From May 26th, we officially list Octopus Network Token (OCT) on the ONUS application. Soon after OCT is added, users can perform the following features:
- Off-chain transactions: Send and receive OCT with other users in the ONUS network.
- Exchange: Swap from VNDC or USDT to OCT and vice versa.
About Octopus Network
The Octopus Network is a NEAR-based multichain interoperable crypto-network for launching and running Web3.0 Substrate-based, EVM compatible application-specific blockchains, aka appchains. The Octopus Network, backed by top VCs including Digital Currency Group and Electric Capital, is committed to unleashing a new wave of innovation for Web3.0.
The core technology of Octopus Network is trust-minimal blockchain interoperability. Based on that, Octopus Relay, which itself is a set of smart contracts running on NEAR blockchain, provides leased security to appchains, and makes appchains interoperable with NEAR and other appchains. Furthermore, appchains can interoperate with blockchains outside the Octopus Network, either via bridges on NEAR, such as with Ethereum via Rainbow bridge, or they can utilize the out-of-the-box IBC pallet to connect with any IBC enabled blockchains directly.
Anyone can provide security to an appchain by staking $OCT tokens in the Octopus Relay. After that, the validator should set up and run a validator node for the appchain, and the node will sync the validator set from the Octopus Relay. Then all validator nodes for one appchain will form a quorum to reach consensus on block production and be rewarded with the appchain native token. If one or more validators act maliciously in the consensus process, any honest node can submit a fraud proof to the Octopus Relay to challenge them. Once the fraud proof is confirmed, the staked $OCT belonging to the malicious actors will be slashed. By this mechanism, an appchain’s security is economically ensured by $OCT staking in the Octopus Relay.
What is OCT Token?
OCT is a native token of the Octopus Network ecosystem, operating on NEAR according to NEP141 standard, and can be used to:
- Pay reward for validators and delegators
- Stake to become validators and delegators
- Collateral for Appchain security and validation
- Name: Octopus Network Token
- Symbol: OCT
- Platform: NEAR
- Standard: NEP141
- Type: Utility, Governance
- Smart Contract Address: f5cfbc74057c610c8ef151a439252680ac68c6dc.factory.bridge.near