What is Octopus Network?
The Octopus Network is an interoperable multi-chain crypto-network that mimics the Octopus. Each linked application-specific blockchain, like the arms of an octopus, is endowed with its own intellect and judgment-making mechanisms to acclimate to ever-changing environments. When blockchains are linked together, all members benefit from significant network impacts and economies of scale, resulting in an Internet of Blockchains.
It is used for introducing and operating Web3.0 Substrate-based, EVM suitable app-specific blockchains, or appchains. The Octopus Network, backed by top VCs such as Digital Currency Group and Electric Capital, is dedicated to launching a new wave of Web3.0 innovation.
How does the Octopus Network work?
The Octopus Relay, a collection of smart contracts that operate on the NEAR blockchain, also known as the main chain, and implement the security leasing market, is the foundation of the Octopus Network. Octopus Network appchains are found on the market’s demand side. To lease security from $OCT holders, they pay rent in their native tokens. Owners of $OCT who stake their $OCT on appchains can diversify their investment portfolios by using a wide range of protocols.
Through the Rainbow Bridge, the Octopus Relay allows appchains to communicate with Ethereum and the NEAR protocol. Appchains can also immediately link to any IBC-enabled blockchains by using an out-of-the-box IBC pallet. As a result, assets issued on IBC-enabled blockchains like NEAR, Ethereum, or NEAR flow trustlessly into Octopus Network appchains. On the other hand, assets created on appchains can be securely transferred to blockchains like Ethereum, NEAR, and others that support IBC.
Is Octopus OCT a good investment?
The market capitalization of the Octopus network (OTC) was roughly $19 million as of July 2022. Although it can be viewed as a small-cap gem, the network still needs to establish itself in a cutthroat market because it will be difficult for the team to convince developers to create DAPPS on the network.
As this is not financial advice, you must conduct your own study if you want to think about investing in OCT.
What is the OCT token, and how can I buy it?
The Octopus network’s native monetary unit is the OCT token. It serves as an exchange between auditors, who accept the charges as payment for their services, and users and programmers who pay to access the network. The $OCT token, which is fungible and non-inflationary, has three main uses in the Octopus Network Ecosystem: leverage to ensure appchain security, management, and voting for appchain candidates in the applicant queue. The Octopus Network’s primary goal is to launch and maintain appchains; therefore, supporting this objective is the main reason the money was collected.
$OCT is a NEP141 token on the NEAR protocol that can be purchased on Huobi, gate.io, and uniswap.
