The question burning on the nails of crypto enthusiasts worldwide is: what is the Ocean Protocol price prediction for 2023? With the ongoing digitization and increasing acceptance of cryptocurrencies, the answer could be a positive surprise. Ocean Protocol, as one of the most promising blockchain platforms for exchanging data and services, has made significant strides in recent months. Within this article, we will not only look at the Ocean Protocol price forecast for 2023, but also shed light on the recent developments and applications of Ocean Protocol.
What is Ocean Protocol?
Ocean Protocol is one decentralized data trading platform, which is based on blockchain technology. The platform aims to secure and transparent exchange of data between different parties, including the Protection of privacy to ensure.
The platform was created to do that to solve the current dilemma in the digital space, where data is often stored and controlled in a centralized manner. Ocean Protocol is changing this by putting control of the data in the hands of the data owners. This is achieved by deploying a series of smart contracts on the Ethereum blockchain.
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One of the main advantages of the Ocean Protocol is the fact that it Data hoarders have the ability to monetize their stored data, while data buyers can access a larger and more diverse pool of data. So it creates a marketplace that balances the imbalance between data owners and users.
Ocean Tokens, the Ocean Protocol’s native cryptocurrency, play a pivotal role in the ecosystem. You will as Means of payment for data exchange used and also serve for incentivization within the community. Likewise, the tokens are also used to control the platform and vote governance used.
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What has moved the Ocean Protocol course lately?
Ocean Protocol in the area of supply chains
With its blockchain-based solution, Ocean Protocol enables a optimized, transparent and secure tracking of goods along the entire supply chain. This represents a significant improvement over traditional, often error-prone and inefficient processes.
In supply chain management, so-called decentralized applications (dApps) from Ocean Protocol can be used to improve transparency, traceability and efficiency. Examples for this are:
- Traceability Apps: They create transparency about a product’s journey from start to finish, allowing consumers to verify a product’s authenticity and sustainability.
- Automation Apps: They automate processes in the supply chain and thus improve efficiency.
- Real Time Inventory Apps: They help businesses track their inventory in real time to reduce costs and avoid inventory issues.
- Data-Driven Demand Forecasting Apps: They analyze data from various sources to provide accurate forecasts of demand.
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Ocean Protocol Update 2023
Ocean Protocol rolled out some major updates in 2023 aimed at improving the Make the platform safer, more efficient and more user-friendly. In particular, these focus improvements on the Extension of functionalities of the platform and increasing user satisfaction.
First, the update introduced Oceans “Compute-to-Data” solution seen, which allows users to Perform calculations on private data without having to disclose that data. This has the Improved security and privacy of data access.
Second, the Ocean’s smart contracts expandedto support the development of decentralized applications (dApps). These can Make the exchange of data in supply chains more secure and efficientby Improve transparency, traceability and efficiency.
Third, the update also has one introduced a new form of data tokens serving as data access rights. you open new ways to monetize datawhile at the same time the protect user privacy.
Finally, Ocean Protocol has its own too Expanded collaborations with various industries and companies to promote the use of blockchain and AI in traditional industries. These collaborations have helped raise awareness of the Ocean Protocol’s opportunities and expand its application across different sectors.
These updates have also resulted in Ocean Protocol established as a major player in decentralized data and AI technologies. In addition, it is expected that this will continue to positively influence the course of the platform in the coming years.
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Ocean Protocol Course Forecast 2023
Currently, Ocean Protocol is on top of all cryptocurrencies 122nd place by market capitalization. It currently comes down to one MarketCatp of $234.5 million. However, of the 1.41 billion OCEAN tokens so far only 43% in circulation. Investors must therefore also take the inflation rate into account when investing.
Since May 20, 2019, the token count has increased by 186.06% to 613,099,141 OCEAN. At 1,510 days since the launch, this corresponds to one average annual inflation rate of 45%. However, it is noteworthy that the last issue took place on June 21, 2021. Thus, the Inflation rate of the last 12 months 0%but further emissions are to be expected in the future.
Since the beginning of the year, OCEAN has already risen by more than 138%with the high for the year on 7 February almost 263% were. Since then, the course has been in one bullish flag pattern caught. Within this period, the low was temporarily undercut on June 7, in order to be impulsively bought back again. Within this pattern, Ocean Protocol has the tested the chart pattern’s top resistance only to bounce off it.
The trading volume could also increase in the same period. Because while this was previously in the range of around 15 million US dollars, it is now at 40 million US dollars 167% higher. However, it was during the In the last two days it was almost twice as high at 78.04 million. This again points to a cooling off and possible sell-offs there. Besides, it was on February 7th with more than 222 million US dollars also already much higher this year.
The cops must first vertical resistance in the $0.398 areathe 78.6 Fibonacci at $0.4177the level of $0.440 and the annual high of $0.557 overcome. The setbacks that are more likely to be expected are those the next supports are at $0.3779, $0.3228 and $0.2676.
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About the author: Simon Feldhusen first came into contact with the stock market 17 years ago and has been dealing intensively with trading, cryptoassets, stocks, P2P, corporate finance, finance and entrepreneurship on a daily basis for more than 8 years. He has also been working as a copywriter and ghostwriter in the financial sector for several years. During this time he has acquired a diversified knowledge through various training courses on the financial markets and following the daily news. Since then, not a day has gone by that he hasn’t engaged with the markets. He publishes for Finanzen.net, ETF-Nachrichten.de, Coincierge.de and P2E News.com.