Octopus Network is a completely new Multichain solution built on the Near protocol ecosystem. What role does Octopus play in the Near platform? Let’s find out through the article below.
To better understand the article What is Octopus Network, people can refer to some of the projects below to get an overview of Octopus Network:
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What is Octopus Network?
Overview of Octopus Network
Octopus Network is a decentralized network that launches and operates Web3.0 applications on sub-blockchains, called Appchains. And supports the exchange of data and assets between chains in a transparent and efficient manner.
For users, operating multiple app-chains allows for faster transaction processing, reduced transaction fees leading to a better user experience.
For developers, app-chains provide them with the ability to create, manage, interact, and customize chain features to best suit the dApps they develop, while still retaining the same features. The outstanding qualities of the NEAR platform blockchain are security.
Validators will also benefit from app-chains, because more complex protocols mean higher transaction fees through staking.
The difference of Octopus Network
- Octopus Relay: Also known as main chain is the core of Octopus. Provides flexible and low-cost security.
- Octopus optimizes interaction power from both within the Near chain and can connect to the blockchain outside Octopus via Near’s bridge.
- Octopus supports appchain in many different aspects such as fundraising, recruitment, know-how sharing, tokenomics design, coin listing.
- Substrate is the most powerful open source blockchain framework on the planet that helps different types of blockchains build on it: Parachain, Appchain.
Mechanism of action
- Step 1: Octopus needs smart contracts to communicate with other blockchains.
- Step 2: When an interaction request is sent to Octopus, the smart contract will be checked and the request confirmed.
- Step 3: The data is then transferred to the requested blockchain, after that blockchain has finished processing the data is returned to Octopus and transmitted back to the requester.
Development roadmap
Updating…
Core Team
Louis Liu – CEO/Founder: Graduated from Tsinghua University in 1999, majoring in Technical Physics. An important research expert in the blockchain industry, Web 3.0, token economics.
In particular, Octopus Network’s team has successfully built IBC for Substrate and organized online training courses on Substrate in China. They also have major contributions in China’s Rust community with a certain influence, bringing strong development to the app chain on NEAR.
Investor
The project has raised $15.5M in funding rounds starting in 2019 and 2021 from large investment funds such as Near Protocol, D1 Ventures.
Tokenomics
Overview information about OCT token
- Token Name: Octopus Network.
- Ticker: OCT.
- Blockchain: NEAR.
- Token Type: Utility.
- Token Standard: NEP21
- Circulating Supply: 73.608.576.
- Total Supply: 100,000,000 OCT.
- Contract: 0xf5cfbc74057c610c8ef151a439252680ac68c6dc
Token Allocations
- Initial Security: 5%
- IDO: 2.5%
- Series A: 12.5%
- Seed: 15%
- Appchain Rewards: 15%
- Angels: 6%
- Team: 24%
- Airdrop: 5%
- Foundation: 10%
- Strategic Investor: 5%
Token Release
- 30% OCT coin, of which: 15% Seed + 12.5 Series A + 2.5% IDO unlocked.
- 5% of OCT coins given to the Octopus Foundation, used to provide initial security for the app chain. Although the coins in this section are not locked, they will not be circulated. These coins are designated for app chain staking.
- The remaining 65% OCT coins are issued as follows: 6% Angel Investors + 5% Strategic Investor +24% Core Team + 10% Octopus Foundation are paid in installments over 3 years.
Token Usecase
OCT tokens are used mainly for utilities within the platform such as paying transaction fees, staking, and paying rewards to validators and delegators.
Exchanges
Currently, OCT tokens have been listed on several major centralized exchanges such as Gate.io, Huobi, and MEXC.
Project information channel
- Website: https://oct.network/
- Twitter: https://twitter.com/oct_network
- Telegram: https://t.me/octopusnetwork
- Medium:
Summary
Born to compete with projects in the same segment such as Polkadot’s Parachain and is partly the backbone of the entire Near Protocol ecosystem. Octopus Network offers an innovative solution on Layer 2 of NEAR Protocol, with good storage and security capabilities for thousands of app chains without much cost.
Above is all the latest information about the Octopus Network project that the Hak team has updated. Please leave your comments below in the comments.