On December 17, 2023, Ottochain, the first Cosmos SDK application chain in the Octopus multi-chain network ecosystem, was officially launched.
This means that Octopus Network's shared security service based on $NEAR Restaking and NEAR-IBC-based cross-chain service are running stably, and the Octopus 2.0 mainnet is officially launched.
⬇️ Please enter the Octopus 2.0 mainnet from the official website
https://oct.network/
We welcome more outstanding Cosmos appchain teams to join Octopus's multi-chain network ecosystem.
Octopus 2.0's $NEAR restaking mechanism allows $NEAR holders to stake Ottochain and even more appchains while staking NEAR Protocol. Therefore, in addition to getting a $NEAR staking reward, you can also get another $OCT issued by Ottochain as a reward for restaking.
$NEAR Restaking's multiple compounding returns are the most capital-efficient staking methods at the moment. Therefore, every $NEAR holder should participate in Octopus 2.0, and the documentation of the $NEAR restaking operation is as follows:
Ottonchain is an EVM-compatible blockchain built on top of the Cosmos SDK, built by the Octopus Nation community to foster collaboration and innovation among the Web3 community.
https://www.ottochain.io/
Octopus 2.0 |
Octopus Network Value Expansion
Improvement and upgrading of multi-chain network infrastructure
Octopus Network is a multi-chain network infrastructure project at the head of the NEAR ecosystem, aiming to provide blockchain with flexible and rentable shared security services, cross-chain interoperability, one-stop infrastructure, and comprehensive community support.
Octopus 2.0 |
https://oct.network/
Octopus V1.0 phase, as shown in the figure Octopus V1 Relay part: the validator of the Substarte appchain uses the $OCT of the Octopus network as a stake to ensure the security of the appchain, realizes the two-way trustless asset transfer between Polkadot and NEAR Protocol through the Bridge of the Octopus Network, and then realizes trustless cross-chain with Ethereum through the Rainbow Bridge of NEAR, and Substrate IBC implements Substrate Direct interoperability between blockchains and Cosmos SDK blockchains.
Octopus Network 2.0 phase, as shown in the Octopus V2 Relay section: further support for the Cosmos SDK appchain. The $NEAR restaking mechanism has been added, which will increase the level of security to one billion US dollars, so that after a $NEAR asset of $NEAR holders is pledged for NEAR Protocol, they can also stake the application chain with NEAR as the hub or the middleware of the NEAR ecosystem to obtain multiple staking rewards. In terms of cross-chain, on the basis of 1.0, the launch of NEAR-IBC allows NEAR and the Cosmos ecosystem to directly interoperate across chains, bringing the scope and experience of blockchain Internet interconnection to a new level!
Restaking's breakthrough innovation lies in maximizing the benefits of "decentralized application/blockchain", "blockchain providing shared security", and "staker".
In Octopus 2.0, Octopus changed the way the value of $OCT tokens is captured, upgrading from "staking income" to "repurchase and burn". 30% of all Octopus2.0 appchain block rewards will be used to repurchase $OCT tokens on the open market and burn. Initial buy-burn will be conducted manually, with protocol-driven automated buy-and-burn expected in the second half of 2024. Therefore, $OCT token holders do not need to stake to the 2.0 network.
Octopus 2.0's upgrade to the way value capture is based on the core team's industry research and observations. A very important reason for this is the low level of participation in appchain staking and delegation. Although the threshold for Octopus 1.0 delegation is extremely low and can be completed in just one step, there are still a large number of $OCT token holders who do not participate. We understand that the main motivation for the community to hold $OCT token is appreciation. The buyback burn directly converts the protocol revenue into market buying power for $OCT tokens, which is more conducive to the growth of $OCT value. In the future, other protocols launched by Octopus Network will adopt buy-and-burn value capture, and work together to form a value contribution to $OCT Token.
It should be noted that Octopus 2.0 is a supplement and extension of Octopus 1.0, and there is no replacement relationship between the two.
With the outstanding contributions of two major industries, Octopus Network has increasingly become a key force in shaping the blockchain Internet.
1. Establish the basic paradigm of "shared security services".
As a pioneer in shared security services, Octopus Network pioneered the LPoS leased proof-of-stake mechanism, building a two-sided marketplace for transactions with "decentralized trust".
The so-called LPoS leased proof-of-stake mechanism, L stands for Leased: The blockchain of the new project uses the native token as the rent and pays it to the nodes that use $OCT and $NEAR as verification, so as to obtain "decentralized trust" and realize the start and operation of decentralization.
The so-called two-sided market of "decentralized trust": the demand side is the blockchain that wants to achieve secure launch and operation at a low threshold and low cost, and the provider side is the validator node that can stake the token.
Octopus Network was launched on the mainnet in October 2020, and the underlying logic of the "security two-sided market model" and "rental security" has become the basic paradigm of shared security services, and subsequent shared security services such as Cosmos Hub, EigenLayer and even Babylon have followed this mechanism.
Based on the contribution of the Octopus Network, decentralized trust has truly become a third-party service that can be rented flexibly, just like cloud computing and cloud storage.
2. Propose Adaptive IBC to become a disruptor of heterogeneous chain interoperability
Octopus Network believes that the open and universal cross-chain interoperability protocol is the core and soul of the blockchain Internet, and the IBC protocol proposed by Cosmos can complete cross-chain without trust, which can be called the cross-chain gold protocol, and its uniqueness lies in the design of light clients, but the non-Cosmos SDK blockchain was not built as IBC at the beginning This cross-chain mechanism based on light clients leaves room for it, so Octopus Network has encountered many challenges and achieved great breakthroughs when building cross-chain infrastructure services for the entire blockchain Internet.
In 2020, Octopus Network proposed, developed, and maintained ICS10 in the official Cosmos IBC specification, namely Substrate-IBC, and was the first team in the world to implement IBC on a non-Cosmos blockchain.
In 2023, Octopus Network proposed and completed NEAR-IBC, and Blocksec completed the audit in October. NEAR Client is currently under review and will officially become ICS12 of the Cosmos IBC specification when approved.
After nearly 3 years of heterogeneous chain IBC development practice, Octopus Network has found a highly flexible, adaptable, and overall leading heterogeneous chain IBC technology route - Adaptive IBC.
Octopus 2.0 |
Take the cross-chain between NEAR and Cosmos chains as an example: add a validation proxy off-chain and replace the light client with a proxy client. The off-chain validation broker is the Cosmos light client, which maintains the consensus of the Cosmos chain, then validates the cross-chain message, and signs it. On the NEAR side, the proxy client only needs to verify one signature. The principle is the same in the other direction.
The difference between Adaptive IBC and centralized cross-chain bridges is that the verification agent is deployed on the proxy chain. We chose the public chain ICP, which is decentralized and publicly verifiable, which greatly improves the security of cross-chain bridges compared to multi-signature or other external verifications.
Based on this, Adoptive IBC breaks through the scalability bottleneck of heterogeneous chain IBC, and can not only adapt to various blockchains with different consensus mechanisms such as NEAR, Polkadot, Ethereum, etc. It can also adapt to the rapid development of verification technology. If Cosmos adopts aggregate signatures in the future, or if NEAR supports precompile with ED25519 signatures, the cost of direct verification on NEAR will be greatly reduced. You can upgrade the proxy client to a real light client and discard the corresponding verification proxy. Once the ZK cross-chain technology matures, you can also replace the proxy client with a ZK validator, and the verification proxy with a ZK prüper. These upgrades are done through governance and are completely transparent to higher-level applications.
That's why Adaptive IBC, not only for the present, but also for the future, always embraces the best technology available today.
Disclaimer: This article is for informational purposes only and should not be used as legal, tax, investment, financial or any other advice.
