About

Octopus Network is a multichain, interoperable Web3 infrastructure that facilitates the launch and operation of application-specific blockchains, also known as appchains. It offers security, interoperability, and infrastructure features. The network encourages Web3 developers to build on its platform by providing opportunities for community engagement, staking, and funding through its accelerator program. Octopus Network is focused on creating a rich Web3 ecosystem and welcomes teams interested in building on Substrate or implementing Solidity projects on EVM compatible Appchains. The project has been rebranded to Omnity Network, and will be releasing a new token (OT).

History

The team that founded Octopus Network previously worked in the project Cdot. The founder's background goes back to their work in universal blockchain interoperability protocol IBC and cross-chain integration successfully building the IBC for Substrate. They also organized the Rust community in China, the language in which Octopus Network is built. The grassroots of Octopus Network are in the contrast between Web2 platforms, run by companies whose goals are directly aligned with maximizing shareholder profits, and Web3 cryptonetworks with lower transaction costs and faster transaction speeds, allowing decentralized applications owned by the user community. In this context and long-term vision, Octopus Network launched its Mainnet in October 2021 as the new contender in the realm of Internet of Blockchains. To get into fruition, the network performed a series of rounds including seed fundraising, angel, and series A investors raising over $9.3 M. In addition to the former, the project raised one million in NEAR token during an IDO. Octopus Network is providing a unique multi-chain network where developers are able to deliver fully optimized Web3 applications by building appchains. While other interoperable networks (e.g., Cosmos, Substrate) have decreased the development cost of appchains, its bootstrapping is technically complex and capital-intensive for developers. Octopus Network is seeking to solve those bottlenecks and accelerate the process by which all public blockchains and multichain networks will eventually be interconnected in the Internet of Blockchains. Launching an appchain in Octopus Network is easier and less costly because validators sets do not need to be bootstrapped for each individual appchain from the ground up, offering significantly less expensive security lease. Moreover there is no limit in the number of appchains that can be launched (in contrast with a limited number of parachains). In addition to the former, while in other interoperable networks thousands of applications share a standard set of configurations, in Octopus Network an appchain in a PoS setting could achieve 1K+TPS and fast finality because each appchain is independent and capable of choosing its own economic model, and the number of tokens that is willing to pay validators for security. Therefore Octopus Network works as a free market where appchains can lease the security needed at market price any time, minimizing the capital expenditure to launch and run appchains especially during the initial stages where few people take the risk of accumulating a large number of tokens to become a validator. In this regard, Octopus Network creates economies of scale in security, which according to its founder, will mean less resources sacrified for the sake of better user experience in Web3 applications.