Corona 8 saw many new features added to it's lineup. One of these is vector displacement.
What is Vector Displacement?
Traditional displacement can be limiting at times as it's input relies upon a greyscale (linear) image to displace the geometry. Typically, this is an ''up/down'' motion (-Y/+Y axis for example). Vector Displacement takes into account all axis' which allows the deformation of geometry in the X,Y, & Z space.
Left image depicts traditional displacement. Right image depicts vector displacement.
Node material editor setup for the ocean image:
Simply connect the displacement bitmap to the water material's Displacement channel. Then you can select the displacement mode which works best for you.