Octopus Network is selling 2.5% of $OCT token on Skyward Finance. The sale starts on Aug 22 at 00:00 UTC and will last for 7 days.
DISCLAIMER: The information below is provided by the Octopus Network team and is not verified by the Skyward Finance.
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 Octopus Network decreases the cost to launch an appchain from several million dollars to less than one hundred thousand dollars. Octopus Network works as a free market where appchains can lease the level of security they need at market price any time by using $OCT tokens.
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. Octopus appchains sit on the demand side of the market. They pay rent in their native tokens to lease security from $OCT holders. $OCT holders that delegate their $OCT by staking on appchains have the advantage of diversifying their investment profiles with a wide variety of protocols.
The Octopus Relay enables appchains’ interoperability with NEAR protocol and Ethereum via the Rainbow Bridge. Additionally, appchains can utilize an out-of-box IBC pallet to connect with any IBC enabled blockchains directly.
Any asset issued on Ethereum, NEAR, or any IBC enabled blockchain can be transferred into and utilized by Octopus appchains trustlessly. Conversely, assets issued on appchains can be transferred trustlessly out to Ethereum, NEAR, and any IBC enabled blockchain.
About $OCT token
$OCT token is a native Ethereum ERC-20 token bridged to NEAR protocol using Rainbow Bridge.
Token Account ID: f5cfbc74057c610c8ef151a439252680ac68c6dc.factory.bridge.near
Ethereum Token Contract Address: 0xf5cfbc74057c610c8ef151a439252680ac68c6dc
Total supply: 100,000,000 $OCT
41% of $OCT are to be distributed to investors — 6% to angel investors, 5% to a strategic investor (NEAR foundation), 27.5% to institutional investors who participate in seed and Series A private sales, and 2.5% to IDO investors.
The remainder of $OCT belongs to the Octopus Foundation. Of that, 30% of the total supply will be used to incentivize upcoming Octopus community contributors. 24% $OCT is to reward the core team over 5 years starting from April 2019. Finally, 5% of $OCT over 5 years after the mainnet’s live is allocated for social media users who help share the value proposition of Octopus Network.
All $OCT will be minted before the Octopus mainnet goes live. 30% supply will go into circulation right after that, including tokens belonging to IDO, Seed, and Series A investors. 5% $OCT belonging to the foundation will be used to provide initial security for appchains. 65% of the total supply, including tokens distributed to angel investors, the strategic investor, core team, and foundation, will be released linearly over 3 years after the token generation event.
- 15% seed + 12.5 series A + 2.5% IDO = 30%, no lock.
- 65% belong to angels, NEAR foundation, core team, and Octopus Foundation — linearly released over the course of three years.
- 5% initial security, no locking, but will be only used for appchain staking, will not go into the circulation.
$OCT, the native token of the Octopus Network, is a fungible, non-inflationary token with three primary utilities:
- Collateral to guarantee appchain security
- Endorsing appchain candidates by upvoting them in the candidate queue
Octopus Validators stake $OCT tokens to validate a particular appchain and set up a node to run that appchain’s protocol. In return, Validators are eligible to receive the respective native token of the appchain they are validating. Octopus Delegators can delegate their $OCT to Validators for a share in the staking rewards of an appchain’s native token. Staking rewards are distributed to Delegators directly after Validators collect a unified commission.
There are only 100 mil $OCT tokens and this is a fixed supply with no inflation. The $OCT holders can stake their $OCT to give security to appchains and appchains give staking rewards to $OCT stakers in the form of their native tokens.
$OCT holders will also be able to endorse appchain candidates by upvoting them. So, $OCT holders not only have the opportunity to earn an incredible variety of token assets by staking on different platforms, they actually get to decide what protocols they would like to have the opportunity to stake on.
When Octopus runs in its full capacity, 30-50 appchains will be launched in the network annually. If the long-term equilibrium rate of return of appchain staking is 5% per annum, newly launched appchains alone will bring in about $400M in collateral demands each year.
$OCT holders are entitled to control the governance of the network by forming the Octopus DAO. It’s common knowledge that a sound and widely participated-in governance will give $OCT holders more stable value expectations and suppress extreme fluctuations in the token price.
The Octopus team (previously known as Cdot) has been working on universal blockchain interoperability protocol IBC and cross-chain integration for quite a long time, so we have an insight into the bottlenecks which can impede the development of Web 3.0 — such as technical and commercial barriers.
The Octopus Team has successfully built IBC for Substrate and has also offered Substrate online training courses in China. These courses trained the first batch of Substrate developers in China. It was the genesis of the Chinese Substrate Community. We are also the organizers of the Rust community in China (including RustCon).
To date, many members of the Octopus team have served as teaching assistants for the course, which is now an official course funded by Parity, Inc. Based on these experiences, we are negotiating with partners worldwide, including the NEAR education team, to provide similar training courses globally.
The purpose of Octopus Network is to help appchains. 100% of the funds raised are used for this goal. Part of the funds, approximately 1.5M USD per year, is the direct expenditure of the core team for the development, maintenance, and promotion of Octopus Network's one-stop appchain infrastructure.
In addition, 1M USD per year directly funds 20 appchains through the Octopus Accelerator. According to this burn rate, the raised funds can meet the expenses of Octopus Network for four years.
- Website https://oct.network/
- Youtube https://youtube.com/channel/UCkMYDmXdgjCBTBggSEAy0ZQ
- Twitter https://twitter.com/oct_network
- Telegram https://t.me/octopusnetwork
- Github https://github.com/octopus-network