What Is Octopus Network (OCT)?
The core technology of Octopus Network is trust-minimal blockchain interoperability. Based on that, Octopus Relay, which itself is a set of smart contracts running on NEAR blockchain, provides leased security to appchains, and makes appchains interoperable with NEAR and other appchains. Furthermore, appchains can interoperate with blockchains outside the Octopus Network, either via bridges on NEAR, such as with Ethereum via Rainbow bridge, or they can utilize the out-of-the-box IBC pallet to connect with any IBC enabled blockchains directly.
Anyone can provide security to an appchain by staking $OCT tokens in the Octopus Relay. After that, the validator should set up and run a validator node for the appchain, and the node will sync the validator set from the Octopus Relay. Then all validator nodes for one appchain will form a quorum to reach consensus on block production and be rewarded with the appchain native token. If one or more validators act maliciously in the consensus process, any honest node can submit a fraud proof to the Octopus Relay to challenge them. Once the fraud proof is confirmed, the staked $OCT belonging to the malicious actors will be slashed. By this mechanism, an appchain’s security is economically ensured by $OCT staking in the Octopus Relay.
| Coin Basic | Information |
|---|---|
| Coin Name | Octopus Network |
| Short Name | OCT |
| Circulating Supply | 31,341,240.88 OCT |
| Max Supply | 100,000,000 |
| Source Code | Click Here To View Source Code |
| Explorers | Click Here To View Explorers |
| Twitter Page | Click Here To Visit Twitter Group |
| Whitepaper | Click Here To View |
| Support | 24/7 |
| Official Project Website | Click Here To Visit Project Website |
Where Web3.0 Happens
Octopus is a cryptonetwork for launching and running Web3.0 application specific blockchains, aka appchains. By decreasing the capital expenditure to bootstrap an appchain by 100X, from several million dollars to less than one hundred thousand dollars, Octopus Network is committed to unleash a new wave of innovation for Web3.0.
Services
An Octopus appchain gets advantages from both being an autonomous blockchain and a member of a well connected network with rich services and facilities to utilize.
Security
Octopus Relay provides unprecedented flexible and cost-effective leased security, where appchains can decide how much security they want and how much they are willing to pay for it.
Interoperability
Best out-of-box interoperability, including trustless interaction with NEAR, other appchains, heterogeneous blockchains such as Ethereum, and any IBC enabled blockchains.
Infrastructures
Infrastructures as common goods including testnet, RPC gateway, indexer, block explorer, wallet integration, archive service, etc.
Community
Octopus, as a community, will support appchains from many aspects, such as fundraising, recruiting, know-how sharing, token economics design, token listing, etc.
Technology
The core technology of Octopus Network is trust-minimal blockchain interoperability. Based on that, Octopus Relay, which itself is a set of smart contracts running on NEAR blockchain, provides leased security to appchains, and makes appchains interoperable with NEAR and other appchains. Furthermore, appchains can interoperate with blockchains outside the Octopus Network, either via bridges on NEAR, such as with Ethereum via Rainbow bridge, or they can utilize the out-of-the-box IBC pallet to connect with any IBC enabled blockchains directly.
Anyone can provide security to an appchain by staking $OCT tokens in the Octopus Relay. After that, the validator should set up and run a validator node for the appchain, and the node will sync the validator set from the Octopus Relay. Then all validator nodes for one appchain will form a quorum to reach consensus on block production and be rewarded with the appchain native token. If one or more validators act maliciously in the consensus process, any honest node can submit a fraud proof to the Octopus Relay to challenge them. Once the fraud proof is confirmed, the staked $OCT belonging to the malicious actors will be slashed. By this mechanism, an appchain’s security is economically ensured by $OCT staking in the Octopus Relay.
OCT Token
$OCT is a fungible, non-inflationary utility token that is required for staking on different appchains to ensure their security economically. $OCT is an NEP141 (NEAR Enhancement Proposals-141 which is equivalent to ERC-20 standard) token on NEAR protocol.
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