Little-Known Altcoin Project Will Be Utilized by Germany’s Central Bank

Deutsche Bundesbank, the German central bank, has tapped a small-cap altcoin protocol for a decentralized network project.

Ocean Protocol is a big data blockchain platform designed to help developers construct applications that can securely publish, transfer, and/or consume public and private data.

The German bank hired Ocean for “software integration consultancy services,” according to a translated public notice on the Supplement to the Official Journal of the European Union.

“The aim of the procurement project is to set up a decentralized network approach, which allows equal participants a permanent, symmetrical data access for the realization of real-time updates of statistics while preserving the data sovereignty.”

The German bank says that Ocean Protocol was the only possible contractor for the job.

“[The] reasons for this are, in addition to the lack of comparable competitors, above all the technical unique selling points that exist for the company due to the “Ocean Protocol” and the underlying patented database technology.

The protocol combines the elements of a distributed database with the characteristics of a DLT and is therefore the ideal starting point for the bank to develop a prototype of the network model.”

A Singapore based non-profit foundation governs Ocean Protocol.

The platform’s token, OCEAN, is designed to reward people and organizations who help power the network, govern community funding, and buy and sell data.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured image: Shutterstock/ArtStudio29

The post Little-Known Altcoin Project Will Be Utilized by Germany’s Central Bank appeared first on The Daily Hodl.