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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
Are Cryptocurrencies A Good Investment?
Cryptocurrency has the potential to make you extremely wealthy, and the potential to cause you to lose your money. Crypto assets, like any other investment, come with many risks and potential rewards. Fundamentally, cryptocurrency is an excellent investment, particularly if you want to gain direct exposure to the demand for digital currency.
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.
Is Crypto Legal In India?
Cryptocurrencies are legal in India, and anyone can purchase, sell, and exchange them. It is currently uncontrolled, as India lacks a regulatory structure to oversee its operations. Per the Ministry of Corporate Affairs, companies must now record their crypto trading/investments within the financial year. In cases where a person receiving the gains is an Indian tax resident, or the cryptocurrency is regarded as domiciled in India, cryptocurrency transactions have been taxable in India
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 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
Are Cryptocurrencies Legal In India?
In India, cryptocurrency is legal, and anyone can buy, sell, and trade it. Because India lacks a regulatory system to regulate its operations, it is presently uncontrolled. According to the Ministry of Corporate Affairs, companies must now document their crypto trading/investments inside the financial year.
How To Invest In Cryptocurrency?
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is considered the procedure of verifying and adding transactions to the blockchain public ledger. Another option is via cryptocurrency exchanges. Exchanges generate money by collecting transaction fees, but there are alternative websites where you can interact directly with other users who want to trade cryptocurrencies.
Is Cryptocurrency Banned In India?
No, cryptocurrency is not banned in India. India has seen its ups and downs in the crypto sector concerning its legal status. The Reserve Bank of India (RBI) issued a circular in April 2018 advising all organizations under its jurisdiction not to trade in virtual currencies or provide services to assist anyone in dealing with or settling them. A government committee proposed outlawing all private cryptocurrencies in mid-2019, with up to ten years in prison and severe penalties for anyone dealing in digital currency. The Supreme Court overruled the RBI's circular in March 2020, allowing banks to undertake cryptocurrency transactions from dealers and exchanges.
Is Cryptocurrency Safe To Invest In?
Cryptocurrency investments are subject to market risks, but if sufficient security measures are not taken, trading accounts can be maliciously accessed. Investments come with risks and uncertainties, and we cannot claim that any digital currency investment is risk-free. Buying and selling cryptocurrencies can be risky even if the trader is knowledgeable about the market and treats their coins carefully.
Is Bitcoin And Cryptocurrency The Same Thing?
Bitcoin is a cryptocurrency that was designed to facilitate cross-border transactions, eliminate government control over transactions, and streamline the entire process without third-party intermediaries. The absence of intermediaries has resulted in a significant reduction in transaction costs. Satoshi Nakamoto, the creator of Bitcoin, created the first cryptocurrency in 2008. It began as open-source software for money transfers. Since then, plenty of cryptocurrencies have emerged, with some focusing on specific fields.
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.
