Octopus network is a cryptonetwork for launching and running Web3.0 application specific blockchains, aka appchains. By decreasing the capital expenditure for bootstrap an appchain by two orders of magnitude, from several million dollars to less than one hundred thousand dollars, Octopus Network is committed to unleash an innovation wave of Web3.0.
An Octopus appchain gets advantages from both being an autonomous blockchain and a member of a well connected network with rich services and facilities to utilize.
The core technologynology of Octopus Network is trust minimal blockchain interoperability, which explored by Cosmos IBC, NEAR Rainbow Bridge and many others. Based on interoperability, Octopus Relay, which itself is a set of smart contracts running on NEAR blockchain, provides leased security to appchains, and make appchain interoperable with NEAR and other appchains. Furthermore, appchain 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.
Anyone can provide security to a appchain by staking $OCT token in Octopus Relay. After that, he should set up and run a validator node for this appchain, and the node will sync validator set from Octopus Relay. Then all validator nodes for one appchain will form a quorum to reach consensus on block production, be rewarded by appchain native token issuing. If one or some validators act maliciously in the consensus process, any honest node could submit a fraud proof to Octopus Relay to challenge them. Once the fraud proof is confirmed, the staked $OCT belongs to malicious actors will be slashed. By this mechanism, appchain’s security is economically ensured by $OCT staking in Octopus Relay.
Octopus network website: https://oct.network