Octopus Overview

Date : 2021-04-03
Authors: @LUUDYOR
Reviewers:@namlee2u

Octopus

Octopus is a protocol for launching Web3.0 app chains. By decreasing the cost of bootstrapping Web3.0 applications in form of blockchain by two orders of magnitude, from several million dollars to less than one hundred thousand dollars;

Providing leased security, out-of-box interoperability and everlasting forkability; facilitating generalized mining centered token economics;

Bonding a set of social contracts consist of fair launch, regulatory compliance token distribution and protocol participants dominant on-chain governance, the project will unleash the Web3.0 gold rush.

Fundamentals:

An app chain will get the best from being an autonomous blockchain and a part of a well-connected network with rich services and facilities:

-Unprecedented flexible and cost-effective leased security from Relay to app chains. Appchains decide how much they are willing to pay for security.

– Best out-of-box interoperability, including trustless interaction with relay, another app chain, heterogeneous blockchains such as Ethereum and any IBC enabled blockchains.

– Infrastructures provided to app chains as common goods including testnet, RPC/API gateway, block explorer and archive service.

– Octopus, as a community, will support Web3.0 applications from many aspects, such as fundraising, technical support, token economics mentoring, PR teaming, etc.

Tokenomics:

– $OCT is a fungible, non-inflationary utility token, that is required for staking on different app chains to ensure their security economically.

$OCT is a NEP-21 (NEAR Enhancement Proposals-21 which is equivalent to ERC-20 standard) token on the NEAR protocol.

Token Distribution Plan:

– The total supply of $OCT is 100 million, which will be minted at the mainnet launch once for all.
– The plan is to sell 40% of them to institutional investors via two-round private fundraising, this part will be released when the mainnet goes live.

– 5% $OCT belongs to NEAR foundation who is Octopus’s strategic partner and investor.
– 30% belongs to angel investors and the team.
– 25% is reserved by Foundation for promoting the ecosystem.
– The latter 60% $OCT has vesting that will be released linearly in 3 years after mainnet launch.

 

TGE/Listing:

1/ TGE: When mainnet goes Live.
2/ Listing: N/A

Technology:

– The core technology of Octopus Network is trusted minimal blockchain interoperability, which we learned from previous projects development and Cosmos IBC, Polkadot, Binance BC-BSC Bridge, NEAR Rainbow Bridge, PoA Bridge and many others.

Based on interoperability, Octopus Relay, which itself is a set of a smart contract running on NEAR blockchain, provides leased security to app chains, and make app chain interoperable with NEAR and other app chains.

Furthermore, app chains can interoperate with blockchains outside the Octopus Network, either via bridges on NEAR, such as with Ethereum via Rainbow bridge, or they could utilize the out-of-the-box IBC pallet to connect with any IBC enabled blockchains directly at will.

– Anyone can provide security to a specific app chain he chooses by staking $OCT token in Octopus Relay. After staking, he should set up and run a validator node for this app chain.

All validator nodes in one app chain will make a quorum to reach consensus on block production, and this quorum is synchronized with staking status in a relay.

If a validator honestly runs consensus protocol, it will be rewarded with app chains native token issued in the protocol.

If one or many validators act maliciously in the consensus process, any honest node could submit fraud-proof to Octopus Relay to challenge malicious actors.

Once the fraud-proof is confirmed, the staked $OCT belongs to malicious actors will be slashed. By this mechanism, app chain security is economically ensured by $OCT staking in Octopus Relay.

Roadmap:

-March 2021: Phase I testnet with leased security
-May 2021: Phase II testnet with cross-chain assets
-July 2021: A-round fundraising; Phase III testnet, fully-functional
-August 2021: Security auditing; Enable OCT token transfer
-September 2021: Mainnet launch; Open app chain registration
-October 2021: 1st App chain go live

Team:

1. Louis Liu – Founder & CEO

2. Julian Sun – Co-founder & CSA

3. Mike Tang – Co-founder & VP of Dev Community

4. Burt Chen – Developer

5. Flex Chen – Developer

6. Madwiki – Developer

7. Lester Li – Dev Community Manager – China

8. Leo Liu – Designer

9. Aaron Ting – Dev Community Manager – Southeast Asia

Investor:

– NEAR
– DI Ventures
– SevenX
– Puzzle Ventures
– PNYX
– Electric Capital
– Ascensive Assets
– Origin Capital
– ZMT Capital
– Bixin Ventures
– Block Dream Fund
– Spark digital capital
– ChainX
– StaFi
– NGC Ventures

Advisors:

N/A

Partners/Backers:

1. Near
2. Cosmos
3. Solana
4. Chainlink
5. Arweave
6. PlatON
7. OASIS FOUNDATION
8. FLOW

Ecosystem:

N/A

Reference:

1/ Website
2/ Twitter
3/ Mail: [email protected]

4/Discord

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