What is Ocean protocol OCEAN?
The ocean is an open-source protocol that focuses on allowing businesses and entrepreneurs to interchange and monetize data and data-based services. Created on top of the Ethereum blockchain, the Ocean protocol utilizes ‘data tokens’ to get access to data sets. The tokens are then redeemed by users who need access to the information.
Ocean Protocol is looking forward to making the data sets on its platform accessible to startups and researchers, without the data having to leave the hands of those who manage it.
Key features of OCEAN
- Ocean’s application is designed to assist this data exchange, linking consumers who need data or do not have access to store it.
- Those who have adequate resources to spare. In lieu of their work, providers have incentivised OCEAN coin a native Cryptocurrency of the Ocean by the Ocean Protocol Team,
- The OCEAN token is designed to be multipurpose and is used to validate the best data tokens and to allow users to both participate in governance and buy and sell data.
How to buy OCEAN Token?
Buy OCEAN Coin in India — Step by Step Guide For Beginners
Step 1 — Open a Digital Wallet
A digital wallet houses your cryptocurrencies and uses blockchain technology to communicate with other citizens. It is important to make in-depth research before you decide what one is best for you, however, there are several providers of digital wallets. Today, BuyUcoin’s the leading digital wallet provider.
Step 2 — Register & Open an Account
When you enter the BuyUcoin/Signup account, register and open a service account. Choose your person or company form of account. Choose your country and adhere to the terms and conditions of your crypto-trading account.
For the Indian jurisdiction, KYC and AML are compulsory. Your data are secure and encrypted and stored only in Indian data centres. To complete your KYC, you are redirected to another URL. With your last selfie, please be ready. Pictures of your pan card will be required. The mobile number connected to your Adhar is important.
Step 4-Google 2 step Verification
To use 2FA, the Authenticator app must be enabled on your smartphone or tablet. If enabled, any time you log in to your BuyUcoin account, you will be asked to include a 6- digit one-time password with your email and password. This only functions when an email and password are entered.
Step 5-Add Bank details
Add your name credentials, the account name of the holder and the IFSC code information.
Trade OCEAN Coin
The Ocean Protocol uses customized policies called smart contracts to assure each data token can be interchanged across Ethereum’s blockchain and within its autonomous applications. The Ocean Market is an automated market maker also known as AMM that was created to smoothen the minting and exchange of data tokens.
In opposition to conventional order book style trading that matches the bids and asks of competing parties, automatic market makers use a set of liquidity pools, like Uniswap and Balancer, that permits each trade to settle via a set of smart contracts.
Can I Use Regular Money to Buy OCEAN Coin?
Yes, you can use regular money or any fiat currencies for OCEAN-INR pair trading to buy OCEAN Coin in India where OCEAN Token can be stored in your wallet; with one tap facility to buy or sell your desirable cryptocurrencies without any hidden transaction fees using one of India’s leading cryptocurrency exchange BuyUcoin.
Getting an OCEAN Coin Wallet
Hardware wallets are the most secure wallets and if you want to store a lot of wealth in your wallet it is strongly recommended because they add an extra level of safety.
OCEAN Coin Exchanges
When you register, BuyUcoin requires your ID and address. This conforms to the anti-money laundering (AML) legislation and knows the legislation of your customer (KYC). It complies with the Indian Regulatory framework and helps avoid the use of exchanges for criminal activity. But there are legitimate reasons why your ID should not be revealed to a trader who is aware of the trade and privacy.
Ultimately, when customers/consumers take a decision to redeem a data token, the data is decrypted and subsequently downloaded directly from the wallet join to the marketplace.