AMA GTA Ventures x Octopus Network

Warm-up questions

Part 1: Introduction

1. Would you introduce yourself to the GTA Trading Community? Your background and why do you create Octopus Network?

Hi, I am Aaron Ting, the Community Director.

Our founder is Louis Liu who wants to create Octopus Network to solve the bottle neck with Web 3.0

2. Can you describe what Octopus Network is in a few sentences?

Octopus Network is a multi-chain network where validators are deployed as a set of smart contracts on NEAR protocol for optimization. We provide connectivity to Polkadot Substrate-based blockchains (which is the best modular framework to deploy a blockchain) and we leverage on Cosmos IBC Pallet which we developed for inter-blockchain communication.

Appchains in the Octopus Network benefit from flexible and cost-effective leased security (LPoS), out-of-the-box multichain interoperability, complete infrastructure, and a ready-to-be-engaged community.

A typical problem with a PoS application-specific blockchains is that they have low security because they have low token value and are therefore more prone to attack. The solution is to pool the security using a token with a higher value, so we adopted the idea of a pooled security using a common token ($OCT) with more than 10x more security.

Since our network chooses to build our validators as smart contracts in order to improve efficiency, we need to choose a L1 that would be able to provide the best support for us.

Near Protocol is a sharded blockchain that is infinitely scalable, fast, and the most user friendly around. Here are the reasons they are chosen.

1. Instant finality

2. Infinite scalability

3. Team technical suport

4.user friendliness

5. Usd1 mil investment from Near

3. What is the vision and mission of Octopus Network?

The big question we are trying to answer is how does Octopus help usher in Web3.0?

Even though Web3.0 refers to cutting-edge technology, its roots stretch back to philosophies that support freedom, autonomy, sovereignty, privacy, and open society, before the Internet even existed. The founder of Octopus writes a lot about this, but we don’t have time to get that deep into it.

So, I’ll just go back to the Cypherpunk movement. Cypherpunks were a group of active IT geeks that aimed to defend personal privacy, autonomy, and internet freedom. It was the Cypherpunk movement that led to the birth of Bitcoin, which is clearly the forefather of Web3. (Incidentally, Bitcoin was the very first appchain.)

By comparison, Web2.0 platforms, the ones we use every day on the internet, like Google, Facebook, and Amazon, etc… we all know they are owned and run by companies whose goals are only to maximize shareholder value and extract as much profit as they can from users. But Web3 is a vision for a freer, more open, more secure, and more equitable next-generation Internet.

Web3 refers to decentralized applications running on blockchains, with lower transaction costs and faster transaction speeds, that are owned by the user community rather than profit extracting corporations. Web3.0 aspires to return value to the real creators of the internet, its users — to us.

But Web2.0 platforms are great for Internet users. They’re much more user-friendly. For a Web3.0 application to replace a Web2.0 application, it has to be a great Web application in the first place. It has to provide a great user experience.

So far, Web3.0 application development has had to sacrifice great user experience because distributed ledger technology is more technologically complex and expensive to build than Web2.0 — which results in a downgraded user experience.

However, new frameworks such as Substrate and Cosmos SDK, allow Web 3.0 developers a much bigger and better design space to deliver fully optimized Web3.0 applications by building appchains, or application-specific blockchains.

But launching appchains, or Polkadot parachains, or Cosmos zones — — is incredibly expensive.

One of the key design considerations for Octopus is making Web3.0 accessible to all developers by solving the problem of how to lower the cost of both bootstrapping and operating an application-specific blockchain. So, Octopus will be able to offer mass adoption for Web3.0 applications, which allows Web3.0 to be realized much sooner and by more protocols than other platforms. This is what we mean by “launching a new innovation wave on Web3.0.”

Part 2: The question from GTA to Octopus Network

  1. What special things in the Octopus Network project?

There are two ways to think about this..

1. We give Near the capabilities of Polkadot

2. We are a Multichain network that uses Near smart contract layer for validator

Both of the description is true and the relationship is of course symbiotic. We have managed to generate a lot of interest for Near and likewise, Near have a well established community that supported us strongly which really helps a new project like us.

Technical wise, of course both projects are dependent on each other. But I would like to say we also build using Polkadot and Cosmos technologies along with our own, so everyone is dependent one each other in the Internet of Blockchain. We focus on the common goal which will bring prosperity for the entire blockchain space.

2. Currently on the market are there any competitors?

There is not many multi chain networks out there. Our competitors are Polkadot, Kusama and Cosmos which are worth billions. Our current marketcap on our IDO is only usd100 mil.

3. Could you tell more about Octopus Network’s roadmap?

Here is quick summary

Mainnet is mid Sept

First appchain is mid Oct

And then one appchain every 2 weeks

Target 5 appchain by end of year

Marketing

Coingecko campaign for next 3 months

Combined with all round marketing all all platform

Near Con on 23 to 26th Oct

Technical

Launch of Octopus Accelerator programme

Each quarter 5 appchain will graduate from this programme

User acquisition goals

Current Skyward sale — 3.8k holders

Target gate.io — 10k users

Target Uniswap 2k users and Pancakeswap 3k users for a start

Total immediate target is 20k users on all platforms

Final target is 40k above before year end

4. Can you share with us what is Octopus Network token use case?

What is $OCT?

$OCT, the native token of the Octopus Network, is a fungible, non-inflationary token with three primary utilities:

Collateral to guarantee appchain security

Governance

Endorsing appchain candidates by upvoting them in the candidate queue

Octopus Validators stake $OCT tokens to validate a particular appchain and set up a node to run that appchain’s protocol. In return, Validators are eligible to receive the respective native token of the appchain they are validating.

Octopus Delegators can delegate their $OCT to Validators for a share in the staking rewards of an appchain’s native token. Staking rewards are distributed to Delegators directly after Validators collect a unified commission.

There are only 100 mil $OCT tokens and this is a fixed supply with no inflation. The holders of $OCT will be able stake their $OCT to give security to appchains and appchains will give staking rewards to stakers in the form of their own tokens.

What is the role of $OCT in the ecosystem?

The main function of the $OCT token in the ecosystem is to exclusively serve as collateral to protect the security of the appchain. The total supply of $OCT tokens is fixed, so its market price is mainly determined by purchase demand.

When the total demand for security from appchains increases, the demand for collateral increases. The price of OCT tokens have to rise to meet demand. Therefore, the security supply of Octopus Network has no physical restrictions, only determined by demand.

The other functions of $OCT are governance and endorsing appchain candidates by upvoting them in the queue.

What are your Token Metrics?

What are the benefits of being an $OCT Holder?

The total supply of $OCT is fixed at 100 million.

41% of $OCT are to be distributed to investors — 6% to angel investors, 5% to a strategic investor (NEAR foundation), 27.5% to institutional investors who participate in seed and Series A private sales, and 2.5% to IDO investors.

The remainder of $OCT belongs to the Octopus Foundation. Of that, 30% of the total supply will be used to incentivize upcoming Octopus community contributors. 24% $OCT is to reward the core team over 5 years starting from April 2019. Finally, 5% of $OCT over 5 years after the mainnet’s live is allocated for social media users who help share the value proposition of Octopus Network.

All $OCT will be minted before the Octopus mainnet goes live. 30% supply will go into circulation right after that, including tokens belonging to IDO, Seed, and Series A investors. 5% $OCT belonging to the foundation will be used to provide initial security for appchains. 65% of the total supply, including tokens distributed to angel investors, the strategic investor, core team, and foundation, will be released linearly over 3 years after the token generation event.

I think $OCT is going to present possibilities to its holders that other projects just don’t have, which is really exciting. But first, let me give a general overview of the role that $OCT plays in the project.

$OCT plays a key role in the Octopus Network through appchain staking. Holders stake their $OCT to provide security to the appchains they believe in — and earn rewards in the respective appchains’ native tokens.

This means that $OCT holders have the opportunity to earn rewards from all kinds of projects in all kinds of crypto spaces: social tokens, gaming tokens, utility tokens, DeFi tokens, NFTs…you name it. Because all kinds of protocols will be building appchains, those protocols will create continuous value streams for investors who stake $OCT on their appchains.

In addition, $OCT holders will be able to endorse appchain candidates by upvoting them. So, $OCT holders not only have the opportunity to earn an incredible variety of token assets by staking on different platforms, they actually get to decide what protocols they would like to have the opportunity to stake on.

Gate.io | Official Website of Gate.io | Bitcoin Exchange | Bitcoin Price | Crypto Exchange | Cryptocurrency Exchange

Gate.io is one of the global top 10 cryptocurrency exchanges with authentic trading volume. We provide safe and transparent transactions. Buy, sell or trade hundreds of digital currencies such as Bitcoin (BTC), Litecoin(LTC), Ethereum(ETH), EOS(EOS),Tether (USDT) etc.

Last but not least, $OCT holders are entitled to control the governance of the network by forming the Octopus DAO. It’s common knowledge that a sound and widely participated-in governance will give $OCT holders more stable value expectations and suppress extreme fluctuations in the token price.

Can you tell us the benefits for investors to hold $OCT as a long-term investment?

Octopus Network is a two sided platform with investors on one side and appchains on the other side. The token price is ultimately a function of supply and demand as well as relative valuation. Our system has limited supply and unlimited demand.

Supply is limited as there will only ever be 100M $OCT tokens. We have a zero inflation system and any surge in demand will be positive for price.

As for demand, there are hundreds of projects building on Substrate and many of them are application specific or appchains, as we call it, which have very little chance to secure a parachain slot on Polkadot or Kusama.

Big projects such as DeFi and smart contract platforms will be able to afford Polkadot or Kusama slots so we are not focused on them. But for the other hundreds of appchains, they do not have a solution and building cross-chain bridges is difficult and expensive.

We believe in the future there will be hundreds of thousands of blockchains, and many of them will be appchains because the cost of developing DApps and Blockchains will be similar, so demand will keep growing for a limited amount of $OCT.

I believe our valuation based on circulating supply will be around 100M USD depending on our IDO on Skyward this month. Compare this with Polkadot valuation which is 15.5B USD and the #9 crypto in the world — We think there is a lot of room to grow.

How can we get $OCT?

We will hold an IDO for 2.5% of the token supply on Skyward Finance from August 22nd-29th.

Immediately after the IDO, $OCT will be available on Ref.Finance, which is a DEX on NEAR.

We’ll also start a Uniswap pool with strong liquidity and offer $OCT on Gate.io on 30th August 3am UTC start trading (with Okex or Huobi to follow) as all these exchanges are our backers.

$OCT token from airdrop?

There is an ongoing $OCT at gate.io. Hurry because there is only a few hours left. We will have future airdrop according to the principle that $OCT will be distributed to people who have or will be able to contribute to the Octopus Network ecosystem.

Learn more here — https://www.gate.io/en/article/22186

If you are a developer, you can browse our Github repo, add stars or fork them. If you can submit valuable PR or fix issues, I guarantee you will get a good return.

If you are not a developer, don’t be frustrated. There are thousands of ways to participate in building the Octopus Network ecosystem. The easiest way is to follow our official Twitter or join the Telegram group, actively retweet, or participate in group discussions. These behavioral contributions will certainly be taken into account when we carry out airdrops.

Part 3: Questions form

Guest selected 5 best questions to answer sent before beginning of AMA from the link:

  1. What is the project’s ambitious goal in the current cryptocurrency sector?

The dream of the internet of value can only be delivered by the Internet of Blockchains. So in order to solve this, Polkadot and Cosmos has been working for many years to build the infrastructure to make it happen.

The Octopus team has been working in this area as well making cross chain bridges for Solana,Flow, Platon and Oasis as well as receiving an official Cosmos grant to build the IBC pallet for Substrate. This means Octopus is the connector between the two great Multichain networks.

During this process we realise severe limitations, for example, Polkadot because it is optimised for Defi it has a high barrier to entry due to auction format and also a limit of 100 parachains. At the time we noticed there are already more than 300 Substrate projects so we knew we need to solve this problem.

The second problem is in the cosmos ecosystem where the chains or zones has variable security. The small PoS chains are weak and prone to attack and the solution is to pool the security.

Octopus Network has solved all this through an efficient validator setup on Near.

So we have

1. Unlimited scalability

2. Low barrier to entry

3. Leased PoS (variable security)

So it is our dream that we may one day be one of the major multi chain network alongside Polkadot, Kusama and Cosmos

2. Second question is: I understand that Octopus is a multi-chain network that is closely related to the NEAR protocol & Polkadot Substrate, so can you elaborate on this relationship between these platforms? How does Octopus Network benefit from working with these platforms? — @FishSecretNo1

So I have already explained the difference between Octopus and the other multi chain networks.

Let me go into why we decided to build our validators as smart contracts in Near. In the other network, there is a high requirement for validators and thisnis difficult to set up and costly to maintain. Because of this, there needs to be sufficient rewards of 15 to 20% in the polkadot/kusama ecosystem to reward them.

This leads to 2 things. №1 — the tokens are inflationary. №2 — the parachains will need to offer a higher than baseline 15 to 20% to attract deposits. So this leads to a high reward and also high inflation in the parachain tokenomics.

Octopus validators costs almost nothing to operate and this innovation in validator setup makes our ecosystem more efficient and highly scalable.

3. I read you are having a Skyward IDO in August. After IDO it is said that users can stake their $OCT tokens. Could you elaborate us on this more? @phammson

The only staking of $OCT tokens at the moment will be to suport appchain security and receive appchain rewards. We may have short term promotion of staking on third party platforms in the future.

4. What oracles does Octopus rely on to store real-world asset data? And, because synthetic assets necessitate a large amount of collateral for various reasons, how do you offset collateral for this class of asset? Could you give the list synthetic assets available on your platform? @ @Sharktank10

I believe this question is not for Oct.network but let me try to answer in the context of Octopus.

Having Octopus Network deployment on Near Protocol has distinct advantages because we have a full fledged Defi ecosystem on Near Protocol and assets can be bridged over to Appchains through Octopus Network as there is a higher level of security and assurance that the assets will be safe.

Near Protocol has oracle service integrated and in addition, each appchain may opt for their own oracle service such as Chainlink or others.

5. In the bad situation of the Covid-19 pandemic, every industry was heavily affected. Does it affect on the growth of Octopus Network team and its ? What are your plans to turn challenges into opportunities for Octopus Network Development? @Rubyy2021

The pandemic has been unprecedented and extremely challenging for the world to adjust to the new conditions. However, I believe the crypto super cycle has been kicked off by this event and the trend of Web 3.0 accelerated by this.

Since we are an infrastructure project, we stand to benefit from the explosion of applications that will be built and we expect a world where there are thousands of appchains which will be connected to the Octopus Network.

As for applications that is trying to do some good, I particularly like Uniqueone.network which is an NFT marketplace and Defi protocol which has a special project called unique.love. They enable charities to raise funds in crypto on their platform through regular nft sales or auction style. I believe they are looking for Love Agents in Vietnam to do some good so please contact them and help those severely impacted by Covid.

Part 4: Community interaction

  1. Will there be a limitation on the amount we can deposit in your Project? As of now, what forms of payment is currently supported by Project?

There is currently an IDO on Skyward.finance and it will be ending in 9 hours. There are no limits to how much $OCT you would like to purchase. Thus I the final chance.

2. While you build your project, do you take into account community feedbacks and demands?While you build your project, do you take into account community feedbacks and demands?

We have a separate go to community strategy apart from our marketing plan. We already have language groups and some languages have a few thousand members.

Our strategy is to be placed alongside Polkadot and Cosmos so we will have a worldwide strategy and aggressive marketing starting with Coingecko leaderboard ad starting next month fot 3 months.

*Unofficial Community Telegram*

English: @octunofficial

Chinese: @octchinese

Spanish: @octspanish

Russian: @octrussian

Indonesian: @octindonesian

Vietnamese: @octvietnamese

French: @octfrench

Korean: @octkorean

Japanese: @octjapanese

Persian: @octpersian

Turkish: @octturkish

Since we are a Multichain project we also have a community of projects.

*Community Groups*

🐙Octopus Guild🐙

*Appchains*

🔗 DeBio — Decentralized Biomed

🔗 Muse — Music NFT/DeFi Ecosystem

🔗 Atocha — Decentralized Puzzles/Riddles

🔗 Discovol — AI Medical Data

🔗 Myriad — Meta-social Platform

The appchain projects serve end users and our marketing machinery will work together with each appchain to reach out to the mass market.

3. What are the main features of the project and how was it developed? Where does its core competitiveness lie? What advantages does it have that allow it to stand out in the market?

Why Octopus Network better than other Multichain networks?

🐙 Unlimited Substrate appchains — thousands of appchains possible

🐙 Lower Cost Barrier — 100x less cost for an appchain slot

🐙 Leased Security — Security You Need On Demand — Octopus proprietary Leased PoS

🐙 Ultimate Connectivity — to Cosmos, Polkadot and any IBC enabled chain

🐙 Cost savings — efficient validators built on NEAR Protocol smart contract layer

🐙 Less lock in period — 30 days

🐙 We are also building IBC Pallet for Substrate under Cosmos grant — see https://interchain-io.medium.com/ibc-on-substrate-with-cdot-a7025e521028

Why should developers consider Appchain Over Dapp?

🌈 Performance

🌈 Customizability

🌈 Evolve Quickly

🌈 Governance On Chain

🌈 Cost almost same as DApp

To add more reason to build on Octopus, we have a reward of 200k $OCT worth more than usd600k for each of the 1st 10 appchains.

4. Trust and security is very important in any business , what makes investors , customer and users safe secure when working with your project?

We have a 3 stage testnet and a staging phase where an audit will be done by Near Protocol team. Each of the appchain before qualifying is also required to undergo an audit by our team and a full audit before being launched as an appchain.

5. Could you please provide some info about your Roadmap and how Market is progressing so far?

We have been in development for more than 1 year and working on relevant technologies for 2 years — so we are very close to our mainnet launch. Our Mainnet launch is Mid Sept and the 1st Appchain will go live Mid Oct.

After this we will have one appchain launch every 2 weeks and in the first year we expect to have between 30 to 50 appchains.

Our target is to have 60 to 100 appchains within 2 years and from year 3, we expect to have more than 100 appchains onboarding a year. The pace of appchain onboarding can be scaled with the needs of the market.

We expect to be one of the largest multichain networks in the world in 3 to 5 years time.

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GTA Ventures

GTA Ventures

GTA Ventures is one of the incubators for cryptocurrency projects in Vietnam.