NEAR, Octopus Network and Fusotao Protocol

NEAR Protocol, often referred to as a third generation blockchain network, is a sharded proof-of-stake blockchain that puts a special emphasis on scalability and usability. While NEAR is frequently referenced as a ready-made scalability solution for existing Ethereum applications, it is equally capable of handling a suite of other types of decentralized solutions.Octopus Network — — A cost-effective and secure home for applications

Within this context, Octopus Network is officially launching the first application specific blockchain, aka appchain, protocol in the NEAR Ecosystem: A seismic achievement for NEAR, and a serious competitive advantage for winning over hundreds of applications and developer teams looking for a cost-effective and secure home for their applications.

The Octopus Network is a multichain interoperable crypto network that emulates the Octopus. Like the arms of an octopus, each connected application-specific blockchain (appchain) is empowered with its own intelligence and decision-making mechanisms to adapt to ever-changing environments. When connected as a whole, all members benefit from significant network effects and economies of scale — creating an Internet of Blockchains.

Octopus Network is a multichain cryptonetwork for launching and running Web3.0 application-specific blockchains — appchains.

Appchains in the Octopus Network benefit from flexible and cost-effective leased security (LPoS), out-of-the-box multichain interoperability, complete infrastructure, and a ready-to-be-engaged community.

Bringing appchains to NEAR, means that all of the most important stakeholders within the ecosystem will have additional opportunities for their products, services, and interests: Validators, have the capacity to secure appchains for additional rewards. Developers are free to customize and launch appchains with flexible parameters surrounding crypto-economics and governance for different use-cases across Web3.0. Finally, users are able to benefit from a host of new solutions that all sustain themselves upon the security and transaction load capacity of a larger mother network. As blockchain-ecosystems have evolved, and appchains on Polkadot and Cosmos can attest to, the future of crypto is closely related to the efficient deployment of such protocols!

Octopus Network, is launching a decentralized protocol for any developer, project, or entrepreneur, to quickly, efficiently, and affordably create their own appchains on NEAR. As founder of Octopus Network, Louis Liu explains:

“Octopus provides out-of-the-box security, interoperability, and on-chain governance to projects looking to create a specific chain for their open web application.”

More concretely, Octopus Network Relay runs as a smart contract on NEAR that provides the infrastructure for a validator marketplace between validators, and appchains launched through Octopus. Validators stake $OCT Tokens to validate a particular appchain. In return, Octopus validators are eligible to receive the respective token of the appchain they are validating: Each appchain has its own crypto-economic model and relevant inflation rate.

The Octopus Network decreases the cost to launch an appchain from several million dollars to less than one hundred thousand dollars — unleashing the 3rd Innovation Wave of Cryptonetworks.

Why Did Octopus Network Choose NEAR?

Octopus Network decided to build on NEAR after an extensive analysis of existing Layer 1 Protocols. According to Louis Liu, NEAR was chosen due to its scalable, interoperable, secure and user-friendly design:

“Last year we cooperated with several public blockchains. We are quite familiar with the public chain space. After comparison and investigation we came to believe that NEAR protocol is the best choice due to its security, fast finality, layer1 scalability and usability features. In addition, the rainbow bridge enables trustless interoperability between ETH and NEAR, making it a clear first choice.”

In light of other Layer 1 platforms that can accommodate appchains like Cosmos (Cosmos Chains), or Polkadot (Parachains), NEAR stands out with some key technical benefits: In relation to Cosmos, launching an appchain on NEAR is easier to do, as validators do not need to be bootstrapped for each individual appchain. As a result, ‘fair-launched’ chains can be created on NEAR, since tokens are only distributed to value bringing services (as opposed to speculators or those looking to secure the network). In relation to Polkadot, NEAR offers appchains with a significantly cheaper security lease, with no limit on the number of appchains capable of being launched. Polkadot’s limit is 100 parachain slots with less than 10 available this year. There is also no auction or ‘lock in’ on NEAR, as is the case on Polkadot.

Altogether, NEAR was chosen by Octopus because it was considered to be more affordable, scalable, user-friendly, and interoperable with networks like Ethereum than any other existing L1 solution.

This Infrastructure of Octopus Protocol Offers a Multitude of Tangible Advantages

Global Accessibility

Global accessibility is unrestrained by geographical locations and exposure to foreign markets, stocks, and other assets.

Fractional

Tokenization of synthetic assets on the blockchain allows market participants to hold or invest in premium assets in fractional amounts.

Non-Custodial

Octopus Protocol allows non-custodial access to real-world assets and facilitates new tools for investment.

Frictionless Experience

The Protocol offers a seamless way to exchange synthetic assets with limitless possibilities. For instance, exchanging Tesla stock with synthetic Bitcoin.

Execution

The Protocol encompasses a decentralized exchange for near-instant execution of orders supported with deep liquidity.

Security

The Octopus Relay provides unprecedented flexible and cost-effective leased security. Appchains decide how much security they want and how much they are willing to pay for it.

Interoperability

Appchains enjoy out-of-the-box interoperability, including trustless interaction with NEAR, Ethereum, and any IBC enabled blockchains.

Infrastructure

Infrastructure support for appchains includes testnet, RPC gateway, indexer, block explorer, wallet integration, archive service, and more.

Community

The Octopus Network acts as a meta-community that scaffolds new appchain communities via fundraising, recruiting, know-how sharing, tokenomics design, token listing, and more.

Conclusion

A New Frontier of Innovation With appchains implemented on NEAR via Octopus Network, a world of new applications, cryptoeconomic models, governance mechanisms and decentralized solutions is ready to launch on NEAR Protocol. While NEAR can handle Octopus appchains in an efficient, scalable and cost-effective manner, Octopus Network holds the promise of bringing entire communities of developers to NEAR. As the Web3.0 space continues to evolve and new decentralized applications emerge every day, the collaboration between Octopus Network and NEAR promises to significantly accelerate the development of the Open Web — to the great benefit of users, developers, and entrepreneurs alike.

💫 About Fusotao Protocol

Fusotao Protocol is a verification protocol for orderbook-based matching system using the paradigm of “execute off-chain, verify on-chain”. Fusotao network is an Octopus Network based application chain to hold users’ assets and verify the matching transactions from off-chain exchange services. Founders can build their own DEXs by using the Fusotao appchain as an on-chain verifier and deploying their own off-chain matching server. Communities can earn rewards by trading on the DEXs or directly staking tokens for the DEXs backed by Fusotao Protocol to share transaction fees from them.

🔴 You can reach Fusotao here:

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