Octopus Network (OCT)

Deprecated

Appchains and Blockchain Infrastructure

Octopus Network helps developers create and run appchains, which are special blockchains made for specific applications. This makes it easier and cheaper to build and operate these blockchains compared to traditional methods. Appchains can choose how much security they need and pay for it, making the process flexible and affordable.

Interoperability and Connectivity

The network connects appchains with other blockchains like NEAR and Ethereum, allowing them to communicate and work together smoothly. This helps users and developers perform complex tasks across different blockchain systems without high costs or delays.

Developer Support and Tools

Octopus Network offers tools like RPC gateways, block explorers, and cross-chain bridges to help developers build, test, and manage their appchains efficiently. It also runs an accelerator program to support new projects with development and marketing help.

Token Use

The native token, $OCT, is used to pay for security leasing by appchains and to participate in the network’s governance through the Octopus DAO. It acts as a medium of exchange within the network, supporting its operations and growth.

Pros

• Provides a scalable and seamless solution for handling high transaction loads without losing speed or security.
• Ensures high-level cryptographic encryption, making transactions and accounts secure.
• Supports interoperability by allowing diverse appchains to coexist and interact with independent consensus models.
• Enables developers to launch customizable application-specific blockchains (appchains) with flexible governance, economics, and consensus mechanisms.
• Uses leased security from OCT token holders, reducing the cost of launching appchains compared to other networks.
• Facilitates easy integration with wallets and exchanges through standard wrapper tokens.
• Offers a user-friendly platform accessible even to beginners.
• Has a growing community with mostly bullish sentiment on social media.
• Supports interoperability with NEAR, Ethereum, and IBC-enabled blockchains.
• Provides rewards to token holders who lease their tokens to appchains.

Cons

• The network is relatively smaller compared to some rivals and still has to prove itself fully in the crypto space.
• Execution of plans may face delays.
• Highly volatile price, which may not suit all investors.
• No support yet for contracts or ETF trading on exchanges.
• Success depends heavily on the adoption rate and growth of appchains.
• Requires users to do their own research and understand the ecosystem before investing.

Founders of Octopus Network

The founders of Octopus Network are Louis Liu, Julian Sun, and Mike Tang. Louis Liu has been active in the crypto space since early 2013 and is known for his work in blockchain technology, Web3.0, token economics, and crypto asset markets. The team previously worked on the project Cdot and has launched Omnity, a decentralized cross-chain world.

Investors in Octopus Network

Octopus Network has raised a total of about $8-9 million over 3 funding rounds. It is backed by around 38 to 41 investors. Some of the notable investors include:

• NetZero Capital and K300 Venture (recent investors from the Series A round in August 2021)
• Digital Currency Group
• Blockchain Coinvestors
• NGC
• Youbi Capital

These investors are a mix of venture capital firms and crypto-focused investment groups supporting the growth of Octopus Network's Web3.0 appchain ecosystem.

Halal Status of Octopus Network

• Hanafi School: No. Octopus Network is considered not halal because this school permits only true fish with scales from the sea. Octopus, lacking scales, is classified as makruh (disliked) or impermissible.
• Shafi’i, Maliki, Hanbali Schools: Yes. These schools consider all sea creatures halal, including octopus, based on the Quranic verse that permits all seafood.
• Shia (Ja’fari) School: No. Similar to Hanafi, they consider only fish with scales halal, so octopus is not halal.
• General Sunni View: Mostly yes, except Hanafi which is more restrictive.

Short Reason: The halal status depends on the Islamic school of thought; most allow octopus as halal because it is a sea creature, but Hanafi and Shia schools do not because octopus is not a fish with scales.