What Is the Octopus Network (OCT)?
OCT is the native token of the Octopus Network, which is a multi-chain network built on the NEAR protocol. It allows developers to launch application-specific blockchains which are referred to as “appchains”. The Octopus appchains are fully customizable in terms of governance, economics, consensus mechanism, and so on. Besides, they are interoperable with other chains.
Check out the Octopus Network price chart above to see the current OCT price.
The Octopus Network was developed to address the issue of bootstrapping and application-specific blockchain running costs. Overall, its main aim is to make Web 3.0 application creation accessible to all developers.
The fundamental technology that powers the Octopus Network is the Octopus Relay. It essentially is a set of smart contracts that run on the NEAR network. The Octopus Relay makes appchains compatible with the NEAR protocol, Ethereum, and other appchains, while also providing them with leased security.
In terms of appchain interoperability, the Octopus Relay employs the Rainbow Bridge and the Substrate IBC pallet. The Rainbow Bridge allows appchains to connect with Ethereum and the NEAR protocol, while the IBC pallet allows them to connect with any other IBC-compatible chain. Thus, assets issued on IBC-enabled blockchains, Ethereum, or the NEAR network can be moved into Octopus appchains, and vice versa.
Talking about leased security, the Octopus Network employs the Leased Proof-of-Stake (LPoS) consensus mechanism. How does it work? In essence, OCT token holders lease their tokens to appchains and, in exchange, they receive rewards in the form of native tokens of these appchains. Overall, LPoS is a scalable and cost-efficient consensus mechanism.
Use Cases of OCT Tokens
OCT is the driving force behind the Octopus Network. Don’t forget to check the Octopus Network to see the live OCT price. In terms of the usage of OCT, the following are the main use cases of these tokens:
- Governance. OCT holders are able to become a part of the Octopus Network DAO and vote on various decisions considering the future development of the network.
- Staking. By staking OCT tokens, users are able to become appchain validators. They are responsible for validating the appchains and running nodes.
- Reward. Octopus validators are rewarded in Octopus Network tokens for their work.
- Upvoting appchains. OCT holders are able to support appchain candidates by giving them upvotes.
Tokenomics of OCT
The max supply of Octopus Network coins is 100 million. All OCT coins were pre-mined before the launch of the Octopus Network mainnet, which took place on October 8, 2021 (World Octopus Day). The supply of OCT tokens was split between the team, investors, and foundation, as well as set aside for airdrops, appchain rewards, initial security, Series A, the IDO, and the seed sale.
Besides, you should definitely analyze the main trends in the OCT price changes if you plan to buy Octopus Network tokens. You can do that on the Octopus Network price chart featured above.
