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Ocean Protocol

Ocean Protocol – a database trading platform where participants are able to purchase a relevant database for tokens in order to develop AI technology.

Rating: 3.6

Official contacts
Location: N/A
Web-resources:   Whitepaper Website
Social networks: N/A
Details Description Risks Full analysis Team

Detailed review

Stage of product development
No prototype (Concept)


Token description
ICO date
30.04.2019 - 01.05.2019
Token price
N/A
Platform
Bittrex
Hard cap
38000000
Capitalization of token pool
300000000
Blockchain
Ethereum
Token distribution date
07.02.2019
Consensus method
Proof-of-Concept
Escrow
N/A
ICO currencies
BTC
Bounty camping
N/A
Markets
N/A
Token functions
Token is an exchange medium in database trading and a reward for nodes.
Tokens distribution
Reward for nodes (45.0%)
Crowdsale (25.0%)
Team (20.0%)
Community growth (10.0%)
Risks
MARKET

Strong potential competition from similar blockchain projects

PRODUCT
BUSINESS MODEL
FINANCES

High maximum cap of token pool of 300M USD raising the risk of overestimation No financial estimations and model provided

TEAM

No legal specialist in the team was found

Full analysis
Market

Ocean Protocol is to be a part of fast growing market of Database-as-a-Service and cloud storage. According to MarketsandMarkets its CAGR 2019 will reach 67% with total market revenue 14B USD. Competition here is strong especially among blockchain projects, such as Apex, Pikciochain, Storj, Bluzelle, Boxdrive, Sia, Tresorit, Filecoin. Potential revenue coming from financial database trading is about 300B USD, PwC says. It must be noted that potential database for storage is so massive that competition on this market is hardly to be aggressive. Moreover every company stated above has a different strategy, for instance Ocean Protocol aims to build up database trading for AI technology development that sounds unusual and demanded. Also some strong partnerships must be highlighted here such as Singapore government together with some tech companies.

Product

Only 1% of global database collected by major companies is processed. Ocean Protocol aims to build up trading platform where database can be purchased for tokens. Lots of work have been done since the very start in 2017. On the other hand the project is on presale stage and its looks logic and potentially effective. The project promoted follows market trends. One year ago the project promised to launch the network in Q1 2019, so they follow the initial plan and keep promises to early investors.

Business model

Token in the Ocean Protocol model is a sufficient part being an exchange medium between users. In addition users founding nodes for database storage are also rewarded so that the model turns decentralized. Nodes getting reward increase the total tokens in circulation. Considering token features above it is hardly to be considered as a security. 

Finances

The project raised 18M EUR one year ago. Whitelist started on 15 February 2018. Min individual cap was 250 EUR that makes tokensale accessible enough. It must be noted that ICO is not the only method of fundraising – Ocean Protocol has raised 4M EUR via venture capital. Investor’s share in total token pool is 25% and current tokensale covers only 6.5%. Maximum token cap is about 300M USD that is considered overestimated enough. But one must bear in mind that similar projects are traditionally well judged by crypto community and Filecoin success story of raising 250M USD is a relevant example.

For IEO on Bittrex  56.4 million Ocean Tokens representing 4% of the total supply will be offered at a price of $0.12 per Ocean Token.

The project had the Network Launch sale with CoinList and Fractal that closed in March 2019 and raised $1.85M.

Team

Project’s team is experienced enough. Most of the team members are specialists of BigchainDB and DEX pte with experienced technical specialists. The company has 6 founders with vast experience in technical and business analytics since the beginning of the century. Marketing director works has been working marketing since 2015 with previous 10 years’ experience in accounting. In addition team has a marketing specialist with 10 years of relevant experience.

Social networks
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