There’s only a few times in the crypto space that I’ve seen a project that is truly groundbreaking and has life-changing potential as an investment. Octopus Network is one project that has flown under the radar the past few months and I suspect this won't last much longer. The Octopus Network is a web 3 NEAR-Backed Ecosystem and functions as a gateway for new app chain projects to build customizable blockchains with near-infinite scalability.
In my opinion, Octopus Network shines with their low-cost development ecosystem. They offer new projects lower barriers of entry and allow them to build their networks at a cost which is 100 times cheaper than the Polkadot network. A second advantage of Octopus Network is that they will have unlimited appchain slots while Polkadot network is limited to only ten a year! Lastly, Octopus Network offers benefits when launching a project early. When you launch with Octopus Network early, bonus Octopus tokens are rewarded by the team. The first hundred appchains will receive 100 thousand Octopus tokens and the first ten founding appchains will receive an extra 100 thousand Octopus tokens. The first two appchains to launch on Octopus network were Debio Network and Myriad. Both of these projects ditched plans to launch on Polkadots blockchain due to cost-saving incentives the Octopus Network offered. I suspect this will become a common occurrence with multiple projects as time goes on.
When considering making a crypto investment, you have to analyze what value the project brings to the world. The costs for initially developing a blockchain with Octopus Network are extremely low but one must also consider the long-term cost savings as well. Part of this consideration includes the ability for blockchains developed with Octopus Network to communicate with other blockchains effectively. Interoperability at a cost that doesn't break the bank is a key decision when making a choice of where to build. I reached out to Sheldon Dearr who is the Octopus technical lead to get a better understanding of the team's roadmap. When explaining the bridges for blockchains that they will offer he said:
"Our vision is to support a massively interoperable ecosystem of ecosystems by providing real value to concepts wanting to launch their own blockchains for a single purpose [not a layer 1] and to interconnect between all the ecosystems where we can feasibly complete a trustless bridge. The roadmap outlines our work between ecosystems more than anything: today, the first IBC->Substrate bridge is being built by us in cooperation with Injective Protocol and the parachain Astar/Shiden, then we will bridge from our ecosystem back to Polkadot, and build more bridges after that. The end goal is to utilize other BTC layer 2's like ChainX, Ethereum [and others] to integrate them with appchains that we support, enabling a rich offering without recurring service/agreement costs for bridging ecosystems together. By the end of this year we'll have much more progress under our belt, uniting NEAR Protocol, Kusama/Polkadot and the Cosmos ecosystem through IBC but also through community."
The value of a project is determined by how much active development their ecosystem has. Octopus Network partners will save money by avoiding barriers that other projects currently face. With these benefits, a mass exodus of current and pending blockchains is possible. Last year we saw Solana garner heavy support from new projects who started to develop on their blockchain and of course, it led to an explosion in price. There isn't a month that goes by without new news being released about Octopus Network’s progress. On March 30th, the team announced a strategic partnership with V2B labs. V2B labs lends a hand to the growth of a blockchain ecosystem and has the capacity to incubate promising start-ups in their early stages. Two of V2B labs most exciting projects are eyeing Octopus Network as their new home. One is Creator Chain Network which is a Blockchain-as-a-Service (BaaS) project with hopes of becoming the go-to chain for GameFi, DeFi, and the Metaverse. The second project is a gaming platform called Startverse which is a creation of Unicorn Studios. Their two co-founders have an expansive history in gaming. To date they have over forty PC and console game releases.
As we move deeper into spring, the popularity of Octopus Network is undeniable. The third appchain project which launched on Octopus Network was DEIP protocol. DEIP Protocol went live via Skyward Finance on April 15th. In addition, all participants of the DEIP initial dex offering (IDO) were airdropped Octopus tokens at a rate of 1 Octopus token to 1000 DEIP Protcol coins. This initial dex offering began on April 15th and concluded on April 29th. Another project gaining speed is a pending project named Atocha. They’re a puzzle protocol that has just entered the official auditing process with Octopus Network. Considering how fast they have moved through the initial steps to launch their appchain, I expect them to have lots more development quickly. In future months.
The Octopus Network has two programs which reward learning and community participation. The first program is the accelerator program. Each year, the Octopus network will fund twenty new appchain projects with fifty thousand dollars. Quite frequently development teams have great ideas, but can fall short with cash. This can lead to great projects being left behind and never seeing the light of day. It's refreshing to see Octopus Network take the lead and reward learning. The second program is the ambassador program. If an individual meets the requirements for this program they will be rewarded Octopus Network tokens for completing tasks which spread the word about their project. These requirements involve having enough followers as well as engagement on respective social media accounts. Personally, I value when a community opens its doors to anyone. The Octopus Network's team inspires people and rewards the learning they do. This type of philosophy drives home the same principles Hackernoon was founded on. A project that doesn't thrive on exclusivity, but instead has open doors, and encourages learning is exactly what Hackernoon has thrived on!
It seems the world is catching on to this project's advantages! As Octopus Network’s tentacles grab more projects and strategic partnerships. You only have to ask yourself one question: are you ready for Octopus Network to grab hold of you?
This story is part of the Web3 Writing Contest hosted by The Octopus Network in collaboration with HackerNoon.