Octopus Network (OCT)

Appchain Launching and Security

Octopus Network lets developers create and run their own appchains, which are special blockchains made for specific applications. These appchains lease security from Octopus Network token holders, allowing them to pay only for the security they need. This makes launching and running blockchains cheaper and more flexible.

Interoperability

Appchains on Octopus Network can easily connect and communicate with other blockchains like NEAR, Ethereum, Polkadot, and Cosmos. This helps apps work smoothly across different blockchain systems and improves user experience.

Governance

Token holders participate in the governance of the network through the Octopus DAO. They help decide on important rules and upgrades, making the network community-driven.

Developer Support and Ecosystem

Octopus Network offers tools, infrastructure, and accelerator programs to help developers build, launch, and grow their appchains quickly and efficiently.

Use Cases

It supports a wide range of Web3 applications including gaming, NFTs, DAOs, IoT platforms, and other decentralized apps that benefit from scalable, customizable blockchains with strong security and interoperability.

Pros

• Affordable Appchain Launching: Octopus Network lowers the cost of launching custom blockchains (appchains) from millions to tens of thousands of dollars.
• Customizable Appchains: Developers can design appchains with their own governance, economic models, and consensus mechanisms.
• Interoperability: Supports cross-chain communication with NEAR, Ethereum (via Rainbow Bridge), and other IBC-compatible blockchains.
• Leased Security: Provides flexible and affordable security for appchains through a leased proof-of-stake system.
• Built on NEAR Protocol: Benefits from NEAR’s fast and scalable infrastructure.
• Network Effects: Appchains connected through Octopus Network gain from shared security and interoperability, creating an "Internet of Blockchains."

Cons

• Relatively New: Still proving its long-term reliability and consistency in the crypto space.
• Smaller Compared to Rivals: Faces competition from larger ecosystems like Polkadot and Cosmos.
• Execution Delays: Some roadmap milestones have experienced delays.
• Price Volatility: Like many cryptocurrencies, its token price can be volatile and influenced by market trends.

For more details, visit Octopus Network's official site.

Founders of Octopus Network

The main founder of Octopus Network is Louis Liu, who is also the CEO. Other co-founders include Julian Sun and Mike Tang. Louis Liu has been active in blockchain technology and Web3.0 since early 2013 and has played a key role in developing the project.

Investors in Octopus Network

Octopus Network has raised about $8-9 million in funding over 3 rounds. It is backed by around 38 to 41 investors. Some notable investors include NetZero Capital, K300 Venture, Digital Currency Group, Blockchain Coinvestors, NGC, and Youbi Capital. These investors support Octopus Network's mission to make launching Web3.0 appchains easier and more affordable.

Halal Status of Octopus Network

• Yes/No Answer: There is no direct Islamic ruling specifically about Octopus Network as a crypto token.
• Reason: The halal or haram status of a cryptocurrency like Octopus Network depends on Islamic finance principles applied to the nature of the crypto asset, its use, and compliance with Shariah law. Islamic scholars differ in opinions on cryptocurrencies generally, with some considering them halal if they avoid interest (riba), gambling, and unethical activities, while others are more cautious.
• Context: For physical octopus (the sea creature), Islamic rulings vary by school of thought—most Sunni scholars consider octopus halal, while Hanafi and Shia schools often consider it makruh or haram. This distinction does not directly apply to Octopus Network as a digital asset.

In summary, the halal status of Octopus Network depends on individual interpretation and the specific Shariah compliance of the crypto project, rather than a simple yes or no.