Comparing OCEAN and FET: Key Facts

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OCEAN vs FET

OCEAN vs FET Comparison

Before you decide on converting one crypto token to another, it’s important to compare those coins and understand the projects behind them. Whether you are aiming at an XVGBTC conversion or another trade, learning more about the tokens will ensure you make an informed decision. The following guide focuses on comparing OCEAN and FET.

These are native tokens of two different protocols. Ocean aims to enable data owners to monetize that info in a decentralized market, while Fetch.ai focuses on automating digital tasks that would otherwise require human interference.

OCEAN Review

Ocean resides on the idea that information is power. The protocol offers an app that data owners utilize to sell information while keeping control and privacy during the process. As for the buyers, they can access exclusive information, which makes the transaction beneficial.

The platform offers a decentralized data market with the purpose of creating worldwide data commons while securing rewards for those who provide, curate, and keep the data. Developers can create independent wallets and marketplaces with the Ocean Libraries.

Ocean uses datatokens, other DeFi tools, and blockchain to connect data assets. Datatokens are how you get authorized to access data. Providers mint and deploy these tokens to publish data, while consumers spend coins to access it. Data publishers can use automated price setting or set a fixed price for the published info on the Ocean Market. You can stake OCEAN tokens to curate data and earn through the process.

The project started in 2017, and the founders are Trent McConaghy and Bruce Pon. The unique thing about Ocean is that it converts data into assets with datatokens. The OCEAN vs FET token comparison isn’t possible without focusing on the specifics of both projects and understanding their particular advantages.

FET Review

Fetch.ai has the goal of automating internet transactions and creating smart contracts we could actually call “smart.” The idea is to help you automate tasks like booking hotels or flights via cost comparison platforms. 

Instead of you doing the job of analyzing prices and purchasing tickets, that will be done by Fetch.ai. For example, you might want to repeat a similar trip to the one you had last year. You can instruct the network to look for similar deals, from using the same airline to hiring a vehicle from the same company.

Fetch.ai aims to create a decentralized economy in an ecosystem that connects services, devices, and people via cooperating and sharing data. Supply chains, smart homes, energy, and other use cases are among those mentioned for this network.

The project is powered by AI and machine learning, and it has three main components:

  • Autonomous Economic Agents. These are digital citizens and representatives of persons, organizations, or devices on the network.
  • Open Economic Framework. It’s the layer that keeps all the information that digital citizens use.
  • Fetch Smart Ledger. It mixes a directed acyclic graph and distributed ledger technology and uses sharding to gather and complete transactions. 

FET vs OCEAN

OCEAN powers the Ocean platform, and it’s an ERC-20 token, indicating that it’s available on the Ethereum blockchain. FET uses a variation of the PoW protocol called the “Useful Proof of Work.” It aims to take computing problems and place them into PoW packages. 

FET Feature OCEAN
Useful Proof of Work Consensus mechanism Proof of Work
No Mining Ability No
$289 million Capitalization $205 million
$0.35 Price $0.34
Open-source Source Code Open-source
$85.3 million Trading Volume 24h $32.7 million
#120 Market Position #148

 

What to Choose?

Experts believe good times are coming for the crypto market, so both coins can expect a price jump in the coming years. OCEAN might increase to $0.6 by the end of 2023 and exceed $2 in 2026. FET could reach $0.7 by the end of the year and be worth up to $2.4 in 2026. It seems like FET is performing a bit better, but it ultimately comes down to your preferences and which project seems to have more chances to succeed.

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