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Ocean Protocol’s DAO Announces Round 16 of Accepting Community Proposals

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Unlike in centralized finance, where companies hire teams of developers, innovators, and visionaries to come up with new services and different ways of improving their platforms and products, decentralized finance projects depend solely on their community. Of course, that usually still includes innovative people who have ideas to do things in a better way and bring a new product, but these are often not professionals.

With that said, their ideas are often still more than helpful, and wise projects make sure that they will hear them out. Ocean Protocol is a great example of this. Or rather, its DAO is. The Ocean DAO has been conducting regular events during which the members of its community can submit their proposals at a very low price.

As some may already know, most projects allow community members to submit proposals at any time. Ocean DAO is now doing it in rounds, with Round 16 currently being underway. The protocol will be accepting proposals with 200k OCEAN funding, and this round will last until midnight on April 5th.

In other words, community members with ideas to improve Ocean Protocol’s DAO now have around 10 more days to submit their proposals and then have the community vote on them.

Other than this, Ocean Protocol will soon also make an appearance during the upcoming Gaia-X Hackathon, during which it will showcase the recently-delivered MVG built on Ocean Protocol. The hackathon will take place on March 28th and 29th.

What is Ocean Protocol about?

Ocean Protocol is an ecosystem based on the blockchain that allows individuals and businesses alike to easily unlock the value of data. They get the opportunity to monetize the data that they own by using ERC-20 based data tokens. This allows publishers, for example, to monetize their data and still preserve privacy and control over it. Meanwhile, consumers can access datasets that were previously difficult to find, or even completely unavailable.

In other words, it offers a simpler and more convenient way of handling, but also accessing data that specific users should have access to. Each data service is represented by a unique datatoken, so there is no mistaking the dataset associated with a specific datatoken.

The project also has its native cryptocurrency, the utility token OCEAN. It is used for staking on data, but also for community governance, as mentioned earlier in regards to the project’s announcement.

OCEAN price performance

OCEAN token has seen rather good performance ever since July 2020, reaching its peak in April 2021, when it hit the price of $1.8 on April 8th. However, it then crashed during the mid-May price crash, only to rise again to around $1.20 on November 30th of the same year.

After that, its price dropped again, and it kept dropping gradually, reaching and breaking one support after another until February 24th, 2022. At that point, the situation turned for OCEAN, and the token slowly started recovering. On March 21st, it even saw a significant spike up that took it from $0.5 to $0.66. Since then, its price slightly declined to $0.56, only to once again recover over the last several hours and once again reach $0.6, which is where it sits at the time of writing.

Ocean Protocol is clearly quite interested in advancing its development and progressing to new stages, which is why its token will likely recover over time, and it is currently simply waiting for the market to allow the growth to commence.

To learn more visit our Investing in Ocean Protocol guide.

Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.