What is Octopus Network?
Coming fresh off the heels of the exciting Aurora+ release, as well as considering the current painful macro-conditions of the market, it can be easy to forget the fact that NEAR has a significant third sibling (alongside, the Aurora Network) — namely, Octopus Network, who happens to be just as formidable of a player in the NEARVerse. To provide a brief overview: Octopus Network is a multichain interoperable network used to launch and host Web 3 Substrate-based, EVM compatible application-specific blockchains that are called ‘appchains’. Similar to Aurora, the Octopus Relay consists of a set of smart contracts running on the NEAR blockchain. Essentially, the Octopus Relay smart contracts deployed on NEAR use the security of NEAR blockchain, while Octopus appchains have their own security that they lease from Octopus Relay.
Perhaps, an easier way to consider the Octopus Network is to look at it as a Layer-0 network, similar to Polkadot and Cosmos. where appchains pay rent in their native tokens to lease security from $OCT holders. However, note that because Octopus is built on NEAR, the barrier to entry is significantly lower and cheaper when compared to these projects. Moreover, it is $OCT holders who decide which appchain they’d like to stake on (and secure), which creates a free market where Appchains can lease the security they need at market price any time. The result of this is that the price to launch a chain on Octopus is less than a hundred thousand dollars at any given time, where its competition often range in the several million dollars (take, for example, Polkadot’s para-chain auctions.)
An important feature of the Octopus Network is that it enables appchains to be interoperable with both NEAR and Ethereum (via the Rainbow Bridge), and features an additional IBC pallet to connect with any IBC enabled blockchains directly (i.e., the Cosmos ecosystem.) This makes it so that assets issued on Ethereum, NEAR, or any IBC enabled blockchain are able to transfer in a trustless manner into Octopus Network appchains, while assets issued on Octopus appchains can vice versa be transferred trustlessly to Ethereum, NEAR, and any IBC enabled blockchain as well. This defines the core ethos of the Octopus Network: interoperability, accessibility, and trustless communication between participants.
This article will catch up with the Octopus ecosystem, providing Web3 users with an easy-to-follow overview of the current projects building on the network. And hopefully, moving into the future, readers will be extra careful not to overlook the younger, eight-legged, sibling of the NEAR family.
“In a bear market, there is less noise. Anyone who is working now, is serious. Any community that is active now, is your real community.” — Aaron Ting, Head of Community, Octopus Network
What Appchains Currently Exist on Octopus Network?
There are currently four appchains live on the Octopus Mainnet. Here is a brief summary of what each different appchain has to offer, and readers should note they are more than welcome to dive in and explore them further:
- DeBio.Network — A decentralised biomedical network; anonymity preserving appchain for medical and bioinformatics Services & Data, specialising in genetics testing
- Myriad — A decentralised social network that enables users to claim ownership of their Web2 content (social media, multimedia) and turn it into verifiable, sovereign, monetizable Web3 data; Myriad is a social app, metaverse, and messenger that seamlessly integrate together and reshape the relationship between users, community operators, and content hosts
- DEIP — A decentralised infrastructure for the creator economy; DEIP provides Web3 protocols, applications, and tools for the whole industry, enabling the transition from the creative economy to the creator economy
- Atocha Protocol — A decentralised Play-to-Earn (P2E) puzzle game protocol built for the more curious and challenge loving Web3 users in the space (pictured above); Atocha’s motto is that curiosity should not stop after we reach adulthood or — in fact — at any point in life
“For a Web3.0 application to replace a Web2.0 application, it has to be a great application in the first place.”- Louis Liu, Founder Octopus Network (Startup Fortune)
Where Will Octopus Go From Here?
Next to the four appchains that are live at the moment, there are many more additional appchains building on top of Octopus that are nearing launch and well under development. According to the Octopus Network monthly report in June, these are the following chains:
- Fusotao — DEX infrastructure that seeks to give traders the best of all worlds; Fusatao features seamless CEX-like user experience in a decentralised environment with built-in privacy preservation and low trading costs
- Discovol — Takes an interesting approach to the DAO-model, delivering a decentralised autonomous organisation of high-quality content curators to users; in essence, Discovol envisions that the synergy of Web3 content collaboration will lead to a huge positive network effect
- Unique One Network — First EVM compatible appchain on Octopus network, leverages modular multi-chain interoperability to augment the NFT Evolution
- Attarius — Time-saving, easy-to-go platform for game developers and players, facilitating the creation of web3 games to make the process as simple as possible
- Create Protocol — Ecosystem empowers multiple DApps on its layered blockchain with the aim to liberate creators in every imaginable way via its Create-to-Earn (C2E) feature
- PortalVerse — Ambitious decentralised cloud gaming network for open and highlighly immersive virtual words; revolutionises the gaming platform as an opportunity to unite the divide between game developers and gamers
- TrustRecruit — World’s first blockchain-certified and AI-matched trusted NFT resume marketplace; the minted NFTs are also directly matched with relevant open jobs using TrustRecruit’s proprietary AI engine.
- Yogain — Web3 Yoga App that uses AR technology to guide and evaluate yoga practitioners; Yogain features a built-in social network alongside its Free-to-Play (F2P) and Practise-to-Earn (P2E) GameFi elements, using this combination as a distinctive method for attracting and retaining its students
The Bigger Octopus
In an interview with Startup Fortune, the founder of Octopus Network, Louis Liu, compares the multichain interoperable network with that of emulating an actual octopus (hence, the name.) Louis poignantly explains how, as is the case with the arms of an octopus, each connected appchain on the Octopus network is empowered with its own intelligence and decision-making mechanisms to adapt to an ever-changing environment. And when connected as a whole, all member chains are able to benefit significantly from the network effects this creates.
Taking a step back, one can’t help but think that Louis must probably realise that — in making the above comparison — Octopus Network can also be viewed as being part of the bigger NEAR octopus, opening the door to a whole new world of applications and communities. Because, by giving an overview of the list of appchains currently building on the Octopus Network itself, it is clear that the bigger NEAR octopus is an ecosystem that is only beginning to show some of the early signs of its insanely high vertical growth potential.
Written by Johan (@achildhoohero)
About Octopus Network
Octopus Network is a NEAR-based multichain interoperable network for launching and hosting Web 3 Substrate-based, EVM compatible application-specific blockchains, called ‘appchains’. Appchains benefit from flexible and cost-effective security, out-of-the-box multichain interoperability, complete infrastructure, and a ready-to-be-engaged community. It is in this manner, the Octopus Network is committed to unleashing a new wave of innovation for Web 3.
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About NEAR
NEAR is a sharded, proof-of-stake, layer one blockchain that is built for usability and scalability. NEAR combines the power of both PoS and sharding in a technology called Nightshade, making the chain infinitely scalable without compromising security and decentralisation.
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