What is Octopus Network? Octopus Network (OCT) is a sidechain network that runs application chains of Web3-oriented Blockchain networks. cryptocoin.com In this article, we have answered the questions asked by investors such as what Octopus Network is, what it offers, what is OCT coin, what is it for, how to buy it. Let’s examine together this network that focuses on Web3 applications and interoperability.
What is Octopus Network?
Octopus Network is a Blockchain network serving in the field of interoperability and Web3. The core technology of this network is the ability to optimize Blockchain interoperability. Octopus, a sidechain built on the NEAR network, uses a set of smart contracts. With smart contracts belonging to the NEAR network, the project has launched a dApp called Octopus Relay. This decentralized application provides secure rental service to Web3 application chains. It also makes application chains interoperable with NEAR and other application chains.
What does Octopus Network offer?
Octopus Network provides an interactive community for cost-effective secure leasing, cross-chain interoperability, complete infrastructure and application chains. However, the project reduces the capital cost by 100 times to start the implementation chain. Octopus makes application chains much more efficient. It mainly has services for Web3 dApps. The ecosystem allows these chains to be launched and interact with other ecosystems. For example, application chains can interact with blockchains outside of Octopus via bridges on NEAR.
Blockchain network; It has high security, fast purpose, scalability and availability. So it works with high performance. It owes this to NEAR, one of the best Web3-based ecosystems on the market. The combination of Octopus gives it an unlimited number of application chains it can host. However, another interoperability project, Polkadot, has only 100 parachains.
What is OCT? What does it do?
Every user logging into the Octopus Network platform can secure an application chain. Octopus Relay app and OCT coin are required for this. OCT is the native cryptocurrency of the Octopus ecosystem. The ecosystem works with the Proof-of-Stake consensus mechanism. Accordingly, users gain the advantage of providing security to chains by staking their OCT. In return, they are rewarded by the platform with additional OCT coins at certain maturities.
What is Octopus Network? How is OCT taken?
To purchase OCT, it is necessary to access and become a member of a listing exchange. Octopus Network is currently traded on MEXC, Huobi, Gate.io and BingX exchanges. Investors who choose one of these exchanges and become members must deposit an asset in their wallets based on the parity in which the cryptocurrency is traded. So, depending on their balance, they can buy OCT on the pair.
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