The Ocean Protocol is a blockchain-based project that enables users to monetize their data while keeping full control of its privacy. FET is a crypto of Fetch.ai, a project focusing on artificial intelligence and machine learning but using a crypto economy.
In the following article, we’ll compare OCEAN vs FET to help you decide on a better option for investing. We’ll discuss their respective consensus mechanisms, smart contracts, tokenomics, and data privacy and security.
The Ocean consensus mechanism aims to incentivize data sharing and collaboration among service providers and users. Since OCEAN is an ERC-20 token, it runs on Ethereum’s mechanism, which recently switched to Proof of Stake.
Fetch.ai uses the combination of the PoS consensus algorithm, which has the elements of Artificial Intelligence, and DAG. What’s more, the mechanism features a wide array of innovative privacy capabilities. This makes the entire protocol secure. Moreover, Fetch.ai’s team has been closely exploring game theory and cryptography, using them in combination with its consensus protocol.
Another interesting crypto running a version of PoS called Delegated Proof of Stake is WAX. Some investors nowadays like to swap WAX to TLM, another popular crypto and part of the popular up-and-coming game Alien Worlds.
A smart contract is a self-executing agreement. It is programmed and deployed on a blockchain platform, makes all recorded transactions secure, and more efficient and transparent, especially compared to centralized systems. Moreover, there is no need for intermediaries.
OCEAN smart contracts make it possible for data providers and consumers to agree on the T&Cs of data access, such as price, privacy, and quality. OCEAN smart contracts also facilitate the creation of data marketplaces, where data assets can be discovered, published, and monetized.
FET smart contracts enable agents to coordinate, negotiate, and collaborate with each other and with external stakeholders. FET smart contracts also support the creation of collective learning systems, where agents can share and improve their models and algorithms.
OCEAN tokens have a max supply of 1,410,000,000 OCEAN, with around 43% in circulation at the moment. The token is ranked #144 based on its market cap. It reached an all-time high of $1.94 on April 10, 2021, and recorded an all-time low of $0.01351 in August 2019.
Fetch.ai is currently ranked #129 based on market cap. There’s no max supply limit, and the total supply of all minted FET is north of 1.1 billion, with around 821 million FET in circulation due to a unique burn mechanism. The token reached an all-time high on September 08, 2021, ($1.18) and an all-time low of $0.00827 in March 2020.
Data Privacy and Security
Data privacy and security are the cornerstones of the Ocean project. The entire protocol revolves around these two things, with many features available that support them. Data providers can rely on datatokens to represent their data assets and sell them on Ocean Market, a decentralized exchange for data. Data consumers can use OCEAN tokens to buy datatokens and access data services. Ocean Protocol also supports Compute-to-Data, a feature that allows data analysis without exposing the raw data, thus preserving privacy and preventing data leakage.
Fetch.ai is a bit different in this regard. It’s not a privacy-first platform, as AI is its primary focus. Still, it makes sure that privacy and security are at the top level. It leverages smart contracts to ensure secure and transparent transactions between agents. Fetch.ai claims to use advanced cryptography and zero-knowledge proofs to protect the privacy and integrity of the data on the platform.
OCEAN vs FET — What Is the Best Investment?
Neither OCEAN nor FET are superstars in the world of cryptocurrencies. Still, both have an exciting future thanks to their unique approach to privacy, artificial intelligence, and more.
It’s up to you to do further research and decide which one is a better investment opportunity. Ensure that you are informed about the technology and the team behind the project before making a decision.