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When was OCEAN coin issued?
The OCEAN coin was first issued on March 21, 2019, through an initial coin offering (ICO) that raised approximately $26 million.
Nov 16, 2024 at 02:14 am
When Was OCEAN Coin Issued?
Introduction
Ocean Protocol is a decentralized data exchange protocol that allows data owners to share and monetize their data while maintaining control over its usage. The OCEAN token is the native cryptocurrency of the Ocean Protocol ecosystem, and it is used to facilitate transactions on the platform.
Issuance Date
The OCEAN coin was issued on March 21, 2019, through an initial coin offering (ICO) that raised approximately $26 million. The ICO price of OCEAN was $0.16 per token.
Role of OCEAN Coin
The OCEAN coin plays a crucial role in the Ocean Protocol ecosystem by enabling various functions, including:
- Data Access: Users who wish to access data on the Ocean Protocol platform must pay a fee in OCEAN tokens to data providers.
- Data Publishing: Data providers who wish to publish their data on the platform must stake OCEAN tokens to cover the costs of data storage and other platform operations.
- Rewarding Contributions: OCEAN tokens are used to reward users who contribute to the Ocean Protocol ecosystem through activities such as data validation and staking.
- Governance: OCEAN token holders have voting rights and can participate in the governance of the Ocean Protocol project.
Steps Involved in Issuing OCEAN Coin
The issuance of OCEAN coin involved several key steps:
- Pre-ICO: Prior to the ICO, a pre-ICO was conducted to raise funds for the project's development. The pre-ICO price of OCEAN was $0.08 per token.
- ICO: The main ICO was held on March 21, 2019, and it raised approximately $26 million. The ICO price was $0.16 per token.
- Token Distribution: After the ICO, OCEAN tokens were distributed to participants who had purchased tokens during the pre-ICO and the ICO.
- Exchange Listing: OCEAN tokens were subsequently listed on several cryptocurrency exchanges, increasing their availability to a wider range of investors.
- Ongoing Development: The issuance of OCEAN coin was an ongoing process, and new tokens were minted over time to reward contributions and support the growth of the Ocean Protocol ecosystem.
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