Octopus Network – Where Web3.0 happens
TOKYO, TOKYO, JAPAN, Aug 21, 2021 /EINPresswire.com/ – Octopus Network, a brand new multichain crypto network designed to bootstrap and run application-specific blockchains, also known as appchains, claims to be through deployment More flexible, leased security from outside Box interoperability, infrastructure from a single source and a ready-to-use community will trigger a wave of innovation for Web3.0 that is accessible to all substrate developers and Web3.0 teams. Interested investors can support the Octopus Network at Skyward Finance from August 22nd to 29th.
According to Octopus, the path to Web3.0 is already being actively paved by Polkadot and his precocious buddy Kusama, as well as the visionaries of Cosmos. All three of these protocols are based on the inevitability of a future where multiple blockchains will be able to interact with each other rather than exist in silos. Just as today’s Web2.0 Internet TCP / IP standards define the Internet as a network of networks with a multitude of services, interoperable crypto networks such as Polkadot, Kusama, Cosmos and Octopus are often referred to as the “Internet of Blockchains” – a Metaverse, in which decentralized crypto networks exist side by side and exchange values and information with one another.
Octopus describes itself as similar to Polkadot and Cosmos in that it also aims to bring decentralized applications to every online industry that the traditional Web2.0 middleman has controlled to date – and to give value back to the real creators – be it in DeFi , Gaming, NFTs, DAO, Advertising, Creator Economics (Video, Audio, Graphics, Text), Prediction Markets, and more. Trustless, autonomous blockchains that can interact with each other have the advantage of being both sovereign and benefiting from the network effects of interoperability, as services become more valuable when more people can use them.
However, according to Octopus Network, being a trusted multichain crypto network brings its own challenges. Establishing a consensus mechanism requires nodes, also called validators, to deploy funds to secure the chains. And each of these platforms – Polkadot / Kusama, Cosmos Zones and Octopus Network – offers its chains of sovereignty security in different ways. While Substrate has reduced both the cost and effort of building sovereign chains, security bootstrapping is still a technically complex and capital-intensive task for developers.
Octopus Network believes that starting a chain on Polkadot, Kusama and Cosmos is expensive and out of reach for most startups and development teams, and that Octopus Network will cut the cost of starting an Appchain 100X – from several million dollars to less than one a hundred thousand dollars. Web3.0 should be accessible to everyone, not just rich protocols. Octopus explains that when Polkadot and Kusama collaborated on security design, developers have only one choice – to win a slot in the auction.
A parachain must be able to pay the consensus cost of sharding the network, which can run into tens of millions of dollars annually. The results of Kusama’s last five auction winners speak for themselves, with bids ranging from $ 25 million to $ 96 million. The application-specific blockchains from Cosmos are called “zones”. The security model of Cosmos Zones differs from the common security model of Polkadot Parachains (“parallel chains”) in that each Cosmos Zone has to boot its own unique active validator set from the ground up, which represents a high development effort for the creation of security.
According to Octopus, most projects looking to launch an appchain are startups who may not be able to afford the bond required for a polkadot parachain rental or the hassle of bootstrapping a unique validator set for a Cosmos zone. Compared to Cosmos’ Sovereign Security and Polkadot’s shared security models, which run the risk of being fully priced out for smaller use cases and less wealthy developers, Octopus uses a leased security design.
Octopus describes its Octopus Relay as a series of smart contracts that run on the NEAR blockchain, also known as the mainchain, that implement the security leasing market for its appchains. The Octopus Relay smart contracts provided on NEAR use the security of the NEAR blockchain. But Octopus appchains have their own security that they lease from Octopus Relay. To put it simply, Octopus appchains pay rent in their native tokens to lease security from Octopus token holders.
Octopus states that in Octopus, each appchain can decide on its own economic model, including the number of tokens it is willing to pay validators for security. Octopus token holders decide which app chain they want to participate in, creating a free market where appchains can lease the security they need at any time at the market price.
The Octopus Network differs from its three predecessors – Polkadot, Kusama, and Cosmos – in that it lowers the economic barriers of Web3.0 innovation to make the adoption of application-specific sovereign blockchains accessible to a wider range of innovators and use cases with no limits of scalability to unleash Web3.0 innovations for everyone.
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August 20, 2021 at 11:35 PM GMT
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