After a failed attempt at achieving the set target on a token sale on CoinList, Ocean makes another attempt on crypto exchange Bittrex International.
As per founder Bruce Pon, Ocean Protocol carries a vision to become the ecosystem for “a new data economy.” Earlier in April, Ocean’s version 1.0 beta network was released. While the tokens are already being used on the platform, the company did not meet its fundraising goal.
Ocean aims to raise $6.77 million in bitcoin, through its initial exchange offering (IEO), as per its listing on CoinList the token have had already raised over $24 million from Outlier Ventures, Block Asset, Fabric Ventures, and Digital Currency Group. The firm could only mince a total of $1.8 million in its prior 2019 token sales via the Coinlist and Fractal platforms, as per a March blog post.
If it succeeds with this IEO, the firm will meet its original goal that was announced in February during the CoinList sale. Pon said:
“We had seen that an IEO was a good way to have more awareness and a broader distribution,”
He further notes that they still needed to close that budget gap. Rehashing his disappointing token sale, Pon stated that the U.S. is not “the best environment” for this kind of fundraising right now, he added:
“We misjudged. We went toward a highly regulated jurisdiction. We followed the rules. But the potential purchasers – or acquirers – they are also uncertain themselves.”
As for its current listing partner, Bittrex, the exchange has been under a dispute with the New York Department of Financial Services over its decision not to grant the company a bitlicense. In noting so, the presence of the platform in New York is not relevant to Ocean’s present efforts.
In their collaboration, Bittrex will market the listing to its large base of users and with that Ocean could focus on its core work for this next sale, Pon explained:
“They are the ones who are leading the effort to reach out to their customer base.”
Pon remains optimistic about the company’s user base abroad. He said:
“We think there’s a lot more crypto enthusiasts coming out of Asia.”
Reportedly, Ocean has halved the price of the token from $0.25 to $0.12, noting to its supporters in its Telegram channel that they should go through the full IEO announcement before flipping out. Simply because the participants in the original sale will still be able to opt-in to the better deal and will get a distribution of tokens at the new price. As per Pon “It was just fair.”
The initial circulating supply of OCEAN tokens will be representing 22.3 percent of the total supply of 1.41 billion tokens. A major portion, 51% will be emitted through network rewards for validating transactions, though Ocean has not announced its consensus model yet.
Ocean envisions a network with large pools of data that can be shared securely, allowing data scientists to run analyses on them. While the data holders will get the analysis they need and the scientist will use their tools and money for it. The token will act as a medium of exchange for these transactions, Pon further explained that the token will also be used to stake data sets as a way of signaling quality data.
Pon revealed a much larger vision for the OCEAN token:
“What we ideally see for the token is it becomes the reserve currency of the data economy.”
He describes citing the example of a future where companies generating large amounts of data (such as autonomous car sensor makers) could fund the development of their product by selling a security token against the future revenue of that data set – a kind of data IPO.
“What happens if the people who have bought shares in those data streams start to act on behalf of those data streams to get more channels of distribution?” Pon asked.
Pon asserts that he believes such a future us feasible, provided Ocean is able to mobilize the resources it needs to develop the software today.
Image Source – Bittrex International Twitter