OCEAN: The Ocean token
OCEAN is a utility token. It's used to stake on data for curation, buy & sell data, and more. Its supply is disbursed over time to drive near-term growth and long-term sustainability.
Contents:
Getting and storing OCEAN
Staking OCEAN
OCEAN supply
Token design
OCEAN addresses
Getting and Storing OCEAN
OCEAN is available on most leading CEXes and DEXes. The Ocean Token page at oceanprotocol.com has details.
The Wallets User Guide here in Ocean docs shows how to set up wallets and store OCEAN.
Staking OCEAN
You can lock OCEAN and earn rewards via Ocean Data Farming.
OCEAN supply
Total # tokens: 1.41B. All tokens are minted; all control is revoked.
OCEAN supply is divided as follows:
51% (719.1M OCEAN) - to Data Farming and incentives programs. Distributed via vesting: burn-in period then 4-year half-life. For Data Farming: Reward Schedule docs.
15% (211.5M OCEAN) - to Ocean community (grants, more) and foundation operations.
10% (141.0M OCEAN) - to the founding company, and in turn to its investors, employees & operations
24% (338.4M OCEAN) - to token acquirors. This completed in early 2019. All acquiror vesting is complete as well.
OCEAN Token Design
The system-level design of the OCEAN token is based on The Web3 Sustainability Loop, a general design pattern. The Ocean-specific version of this design is described in section (7) of that same article.
This design gives flexibility to adapt the Ocean products for traction and growth. The flexibility is due to the goal to "drive network revenue", subject to the constraints of the mission & values of Ocean Protocol.
In the design, a % of revenue is used to buy back & burn OCEAN. The remaining % drives growth.
OCEAN on Networks
The "root" OCEAN token is deployed on Ethereum mainnet with address 0x967da4048cd07ab37855c090aaf366e4ce1b9f48.
The OCEAN token has bridges to several other chains. The Networks docs give the address of OCEAN on each network, and how to get OCEAN on each of those networks.
Next: Networks
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