What is Octopus Network (OCT)? Learn the details from A to Z about OCT . coin
One of the first and very important projects in the Near ecosystem but has not received much attention from the community, is the Octopus Network. So what is Octopus Network? The information about the OCT coin? Today, let Hay Mod Game learn about this Octopus Network project with you guys!
What is Octopus Network?
Octopus is a Sidechain, which is a decentralized network that launches and operates Web 3.0 applications on sub-Blockchains (app-chains). Octopus Network is a Layer 2 solution of the infrastructure puzzle and puts the management of dApps in the hands of developers. Thereby allowing dApps developers to self-issue App-chains for the purpose of controlling the back-end.
These App-chains allow developers to fully customize their applications in terms of governance structure, Crypto-economic design, or even algorithm, while still benefiting from the Mother-chain without needing to do so. compete in transaction processing capacity with other applications on the same network.
Some basic concepts about Octopus Network
App-chains
A decentralized application (dApp) has at least one backend on the main blockchain. This backend is implemented in two ways: a collection of smart contracts stored on a platform blockchain or a dedicated blockchain, also known as a specific blockchain or application chain. App-chains.
Substrate
Substrate is the most powerful open source blockchain framework. This is also where all types of blockchains such as public chains, federated chains, Parachains Polkadot and App-chains Octopus are built.
Highlights of Octopus Network (OTC)
The most outstanding feature of Octopus Network is that developers on NEAR Protocol have the ability to build their own sub-chains like the substrate structure on Polkadot . However, it is not limited to 100 sub-strings like Polkadot , nor is it limited in time. If the Validators in a separate app-chains stop working, only that App-chains will be usable frozen, not affecting the whole system as well as other app-chains. That is the highlight of the Octopus Network project.
Role of App-chains for Octopus Network
- For users (Vser): save gas fees, improve transaction processing speed, improve user experience.
- For developers: increase autonomy in the management and operation of the app chain in line with dApp but still ensure the security factor.
- For censors (Validator): benefit from rising staking costs.
What is OCT Token?
OCT Token is the project's Native Token.
Basic information about OCT Token
- Token Name: Octopus Network Token.
- Ticker: OCT.
- Blockchain: NEAR.
- Token Standard: NEP-21, ERC-20
- Contract:
- ERC-20: 0xf5cfbc74057c610c8ef151a439252680ac68c6dc
- NEP21: f5cfbc74057c610c8ef151a439252680ac68c6dc.factory.bridge.near
- Token type: Utility, governance.
- Total Supply: 100,000,000 OCT.
- Circulating Supply: 46,624,087 OCT.
Allocation OCT Token
Currently, information about Tokenomics OCT is very sketchy:
- Institutional investors: 35% equivalent to 35,000,000 OCT (unknown lock time);
- NEAR Foundation: 5% equivalent to 5,000,000 OCT (unknown lock time);
- Angel investors and Team: 30% equivalent to 30,000,000 OCT (unknown lock time);
- Octopus Foundation (Promotion): 30% equivalent to 30,000,000 OCT (unknown lock time).
OCT Token Release Schedule
- 30% OCT tokens, of which: 15% Seed + 12.5 Series A + 2.5% IDO will not be locked.
- 5% OCT tokens belonging to the Octopus Foundation are used to provide initial security for appchains. Although there is no key for this part, it will not be circulated as it is assigned for appchain staking.
- The remaining 65%, of which: 6% Angel investors + 5% Strategic investor + 24% Core team + 10% Octopus Foundation will be paid in installments within 3 years.
OCT Token Use Case
- As collateral to ensure the security and safety of the app chain
- Project administration, participating in voting and building, contributing to the development of the Octopus Network ecosystem
- Confirm app chain candidates
- Payment of transaction fees on app chains
- Staking OCT tokens to get rewards
Roadmap – Development roadmap of the Octopus Network project
Below is the major development roadmap of Octopus Network in 2021.
- January: Completed funding round through Strategic Investor and Partnership
- February: Complete the Seed Round
- March: Completing stage 1 of Testnet
- May: Completing Stage 2 of Testnet with Cross-chain assets
- July: Completed Series A funding round: Stage 3 Testnet
- August: Successful audit and launch of OCT . Token
- September: Launching mainnet and applying for App-chains
- October: Putting the first app chain into use
As for Roadmap 2022, this is the top concern for those who are and intend to own OCT Token. However, the OCT Token roadmap has not been made public yet.
Hay Mod Game will update continuously to bring you the latest information!
The team of developers, investors and partners of the Octopus Network project
Development team
The Octopus Network development team is exceptionally talented and has extensive experience in both the cryptocurrency space and the current mainstream software development industry. Team of 8 people, Octopus has worked and collaborated with many units on Layer-1 including Cosmos, Solana, Flow, PlatOn and Chainlink.
Louis Liu – Co-Founder & CEO: Graduated from Tsinghua University in 1999, majoring in Master of Engineering Physics. Louis entered the crypto space in early 2013 and has since been recognized as a key researcher and practitioner in the areas of blockchain technology, Web3.0, token economics, and crypto-asset markets. .
Investors
The project has many interested investment funds, prominent among them are NEAR, NGC Ventures, StaFi, ChainX, etc.
Partner
The project's partners come from many different ecosystems (Solana, Near, Cosmos, Flow, ...), with ChainLink, and many other projects.
How to earn and own OCT Token
The OCT token is currently not open for sale or circulation. Hay Mod Game will update you when the project has more information.
Exchange OCT Token
At the moment, OCT tokens are mainly only traded on some exchanges such as Gate.io , Bibox , MEXC, Hoo.com, Hotbit, Ref Finance, etc.
OCT Token storage wallet
You can store OCT in the wallets of the exchange listed above or Trustwallet , MetaMask , Coin98 Wallet… or preferably NEAR Protocol's wallet.
The community and social network of the Octopus Network project
- Website
- Telegram
- Medium
- Discord
Through this article, you must have had your own opinions about the Octopus Network project. The above article should not be viewed as investment advice. Hay Mod Game is not responsible for any of your investment decisions, but will support you all the way to understand the basics and succeed in this extremely potential market!