crypto investment, it carries a significant level of risk.
2023 OCEAN Price Prediction
Based on OCEAN Protocol’s historical price performance, it is assumed that in 2023, the minimum price of OCEAN will be around $1.22. The maximum expected OCEAN price may be around $1.83. On average, the trading price may be around $1.53. From current prices, this price level would be over 500% ROI.
2024 OCEAN Price Prediction
AMBCrypto has an optimistic outlook on OCEAN in 2024. The minimum OCEAN price is predicted to fall to $1.63 in 2024, while its maximum price can reach $2.44. The trade price would typically be about $2.03 or a 700% ROI.
2025 OCEAN Price Prediction
AMBCrypto predicts a bullish future for OCEAN in 2025. The minimum predicted price for OCEAN is $2.16, and the maximum predicted price is $3.24, with an average trade price of $2.70. This price would result in an ROI of roughly 1,000% compared to current prices.
2026 OCEAN Price Prediction
Based on OCEAN Protocol’s historical price performance, it is assumed that in 2026, the minimum price of OCEAN will be around $2.88. The maximum expected OCEAN price may be around $4.31. On average, the trading price may be around $3.59, or over 1,200% ROI.
2027 OCEAN Price Prediction
AMBCrypto has an optimistic outlook on OCEAN in 2027. The minimum OCEAN price is predicted to fall to $3.82 in 2027, while its maximum price can reach $5.74. The trade price would typically be about $4.78 or 1,700% ROI.
2030 OCEAN Price Prediction
Although the year 2030 may appear distant, AMBCrypto has made a price prediction for OCEAN Protocol. It is crucial to approach this prediction with caution, as it is based on a forecast that is several years into the future and assumes that the cryptocurrency market and OCEAN Protocol will continue to be significant.
AMBCrypto predicts OCEAN will be traded for at least $9.00, with a possible maximum of $13.49. As a result, on average, you could expect the OCEAN price to be around $11.25 in 2030, which would yield a colossal return of over 4,000%.
Where to Buy OCEAN
OCEAN can be bought on several centralized exchanges, including Binance (or Binance.US for U.S. investors) and Kucoin. Investors can purchase OCEAN using a credit card, through swapping features or through a variety of trading pairs such as OCEAN/USDT or OCEAN/BTC.
However, it is important to note that after the FTX scandal, many centralized exchanges are under heavy scrutiny, and rightfully so. As a result, it is essential that you do your own research before using a centralized exchange. Prudent investors will evaluate the transparency, pricing, range of altcoins supported and security features of a potential exchange.
How Long Will it Take for OCEAN to Reach $1?
It is difficult to accurately predict if or when the price of OCEAN might reach $1. The trajectory of the entire cryptocurrency market, especially Bitcoin, will dramatically affect price levels.
Where to Store OCEAN Safely
Wallets are broadly categorized into two types: software and hardware wallets. Hardware wallets provide superior security by storing private keys offline, adding an additional layer of security from cyber attacks. Conversely, software wallets that are connected to the internet offer increased convenience and accessibility through various platforms such as web browsers or mobile apps but at the cost of reduced security.
Best Hardware Wallet: Ledger Nano S
The Ledger Nano S is one of the most trusted and popular hardware wallets available on the market. It offers the highest level of protection for crypto wallets and supports over 1,800 altcoins including OCEAN, Ethereum (ETH), Dogecoin (DOGE), Chainlink (LINK) and all ERC-20 tokens.
- Best For:ERC-20 tokensVIEW PROS & CONS:securely through Ledger Hardware Wallet's website
Best Software Wallet: Trust Wallet
Trust Wallet is an industry-leading software wallet that enables crypto holders to store, buy, exchange and collect cryptocurrencies and NFTs all in one location. Acquired by Binance in 2018, Trust Wallet is trusted by millions of users worldwide. Users can access 250,000+ different crypto assets on over 65 blockchains, which makes it a great choice for investors at all ends of the spectrum.
Current Crypto Prices
The cryptocurrency market is a wild ride, notorious for its dramatic ups and downs in a short period of time. Its volatility results from the speculative nature of crypto and its small size compared to other asset classes.
While extreme volatility isn’t inherently bad, it can be a double-edged sword for investors. On one hand, it can present opportunities to buy low and sell high, resulting in tremendous gains in a short time. On the other hand, it can be a labyrinth of uncertainty, potentially leading to significant financial losses in a short period of time.
It is best practice to keep tabs on crypto prices on a daily or weekly basis, particularly in less-established sectors such as data and AI. Check out the table below for the most accurate prices available.
So, is Ocean Protocol a Good Investment?
All in all, Ocean Protocol is a lucrative investment into the data and AI crypto sector, with a strong team and clear value proposition. It has the potential to revolutionize the data industry by creating a landscape in which individuals and businesses can create, trade, exchange and monetize data.
However, it is important to understand that investing in OCEAN, like any other altcoin, is a high-risk and speculative endeavor as the project is still in its early stages and has several milestones to reach. Prudent investors should only invest funds that they are willing to lose.