Ocean at Binance Smart Chain
Ocean Protocol Smart Contracts and Ocean Market dey executed in the Binance financial chain
As part of Ocean's multi-chain strategy , we don develop Ocean technology at Binance Smart Chain (BSC). The BSC don dey widely adopted with over 865 Decentralized Applications (DApps), 700 million transactions and 82 million unique addresses. The BSC dey focus on Decentralized Economy (DeFi) applications and dey take advantage of Binance.com trading.
BSC dey compatible with the Ethereum Virtual Machine (EVM), wey go enable am to execute Smart Contracts on Ethereum and use Ethereum tokens. Na Proof (Decentralized) chain with a small number of nodes, wey allow am to get low gas charges and low latency compared to Ethereum's main network.
With the development of Ocean at BSC, this means sey:
Ocean Market users fit publish, exchange, lock, and consume data assets in the BSC. Them go just point their wallet at MetaMask at BSC and Ocean Market go display the data assets wey dey registered on the BSC network.
Data marketers and other Decentralized Application Developers (DApps) fit use Ocean libraries (ocean.js, ocean.py) and frontend data with BSC.
Token holders fit transfer their OCEANs from the Ethereum main network to the BSC and back with Binance.com or the Binance Bridge . Ethereum go follow the ERC-20 standard. Binance's counterpart na the BEP-20. Here na more information on how to bridge .
Ocean components wey dey supported by BSC include: Ocean Smart Contracts, Ocean Market, [BSC] OCEAN Smart Contract, Provider (for data services), Aquarius (metadata cache), and Ocean Signer (The Graph queries). For more details, visit our Supported Networks page .
Developments of the Ocean Protocol on the Ethereum core network and the Polygon (Matic) core network, as well as related services, wey include the Ocean Market, go continue as before.
Multi-Chain Mental Model
Prior to BSC, Ocean Protocol dey deployed on Ethereum's main network, Polygon (formerly Matic), Rinkeby, Ropsten and Ganache. An Ocean Market user fit switch networks by directing their wallet (eg MetaMask) to a different network, and Ocean Market go display data assets wey dey located on that network. Ocean.js and ocean.py drivers dey similar - the Decentralized Application (DApp) developer simply go specify the "network" URL. The same goes for the BSC.
This means sey three "production" networks wey Ocean dey developed na: Ethereum main network, Polygon, and now Binance Smart Chain (BSC).
Inside each of these networks, the tokens on the network dey connected to a real value, so token bridges must dey between the networks. For BSC this na :
OCEAN on Ethereum's main network dey bridged as OCEAN in the BSC.
The ETH for gas charges in the Ethereum main network go correspond to the BNB for gas charges in the BSC.
New Data Sets and Services
Users fit choose to publish datasets and services to Ethereum, Polygon or BSC. With Ethereum, higher gas charges dey and confirmation delays, but in return, the user experience and user familiarity dey high. For the BSC, the cost and latency dey much lower, although users must use the [BSC] bridged OCEAN tokens.
Previously Published Data / Services Sets
Suppose a publisher get existing data set / service as an Ocean data token contract wey dey published on Ethereum, along with a significant liquidity sharing fund. You no go just publish a new data token contract to the BSC for the same data set / service. This go dey extremely unfair to existing data token holders and those wey dey locked into Ethereum, as the value wey dey the new token dey carry value from the old one.
Ideally, bridges go dey for data tokens, such as the bridge for OCEAN. This fit seem feasible, since data tokens dey follow the ERC20 standard, but unfortunately it does not work because technical "difficulties" dey associated with metadata data tokens and more. These issues fit dey resolved and dey currently processed, but not in time for this release.
In the meantime, we get realistic solution for publishers and locksmiths wey we called the Republishing Rule. The basic idea na sey publishers fit republish if enough low liquidity dey in the original data sets. The details follow .
Further Resources for Ocean * BSC
Binance Smart Chain na great addition to the Ethereum Virtual Machine (EVM) ecosystem, given sey the prohibitively get high gas charges on Ethereum's main network. Binance Smart Chain don create a leading platform for Ethereum Virtual Smart Contract (EVM) and for bridging between chains. We dey excited to deliver another milestone in our multi-chain strategy for Ocean users to fit take advantage of lower gas costs inside the Ocean Market and other Decentralized Applications (DApps) wey dey emerge and protocols wey dey use Ocean technology.
- Bruce Pon, Founder of the Ocean Protocol
About the Ocean Protocol
The mission of Ocean Protocol na to launch a Web3 Data Economy wey go reach the world, to give power back to data owners and allow people to gain value from data to improve our world.
Data na new asset class - the Ocean Protocol go unlock its value. Data owners and consumers dey use the Ocean Market app to publish, discover and consume data assets in a secure way, while dey still maintain privacy.
Ocean data tokens dey convert data into data assets. This go enables data portfolios, data exchanges and data cooperatives, to utilize cryptocurrency wallets, bills of exchange and other tools for Decentralized Economy (DeFi). The projects dey use Ocean and OCEAN libraries in their own applications to fit help promote the Data Economy.
The OCEAN token dey used to lock in data, govern the funding of the Ocean Protocol community, and to fit buy and sell data. Hin supply dey distributed over time to promote short-term growth and long-term sustainability. OCEAN dey designed to increase with increasing volume of use.
Visit oceanprotocol.com to learn more.