FAQ

Frequently asked questions about Ocean Protocol

Overview

What is Ocean Protocol?
Ocean Protocol is a tokenized service layer that exposes data, storage, compute and algorithms for consumption with a set of deterministic proofs on availability and integrity that serve as verifiable service agreements. There is staking on services to signal quality, reputation and ward against Sybil Attacks.

Ocean helps to unlock data, particularly for AI. It is designed for scale and uses blockchain technology that allows data to be shared and sold in a safe, secure and transparent manner.
What problem does Ocean Protocol solve?
Ocean Protocol unlocks data so it can be used productively.

The world’s data is growing exponentially yet is massively under-utilized. Most companies have tremendous amounts of data, but have difficulty exploiting it. Conversely, many others are starving for data, particularly in AI. Ocean Protocol allows data providers to share data, while maintaining control and having transparency.
How does Ocean Protocol work?
Ocean Protocol is at once a business, technical, and governance framework that is interwoven together to allow data and services to be shared and sold, in a secure manner. Ocean Protocol stores metadata, links to data, provides a licensing framework and has toolsets for pricing. A multitude of data marketplaces can hook into Ocean Protocol to provide “last mile” services to connect data providers and consumers. Ocean Protocol is designed so that data owners cannot be locked-in to any single marketplace. The data owner controls each dataset.
Who are the main participants in Ocean Protocol?
The main actors in Ocean Protocol are data providers, data consumers, data marketplaces, service providers and network keepers. Data providers offer data. Data consumers obtain data for their own use. Data marketplaces connect data producers and data consumers. Service providers provision computation, storage and algorithms for sale. Network keepers support Ocean’s protocol by running nodes within the network. Please refer to our Marketplace Framework for more details.

Organizational

What is Ocean Protocol Foundation?
It is a Singapore based non-profit foundation. Its mandate is to ensure open access to the protocol and platform, provide long-term governance, community and ecosystem, and be a custodian of funds raised. DEX Pte Ltd and BigchainDB GmBH are the founders of Ocean Protocol Foundation Limited.
What is the relationship between Ocean Protocol and BigchainDB?
BigchainDB will develop the protocol and network for Ocean Protocol. For details about the technical architecture, refer to the technical white paper.
Where can I find a development roadmap?
Please refer to our whitepaper for development roadmap.
Where can I go for more information?
Please follow us on Twitter, our blog, our newsletter or website.

Chat with us on Slack and Telegram.

Our whitepaper is a good resource for information on Ocean Protocol
Will there be an Ocean Protocol token launch?
Please follow us on Twitter or on our blog to stay in touch with the evolution of our project.
What is the relationship between Ocean Protocol and DEX?
The DEX product is an apache licensed reference marketplace built on Ocean Protocol. All other data marketplaces can re-use the DEX code and logic to build marketplace products.
Does Ocean Protocol use BigchainDB?
BigchainDB is a persistent data store with blockchain characteristics of decentralized control, security and assets. Ocean Protocol does not use BigchainDB except as one of the many potential services to integrate into.
Is your project open sourced?
Yes. All implementations of the protocol are open source. We encourage others to build other implementations.
How can I get involved?
We value the support of our community and we are thankful for all the contributions we get at [email protected].

Business

Who are Ocean Protocol’s competitors?
Ocean is a protocol and network on which data marketplaces can be built to unlock data for sharing and selling. It enables data to be shared. Most other projects are decentralized / centralized marketplaces or data brokers. Ocean is complementary to both centralized & decentralized marketplaces, because it provides an additional channel for the marketplaces to publish their services. We consider projects like Enigma and Datum to be potential partners.
What are the risks of Ocean Protocol?
There are many risks - technical, regulatory, business and financial risk. Please refer to our token distribution document for more details.
Who are Ocean’s partners and early customers?
Singapore is the lead government partner for Ocean Protocol. Singapore is supporting an 18-month development roadmap with DEX and Ocean Protocol Foundation. We are partnering up with numerous multinationals from insurance, pharma, automotive, and other industries to develop the technology and provide data.

Please refer to our token distribution document for more details.

Token and Distribution

What is the role of the Ocean Token?
Ocean Tokens act as the native internal currency that is inseparable from the protocol and network. Tokens can be used to buy and sell data and services, incentivize the curation of public data and reward network keepers to maintain the network.
What are the details for the Ocean Token distribution?
Please refer to our token distribution document or blog for more details.

From January 2018 onwards, Ocean Protocol Foundation will release 11.5% of Ocean Tokens to acquirers in two phases - Pre-Launch Token distribution and Network Launch Token distributions.

The Pre-Launch distribution will have both an early access for institutions (January 2018) as well as a public distribution starting on March 7th, 2018 that is open to all qualified acquirors. The overall Pre-Launch target is 18M€ in exchange for 90 million Ocean Tokens at a price of 0.20€/Ocean Token representing 6.4% of the token supply, half from institutional investors and half from the community.

The Network Launch Token distribution will be held in Q1/2019 when the network is ready. The target raise and token price are not yet set, however 5.1% of the token supply (71.5 million Ocean Tokens) will be released.
When is the token Launch?
The Pre-Launch Token distribution will happen on 7th March. The Network Launch Token distribution is planned for Q1/2019 to coincide with the network launch.
How much is being raised in the public Pre-Launch?
The public Pre-Launch target raise is €9M / $11M for 3.2% of the token supply.
What is the token distribution?
45% keepers, 25% acquirors, 20% founders, 10% Foundation
When will I receive my refund?
Any refund and the email notification regarding it will be made within 45 days of the close of the Pre-Launch Token Exchange.
What is the token price?
The token price is 0.20€/Ocean Token during the Pre-Launch distribution. For the Network Launch distribution, the price has not yet been set.
Will there be a lockup or vesting period for Ocean Tokens acquired during the Pre-Launch?
Yes, acquirors that obtain Ocean Tokens in the Pre-Launch phase will be subject to a linear vesting of 6 months starting from Network Launch Token Distribution date.
When will the token issuance start?
Token issuance will start at Network Launch Token Distribution date, planned for Q1/2019.
When will the exchange rate between Ethereum and Ocean token be set?
The peg between Ocean and Ethereum will be set no later than March 6 at 09:00 UTC+1.
Which wallets/addresses are compatible?
We can only accept payments made from wallets and not from exchange addresses. If you send your contribution from an exchange and any amounts need to be refunded, your ETH will be sent to an invalid address and it will be lost. Therefore we highly encourage you to send funds from a hard wallet or myetherwallet.
How to add Ocean Tokens to a wallet?
A complete guide about storing Ocean Tokens in your wallet will come closer to network launch. Please note that as it is a native token (and not ethereum-based or ERC20), you will not be able to store the tokens in Ethereum wallets (such as MyEthereumWallet). We will develop our own wallet by the network launch time.
Please explain what security measures are taken to keep my data safe.
Your data will be handled with utmost care and kept in secured servers in compliance with the strictest privacy regulations on Earth, those of the EU GDPR.
What is the total supply of Ocean Tokens?
The total supply of Ocean Tokens is 1.41 Billion.
Why are there two public token distributions - Pre-Launch and Network Launch?
The Pre-Launch funds will be used to build the protocol, network and ecosystem. Once we’ve succeeded, then we’ve earned the right to ask the community to fund the next phase to scale the ecosystem. We believe that this is fair and accountable to the community.
What is the minimum and maximum individual contribution for the Ocean Token public pre-launch distribution?
The minimum contribution amount is 250€, the maximum contribution is 1250€. You can find more information in our whitelisting guidelines on our blog.
What will the token launch proceeds be used for?
To build the protocol, network, marketplace and ecosystem around Ocean Protocol. In particular, funds within the Foundation will be used to strike strategic partnerships with enterprises, governments, and attract developers & researchers to work on the protocol and marketplace development. Please refer to our token distribution document for more details.
What is the Hard cap for the Ocean Token public pre-launch Token distribution?
The hard cap is 9M€ / $11M USD.
What will happen if the hard cap is not reached?
If all whitelisted individuals are able to contribute and there is still excess capacity of tokens within the 9M€ target raise, the remaining portion of the Ocean Tokens will be re-allocated.
Are there discounts?
There are no discounts. Everyone gets the same deal within each phase.
Is there vesting or lockups for Founder tokens?
BigchainDB, DEX and the Foundation itself receive the tokens in 6 equal tranches over 5 years, signalling our commitment to the long-term success of the protocol, network and ecosystem.
Which contribution methods are accepted?
We accept Ethereum (ETH) only.
How will you ensure fiat-crypto conversion?
We only accept only Ethereum (ETH) and do not provide any fiat-crypto conversion service. For that purpose you can use existing exchange platform.
Can I use more than one Ethereum address?
No, the Ethereum address you provide us with during the registration is the only address that we will accept.
When can I start using Ocean Tokens?
Ocean tokens can be used when the network is launched.
For how long will the token received during the public Pre-Launch Token Distribution be locked?
Acquirors that obtain Ocean Tokens in the Pre-Launch will be subject to a linear vesting of 6 months starting from the Network Launch Token Distribution date, scheduled for Q1 2019. This means that the total hold period is of about 18 months until an acquiror receives 100% of their Ocean tokens. This encourages long-term community members to participate and disincentives speculators.

Contribution

Will I receive the Oceans Protocol Tokens to the same wallet address that I am using for the contribution?
No, to receive the Ocean Protocol Tokens you will need an Ocean Wallet. Details on how to sign up and use it will be released closer to the Network Launch, which is scheduled for Q1 2019.
What happens if I send my contribution from an Exchange? Can I send my contribution from an exchange?
Yes, you can send your contribution from an Exchange but please note that we will not be able to process any refunds to an Exchange. Your refund address must be ERC-20 compliant and specifically attributed to you. It is therefore very important that during the contribution application you complete the section about the refund address.
How can I increase my contribution after sending the funds?
Unfortunately, all funds above the contribution maximum will be refunded within 45 days, so please make sure you enter the correct amount while going through the contribution process.
What happens if I contribute above the individual maximum cap?
Even though the transaction will go through at the time of the contribution, we will only be able to accept from you up to the maximum cap amount. The difference will be returned to the refund address you specified during the contribution process.
How much Gas should I use?
Recommended Gas amount: 100,000 | Recommended Gas Price: 60 Gwei. For a fair distribution, please try to follow our recommendations. You can always check the gas price here.
Where will I receive my refunds?
During the contribution process you will be asked to select a refund address. This can be the wallet address used to send the contribution or a different one. Please note that if you are sending your contribution from an Exchange, you must set another address for refunds, specifically attributed to you and for which you control the private key. Your refund address must be ERC-20 compliant.
What if I do not agree with the Terms and Conditions?
Accepting the T&Cs is a pre-condition for being able to contribute. If you disagree with the Terms & Conditions, do not participate in the Pre-Launch.
What happens if I send under the minimum cap?
In this case your contribution will be refunded in full.
How soon will the refund be processed?
We will refund your contribution in full within 45 days from the contribution date.
What if my KYC / AML application is rejected after I have contributed?
If you do not pass the KYC/AML assessment, we will email you and refund your contribution in full within 45 days from the contribution date. Our decision is final.