Octopus Network (OCT)

From their docs (14-3-2022): The Octopus Network is a multichain cryptonetwork for launching and running Web3.0 application-specific blockchains — appchains. Appchains in the Octopus Network benefit from flexible and cost-effective leased security (LPoS), out-of-the-box multichain interoperability, complete infrastructure, and a ready-to-be-engaged community. The core of the Octopus Network is the Octopus Relay — a set of smart contracts running on the NEAR blockchain, aka mainchain, that implements the security leasing market.

Basics

• Based in:
• Started in / Announced on:
• Testnet release:
• Mainnet release:
• From the website (3-1-2022):

"The Octopus Network is a multichain interoperable cryptonetwork for launching and running Web3.0 Substrate-based application-specific blockchains, aka appchains."

Audits & Exploits

• Bug bounty program can be found [insert here].

Token

Utility

• From their docs (14-3-2022):

"$OCT, the native token of the Octopus Network, is a fungible, non-inflationary token with three primary utilities. $OCT is used to provide collateral to guarantee appchain security, select appchain candidates by upvoting and downvoting mechanisms, and governance. $OCT is an NEP141 token on NEAR protocol."

• From Ansem's Q1 report (1-1-2022):

"If the Octo Network is able to effectively bootstrap many appchains, the $OCT token will benefit greatly from all of these chains needing the shared security of the Octo validator set."

Other Details

• Has an ERC20 and a NEAR NEP141 token version of its OCT (3-1-2022).

Technology

• Whitepaper or docs can be found here (7-7-2021).
• Code can be viewed here.

Implementations

• Built on: NEAR and Substrate
• Consensus mechanism:
• Algorithm:
• Virtual Machine: EVM-compatible
• Development language used:

Transaction Details

• Capacity (TPS): 1000 (14-3-2022).
• Latency:

How it works

• From a commissioned Messari report on NEAR (30-1-2023):

"Octopus Network is a network of Substrate-based, EVM-compatible, application-specific blockchains (app-chains) that, like Aurora, are built as a set of smart contracts on NEAR. As with Polkadot, app-chains must register and pass a vote by holders of Octopus’s native token, OCT, before joining the network. There are currently five app-chains on mainnet."

• From Ansem's Q1 report (1-1-2022):

"The Octopus Network is a multi-chain network designed to create an interoperable ecosystem of specialized appchains, which utilize the Octopus Network for security. Octo does not have its’ own blockchain, rather it is a set of smart contracts that live within the Octopus Relay on the NEAR blockchain, combined with a set of validator nodes that appchains will pay for security of their application. The plan for each of these appchains is for them to be built with the Substrate framework and a specialized front-end for their application. These appchains will also be IBC-compatible once the implementation of the Substrate-IBC Pallet is complete, as well as being able to communicate with other NEAR tokens as the Octo bridge will deploy a NEP141 wrapper contract for each appchain token."

Appchains

• Has 2 appchains live (14-3-2022); Myriad and DeBio. And 9 candidates.
• Are based on Substrate. From their docs (14-3-2022):

"An appchain, or application-specific blockchain, is an independent blockchain used explicitly for a specific set of custom-designed applications. Unlike dApps, appchains allow developers to customize their applications in terms of governance structure, economic design, and underlying consensus algorithm.

Each appchain is a self-governed economy with code-defined explicit processes to reach agreements on protocol upgrades. Appchains have dedicated transaction processing capacity and can easily achieve 1000 TPS throughput and fast finality. In addition, appchains in the Octopus Network can scale their security as they need it, reducing the cost of publishing an appchain by a factor of 100."

Roadmap

• From a commissioned Messari report on NEAR (30-1-2023):

"In 2023, the primary focus of the core developers will be on developing Octopus 2.0, which will expand the Inter-Blockchain Communication (IBC) to protocol chains that are not based on the Cosmos-SDK."

• Can be found here (14-3-2022).

Competition

• From a commissioned Messari report on NEAR (30-1-2023):
• From Ansem's Q1 report (1-1-2022):

"Its’ structure is similar to that of Polkadot, but it is much less expensive for appchains to bootstrap their networks on Octo than it is for parachains on Polkadot."

Team, Funding and Partners

Team

• Full team can be found here.
• Louis Liu; founder
• Laid off 40%(12 out of 30) of its team during the bear market of 2022. The remaining team members will accept a 20% salary cut, and the Octopus Network’s team token incentive will be suspended indefinitely.

Funding

• Received $5 million in Series A funding from a variety of VC firms (6-9-2021):

"The Series A investors include: Continue, Youbi, DCG, GFS Ventures, Vestigium, Autonomy Capital, LCG Ventures, Bluehelix, Finance Ventures, Jubi Lab, GTA Venture, Gains Associates, Aussie Capital, K300 Venture, Mayor Capital, NetZero Capital, ELEVATE, Chainridge, Megala Ventures, VIC Group, Jigsaw, OIG Ventures, Bigcoin Capital, Meridian Capital, Westorm, Move Capital (Angel DAO) and Gate.io. In addition, Octopus Network ecosystem appchain protocols - Debio, Myriad Social, and Discovol — also participated in this Series A round."

Partners

• According to the website it is partners with (14-3-2022):

NEAR, Cosmos, Solana, Chainlink, Arweave, Flow, Oasis Foundation, Kyve, BeWater, Platon Network and Astar Network.

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