Data security and accessibility are becoming important issues today as the world slowly moves towards the future of Web3, where blockchain technology will be the core infrastructure of the new Internet.

One project seeking to capitalize on this growing trend by building tools for the new Web3 data economy is Ocean Protocol (OCEAN), a blockchain ecosystem that helps individuals and businesses discover and monetize the value of their data using data tokens.

Data from Cointelegraph Markets Pro and TradingView shows that over the past two weeks, OCEAN price has risen by 86.4% from the low of $0.40 on March 7 to a daily high of $0.748 on March 21 based on a 562% gain. 24% gain. The trading volume reaches 321 million dollars per hour.

Ocean/USDT, 4-hour chart. Source: Trading View
There are three main reasons for OCEAN’s price increase: the upcoming launch of Ocean v4, the addition of new projects to the Ocean Protocol thanks to the ongoing OceanDAO grant program, and an expanding list of data partners that provide realistic use cases for the ecosystem.

The highly anticipated launch of Ocean v4
One of the biggest events that kicked off OCEAN in March is the upcoming launch of Ocean v4, which is currently undergoing public testing and is expected to go into production in the second quarter of 2022.

According to the draft, Ocean v4 will include several updates, including a mechanism designed to troubleshoot data token pools by eliminating original data tokens provided to publishers. The new protocol update will also introduce NFT data, which adds the power of non-fungible tokens to core intellectual property (IP) as a way to increase revenue streams, and also adds new ways to monetize community data.

Ocean v4 will be initially distributed on the Ethereum Virtual Machine (EVM) chains that currently support version 3, including the Ethereum Mainnet, Polygon, BNB Smart Chain, Moonriver, and Energy Web Chain, and will eventually be distributed to several EVM chains.

OceanDAO . Scholarship
Another factor contributing to improving OCEAN’s prospects is the existing OceanDAO grant process, which helps launch new projects on the network.

The Ocean Protocol Foundation originally announced a $140 million grant initiative in October 2021 to help fund Web3 computer funding projects interested in tapping into Ocean’s data markets and data associations.

OceanDAO recently completed its 15th round of awards, won by TalentDAO, a protocol designed to address the lack of evidence-based surveys to study organizational health in the context of DAO participants.

OceanDAO’s 16th round is now underway, offering a pool of 200,000 OCEAN tokens available for funding. The application deadline is April 5th.

On the topic: The Marshall Islands officially recognizes DAOs as legal entities

New Data Partners
The addition of new data partners to the Ocean Protocol ecosystem is the third factor that contributes to improving the outlook for the Pacific Ocean as it represents a true implementation of the open data economy.

Dimitra Technology is the latest company to partner with Ocean to help farmers use blockchain technology and high-throughput data.

The protocol also announced the launch of Ocean Shipyard, which aims to help entrepreneurs who want to build open source Web3 solutions on Ocean Protocol and create value for the ocean ecosystem.

VORTECS™ data from Cointelegraph Markets Pro began revealing a positive outlook for OCEAN on March 19, ahead of the recent price rally.

VORTECS Men’s Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions drawn from a range of data points including market sentiment, trading volume, recent price movements and Twitter activity.

Source: CoinTelegraph