Octopus Network

Written in January 31, 2022

Octopus Network

1/ The Octopus Network ($OCT) is a multichain interoperable ecosystem made specifically for bootstrapping the adoption of native-blockchain apps (a.k.a. appchains). The platform provides four pillars: flexible leased security, interoperability, one-stop infrastructure, and community.


2/ Founded by Louis Liu. Bachelor’s degree in Finance from Fordham. Extensive years of experience as a venture capitalist. The latest company he founded is Mimesis Capital – a single-family office fund focusing on crypto assets.


3/ An important thing to note: Appchain is different from dApps. In a sense Appchain utilizes an independent blockchain to run the specific-set of custom designed application, whereas dApps is an application existing inside a blockchain (i.e. $ETH, $SOL, $MATIC).


4/ Within Octopus Network, each appchain has the power to decide its own economic model including the amount of tokens the appchain is willing to pay validators for security. In simple terms, Octopus is a free market where appchains could lease out security needs.


5/ At its core is the Octopus Relay – a set of smart-contract running on the $NEAR blockchain that implements the security leasing market. Octopus is on the demand side of the market. Pays ‘rent’ in native tokens to lease security from $OCT holders.


6/ Security: There are two network participants on the supply side – Validators and Delegators. Both do the same tasks (validate the network and maintain its integrity). The main difference is that validators set up a node (minimum 10,000 OCT).


7/ Interoperability: The Octopus Relay enables cross-chain transactions through the $NEAR protocol and $ETH through the Rainbow Bridge. Furthermore, appchains could implement an IBC pallet to any blockchain hosting IBC.


8/ The architectural design of Octopus – combined with the processing power of $NEAR protocol – motivates the hosting of appchains, however all apps are subject to a selection by $OCT holders.


9/ As explained before, $OCT is Octopus Network’s native token. Its simplified use cases include: used as collateral to guarantee security (staking), governance of network, endorsing appchain by upvoting them in the candidates queue.


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11/ Tokenomics: $OCT has a total fixed supply of 100 million. In total, 41% of OCT would be distributed for the investors. 30% would be allocated to the foundation as incentives for upcoming community contributors. 24% for team reward. 5% for marketing in social media.


12/ Currently, there are only two appchains running on the network: myriad and debionetwork. deip is registered on the network awaiting imminent audit. The total staked amount of OCT is 4,269,758 with a block height of 58,718,322. The network is still awaiting to see more implementation and deployment.


13/ Developers that have an idea of an appchain that wants to be hosted in the Octopus Network could enter its accelerator program with its special benefits. More on https://accelerator.oct.network/


14/ Roadmap: Q1 2022 – launch one appchain every 3 weeks, NEAR NFT transfer, Appchain forker and indexer, Octopus DAO V1, Accelerator program 2nd batch, bridge to Cosmos. 


15/ Q2 2022 – one appchain every 2 weeks, appchain native token buybacks, Leased PoS to PoS, NEAR IBC, bridge to Polkadot. Q3 2022 – one appchain every 2 weeks, manage grants, upgrade DAO contract.


16/ Partnerships: $NEAR, Cosmos, $SOL, Chainlink, arweave.org, KYVE, flow, Oasis Foundation, BeWater.


17/ Investors: NEAR foundation, Continue Capital, DI, SevenX, ChainX, GFS Blockchain, Youbi Capital, Digital Currency Group, PNYX Ventures, Electric Capital, Ascensive Assets, StaFi, NGC Ventures, and much more.


18/ Octopus Network has a unique vision in the crypto space. However, the network is yet to see more adoption and implementation. It has been too long since mainnet (Q3 2021).