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Looking at the positive performance of the price charts of both, The Graph (GRT) and Ocean Protocol (OCEAN), many experts say that these tokens have the potential to increase in the upcoming time. In this blog, let’s have an overview of both the tokens, how they work, and their basic differences.
Let’s get started!
About Ocean Protocol
Ocean Protocol is an open-source protocol that promises to simplify data sharing and monetization for organizations and individuals. The Protocol offers a dataset tokenization service, which converts data into ‘datatokens’ and stores them on the blockchain. The Protocol runs on the Ethereum network. The process of data tokenization enables organizations, enterprises, and individuals to sell or exchange datasets on the data marketplace of Ocean. The use of blockchain technology ensures the security of each piece of data.
Working of Ocean Protocol
Ocean Protocol has three sections: data publishers, data consumers, and Ocean Market as a marketplace. Let’s look at each of them and how they constitute the working of the Protocol.
Data Publishers: Data owners who tokenize their data into Non-Fungible Tokens (NFTs) and make it available to other users. On the platform, there are two types of data sales:
- Data ownership is being sold.
- Sales of proprietary data in which the publisher retains complete ownership.
Data Consumers: Buyers who actively search the market for data and then utilize DataToken to access it.
Ocean Market: It is a data marketplace where data publishers and data consumers can interact. It also offers a data distribution tool via which users can monetize and stake their data for monetary gain.
In addition, all Ocean Protocol data will be minted as ERC-721 data NFTs, with access granted via ERC-20 data tokens.
Additionally, Ocean Protocol makes use of Automated Market Maker (AMM). Giving buyers and sellers the option to price their data individually or let the market do it automatically makes trading on DEX as simple as possible. Compute-to-Data, another feature of the platform, protects data privacy.
About The Graph
The Graph is open-source software that utilizes the Ethereum blockchain. The Graph was created to gather, process, and store various types of data for blockchain-based platforms. The Graph addresses itself as an “indexing protocol” for “querying networks like Ethereum and IPFS.” In general, The Graph intends to increase the accessibility of blockchain data.
The Graph was founded in 2018 by Jannis Pohlmann, Yaniv Tal, and Brandon Ramirez. The project’s token wasn’t made available on the mainnet launch until late 2020. As per the latest data, The Graph assists 31 Ethereum-based DApps in data retrieval, including Uniswap, Decentraland, AAVE, and Balancer. Developing DApps for The Graph requires the use of the Facebook-developed programming language GraphQL.
Working of The Graph
The initial step of The Graph is about data aggregation that happens through The Graph Nodes that continuously scan network blocks and smart contracts for information.
When an application adds data to the blockchain through smart contracts, The Graph Node uploads the data from these new blocks to their appropriate Subgraphs.
Once the Graph Node extracts information, there are three categories of users that participate in the Protocol’s data organization.
These include:
- Curators – Curators are subgraph developers who evaluate which subgraphs are of high quality and should be indexed by The Graph. It should be noted that Curators attach GRT to the subgraphs they support.
- Indexers – Indexers are node operators who are in charge of providing indexing and querying services for the signaled subgraphs and are required to stake GRT to do so.
- Delegators – Delegators delegate GRT to indexers to help maintain the network without setting up a node.
Depending on the role, each user receives a share of the network fees for their work.
Applications looking for information to operate their software through the use of queries can then quickly access this data.
Decentraland, for example, searches The Graph for land, accessories, and collectibles across applications and adds them to their marketplace so users can buy them all in one place.
The basic differences between both tokens can be easily understood by their use cases.
Use cases that differentiate Ocean Protocol from The Graph token
| Ocean Protocol | The Graph |
| The publishers who publish the data can monetize it, and users can access the datasets seamlessly anytime. | The main goal is to bring the decentralized public infrastructure to the conventional market. |
| The platform provides the tools necessary to fork the Protocol or use the provided Ocean protocol hooks to build and operate data markets directly. | The network’s architecture enables the indexers to operate independent Ethereum archive nodes for the Graph Node. |
| By staking their tokens, OCEAN holders can engage in the datatoken economy and earn a significant part from the transaction fees collected by the pool. | The platform provides subgraphs; they are open APIs that retrieve data from the blockchain. |
Ocean Protocol vs. The Graph
| Metrics | Ocean Protocol | The Graph |
| Current Price on WazirX in USDT Market (as of 26th March) | 0.3876 USDT | 0.1537 USDT |
| Rank (as per Coinmarketcap) | #148 | #43 |
| Total Market Cap | $219,169,556 | $1,255,698,416 |
| Circulating Supply | 613,099,141 OCEAN | 8,884,205,232 GRT |
How to buy Ocean Protocol token or The Graph token on WazirX?
Step 1: Sign-up or Log in to the WazirX platform.
Step 2: Verify your email account and set up your account security.
Step 3: Complete the KYC.
Step 4: Add funds to your WazirX account through P2P.
Step 5: Buy OCEAN in the USDT here. Or, GRT in USDT here.
With these five steps, you can buy, sell, and trade your favorite token between OCEAN and GRT.
Happy Trading!
Frequently Asked Questions
How Safe Are Cryptocurrencies?
Cryptocurrencies can be safe, but your crypto wallets can be hacked if proper security steps are not performed. There are also dangers and uncertainties associated with investments, and we cannot declare any virtual currency investment risk-free. Buying and selling cryptocurrencies does not have to be dangerous if the trader is well-versed in the market and treats his coins with care.
Is crypto legal?
Crypto is legal in most countries, including India. While nations like the U.S. and many in Europe have regulatory frameworks, others like China have strict bans.
What Is The Meaning Of Crypto?
A cryptocurrency is a digital currency that is secured by the process of cryptography, making counterfeiting and double-spending almost impossible to happen. Blockchain technology is used to produce cryptocurrencies ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a centralized authority does not issue them.
How Cryptocurrency Works?
Cryptocurrencies use cryptography technology to keep transactions and their units (tokens) secure. Cryptocurrency works via a technology called the blockchain. A blockchain is a decentralized technology that handles and records transactions across numerous computers. The security of this technology is part of its value.
What Are The Best Cryptocurrencies To Invest In?
The best cryptocurrencies to invest in would be the ones you study and analyze in detail. Some of the most popular cryptocurrencies include Bitcoin, Ethereum, and many altcoins such as Tron, Ripple, Litecoin, etc.
Is Ethereum Safe To Invest?
The Bitcoin market is unquestionably more volatile than the stock market. This may not be the market for you if you are incredibly risk-averse. Ethereum, on the other hand, may be a terrific investment for you if you're a diamond-handed investor who won't lose sight of short-term losses. Ethereum is a relatively safe investment as it is also based on blockchain.
What Is The Safest Cryptocurrency To Invest In?
Bitcoin has had the highest market capitalization, has been around the longest, has the most experienced development team, and has enormous network impact and brand recognition. As a result, while trading cryptocurrencies, the rate of return on Bitcoin is commonly used as a benchmark. However, the risks associated with cryptocurrencies remain, and the safest cryptocurrency for you depends on your analysis.
Is Cryptocurrency Legal In India?
In India, cryptocurrencies are legal; anyone can purchase, sell, and trade cryptocurrencies. They are currently unregulated; India does not have a regulatory framework in place to regulate its functioning. According to the Ministry of Corporate Affairs (MCA), companies must now declare their crypto trading/investments during the financial year, according to the Ministry of Corporate Affairs (MCA). Cryptocurrency transactions have been taxable in India when people receiving such gains are Indian tax residents or where the crypto is considered to be domiciled in India
How Many Cryptocurrencies Are There?
There are over 5000 other digital currencies available on the internet in addition to Bitcoins. The only problem is that they haven't gotten the users' attention. Besides Bitcoins, a few other digital currencies have gained popularity among users. It's been more than ten years since Bitcoins were first released, and now they've achieved new heights thanks to their phenomenal success.
How To Invest In Cryptocurrency In India?
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is the process of verifying and adding transactions between users to the blockchain public ledger. Purchasing cryptocurrency in India is a straightforward procedure where investors simply participate by registering with a crypto exchange such as WazirX. After registering for an account, citizens can trade multiple cryptocurrencies, store cryptocurrency in wallets, and more.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
