What is Ocean Protocol?
The Ocean Protocol is a highly valuable ecosystem focused around data assets and services with one aim – to tokenize them. Why? In today’s society, data is one of the most precious assets we own, but a large part of it is wasted or remains locked. The Ocean Protocol is a blockchain-based ecosystem launched in 2017. As a result, the new data economy now has powerful Web3 apps to suit its needs. The protocol allows both individuals and businesses to unlock the value of data and monetize it using ERC-20-based data tokens.
This means data owners can add value to and control their data assets without being locked into a single marketplace. They achieve this through traceability, transparency, and trust for all stakeholders involved. To ensure this, the network connects data providers and consumers.
For more information on Ocean Protocol, you can visit their official website here.
How to Deposit OCEAN Into Your Coinmetro Account
If you're depositing from another exchange, it is important to ensure they support sending funds to ETH contracts, or use a full ETH wallet as an intermediary.
Note: As Coinmetro uses smart contracts for Ethereum and ERC-20 token deposits, the amount of gas required is slightly higher than a typical transfer. To be sure that your transaction is successful, please set the transaction gas limit to 55,000 for ETH. The fee difference is minimal. If your gas limit is too low, the transaction will simply be rejected by the Ethereum network. There is no risk for loss of assets caused by a too low gas limit.
How to Withdraw OCEAN From Your Coinmetro Account
Important Note - To request a withdrawal, your account profile needs to be verified as well as having the funds to cover your withdrawal. The first time a withdrawal is made to a destination, the destination needs to be verified via e-mail. If you have 2-Factor Authentication enabled for withdrawals, you will be asked to input the code for each withdrawal, approved or not. We suggest enabling 2-Factor Authentication to protect your account.
Withdrawals waiting for approval can be cancelled and withdrawal status can be found by selecting the wallet on the GO! Dashboard. Approved withdrawals cannot be cancelled. If there is no Cancel button, there should be a transaction ID (TXID). This is a link to the relevant tx hash (Transaction Hash) on a blockchain explorer website.
If you are withdrawing to an external wallet such as MetaMask, please ensure that you have added OCEAN as a custom token on the wallet.