Octopus Network Token

What is OCT and how Does It Work?

The OCT operates with an Adaptive IBC that navigates the intricacies tied to the cross-chain interaction across diverse blockchains. This system allows OCT to simplify engagement across different types of blockchains, rendering a comprehensible interface for varying tokens. Its support extends to decentralized applications (dapps), representing web applications with a component of their backend located on a blockchain. These dapps can be initiated via smart contracts on a blockchain platform, or operate on an individual blockchain, often referred to as an appchain. The Octopus Foundation furthers the supportive ambiance of OCT by endorsing the Octopus Accelerator Program. This scheme provides engaging courses and seminars to Substrate developers and Web3 teams, facilitating in-depth comprehension of blockchain and potential applications.

The Vision and Mission Behind OCT

The body of knowledge available at Octopus Network is regularly augmented by contributions from experts and mentors via a range of seminars and educational content. One aspect of the network's operation involves sending fraud proof challenges to Octopus Relay under the supervision of a collective of validators. Assistance is provided to independent Substrate chains, each configured with specifically tailored tech stacks for distinct use cases. Octopus Network counts NEAR Restaking among its collaborators, seeking to enhance its shared resources. Delegators, in addition to validators, can access a wide range of functional resources from Octopus Network. It employs the Inter Blockchain Communication Protocol (IBC) for the hassle-free, non-restrictive transfer of data across different blockchains. The team at Octopus's center has significantly contributed to the development of IBC protocols. Within the Octopus Network, the community holding Octopus tokens, inclusive of validators and delegators, plays a part in shaping the network's trajectory and decision-making. Octopus Network aims to establish connections with blockchains like NEAR and Ethereum using the Rainbow bridge and constantly explores opportunities to connect with other IBC-supportive blockchains. A comprehensive set of deployment infrastructure is provided for appchains by Octopus Network, encompassing an RPC Gateway, Appchain Explorer, Appchain Indexer, and Appchain Archiver. Delegators obtaining block rewards via NEAR restaking, arranged by their respective validators, is one aspect of the network.

How to Buy and Store OCT?

To purchase OCT, Flooz.xyz offers a streamlined process. Flooz.xyz offers a one-stop solution to buy this token, using a smooth checkout, without the need to own a wallet. Tap tap go! All payment methods are supported. Using Flooz self-custodial web wallet, you ensure seamless OCT transactions, including storing, sending, and receiving tokens. You can create a self-custodial wallet directly on Flooz using your email, Google, and Apple ID in a matter of seconds. This seamless and optimized trading experience has captivated over 85,000 active traders on Flooz.xyz. This also ensures that you have access over your funds at all times, thanks to the power of cryptography. Flooz.xyz aggregates more than 50+ providers to ensure you with the fastest and cheapest payment routes for your trades.

OCT Metrics:

• Current price: $0.0914

• Market cap: $9.14 M

• All-time high: being indexed (being indexed)

• All-time low: being indexed (being indexed)

• Daily trading volume: $0

Exploring OCT Financial Mechanics

Validator nodes form a decision-making framework for block production within the appchain network of Octopus Network. The innate attributes of appchains facilitate developers to modify factors such as application parameters, governance models, economic systems, and consensus methodologies. Validator nodes in the appchain support validator set changes with OCT tokens.

Validators play a significant role within Octopus Network. These nodes handle the appchain protocol to deliver availability and accuracy, as well as receive a commission in the intrinsic token of the appchain.

In Octopus Relay, a stage aids in the transmission of appchains in an atmosphere where reliance is unnecessary. This feature helps appchains that have passed their verification phase, moving into the development phase and becoming accessible.

Appchains within the Octopus Network employ the Leased Proof of Stake (LPoS) characteristic, reducing the resources needed for their establishment. The chains carry out transactions while meeting the demands specific to each application. They utilize a Rust-based Inter-Blockchain Communication (IBC) library solution as the default, facilitating interaction between chains without the need for a trusted party.

Octopus Network uses the staking mechanism of OCT tokens to provide a supply of native tokens to appchains. A significant portion of appchain block rewards is allocated to NEAR restakers and used for OCT token operations.

Punitive measures in the Octopus Network involve removing OCT stakes of parties producing fake proofs. Token management comes with a 21-day unbonding period.

Octopus Network offers Substrate-based appchains with adaptability, scalability, and upgradability benefits. EVM-compatible appchains, also referred to as appchains, are welcomed.

Octopus 1.0 and 2.0 are Substrate-based appchains that focus on providing user-friendly experiences and blockchain-focused solutions within the Cosmos SDK framework, respectively. These deployments accept registrations and provide funding opportunities to selected appchain ventures via the Octopus Accelerator Program.

The NEAR Restaking mechanism enhances safety by empowering NEAR allocations to gain various staking rewards as validators or delegators.

Octopus Network serves as an all-inclusive Web3 infrastructure, providing mutual security and cooperation for appchains within its network and the NEAR Protocol ecosystem. Additionally, it enables appchain developers to adjust configurations by offering API access services.

Considering future plans, the network aims to include the NEAR gen3 blockchain to manage scaling issues and enable scalable network-based smart contracts. Furthermore, the Octopus Accelerator Program and a range of educational curricula, sponsored by the Octopus Foundation, offer support for appchain ventures.

Within the Octopus Network, various solutions, tools, and technologies cater to Substrate blockchains, covering setup and installation using Rust, and employing the Solidity Barnacle EVM template for appchain establishment. As delegators, validators impose a fee on block rewards, and penalties are possible in the case of validator infringements.

Advanced Insights: Mining and Ecosystem

The Octopus Network operates on a blockchain that uses NEAR Protocol's smart contracts. Community members operate appchains on Substrate nodes, with validators earning rewards based on the block production. The Octopus Relay, composed of smart contracts on NEAR, keeps the connectivity of the appchains within the Octopus network. With auditing requirements for Appchains and adherence to established rules, the network organizes scalability using the NEAR gen3 blockchain and layer2 technology with sharding. The Octopus Network also facilitates connectivity to control chains and serves as a connector between appchains and NEAR. Efforts are ongoing to incorporate the Cosmos ecosystem and tokens like Polkadot and Ethereum to enhance operability.