Can Octopus Network in the Web 3.0 era where application is king promote the wave of application chain landing?

In the past, people ushered in wave after wave of technological innovation under the continuous in-depth exploration of the digital society and digital economy. Today, the Web3.0 era is about to emerge. Although encryption technology is becoming more mature and there are no bottlenecks in public chain technology, the large-scale implementation of applications still faces problems such as high costs and difficulty in startup.

In the next long period of time, solving the problem of Web3.0 application landing will bring huge commercial value…

Application is king: problems are opportunities

For a long period of time in the past, ecological development, application scenarios, and developer services have become the top priority of the blockchain infrastructure construction of the “trillion market”.

The Web 3.0 era is about to enter, and it is fully out of the circle for a large number of users in multiple industries. Each application must have higher performance, lower development threshold, and more complete basic operation services.

1. From DApp to application chain, unlimited expansion

Since the rise of DeFi, decentralized applications have also been eager to try in multiple fields such as games, social networking, and art. But in fact, many DApps “running” on a public chain are already overcrowded, so after years of exploration, now finally there is a satisfactory expansion plan, that is, a plan for each application to own a chain: “application chain “.

So what is an application chain? for example:

If Ethernet Square is a large farmers market, DApp applications on Ethernet Square is the stall in the market. Once a vendor engages in promotional activities, such as free eggs, old ladies from all directions flock to it.

Due to the limited space, the entire market will be congested, making it difficult for other vendors to do business. The Ethereum transaction fee is already sky-high, which discourages many users. Developers, especially non-DeFi project developers, are looking for other alternatives.

DApp is a market stall, then the application chain is an independent store. Independent stores can receive customers independently, and are not affected by the quality of other businesses.

At present, the application chain is the most respected blockchain expansion solution. For example, the side chain Ronin launched by Axie Infinity, a phenomenon-level gaming app with more than 1 million users , is an independent app chain. It not only brings a smooth experience to game users, but also makes transaction costs almost negligible.

2. The new “worries” of the application chain

There have been many successful applications that have proved the superiority of the application chain, but the old problems have been solved, and a bunch of new problems have come again…

If the application developer adopts the application chain solution, there are three main choices in the past, but they also have different advantages and disadvantages:

Plan 1. Develop an independent sidechain like Axie Infinity

Advantages: independent

Disadvantages: independent chain development costs are high; new projects usually have no community when they are created, so there is generally no institution or individual to run the verification node. Not to mention the high cost of operating and maintaining the verifier node by yourself, it will definitely be criticized as “centralization” “

Plan 2, to participate in the auction slots, joined Boca become parallel chains

Advantages: independence; it is easier to get attention and development by joining the popular Polkadot ecology and community; sharing security, and the security cost is lower than that of independent chains; its main Substrate development framework makes application chain development agile

Disadvantages: The progress is slow, and the Polkadot mainnet has no auction time yet; even if the security is shared, the slot auction places are limited and the cost is still high. In fact, a large number of projects are not available.

Plan 3. Use the Cosmos SDK to develop an independent chain

Advantages: independent, join the cross-chain ecology; relatively quick development
Disadvantages: need to develop their own validators and communities, as well as other shortcomings similar to Plan1

From the above schemes, we can find that the advantages of independent application chains actually focus on independence, that is, they can be highly customized according to the application itself. Of course, the shortcomings are also very concentrated, basically they are “high cost”, and “high cost” is mainly reflected in “security”.

It requires community and financial support. Why is “security” so laborious and costly? In fact, this is a consensus maintenance cost similar to Bitcoin . Only with “security” will the blockchain have the characteristics of immutability and decentralization, so “security” is extremely important.

At present, we can see that many powerful “big manufacturers” adopt independent chain solutions. Of course, some large platforms and large applications have a community foundation and strong financial resources. These costs can indeed be ignored, but for small and medium-sized manufacturers and new developers. Said that it is indeed an insurmountable mountain.

In fact, most of the top applications, including today’s 1 million user-level Axie Infinity, have slowly grown from applications innovated by small teams. Therefore, it is very valuable to help small and medium-sized developers solve the current problems faced by the application chain. of.

Since the first three schemes have their own merits and weaknesses, and the advantages and disadvantages are obvious, is there an application chain deployment scheme that can enjoy their advantages while avoiding the disadvantages? Octopus Network, an innovative project that has recently sparked heated discussion in the crypto community, has brought such a solution…

What is Octopus Network?

As we all know, Substrate is a framework of “out-of-the-box, one-click chain”. The combination of cross-chain protocols has broken through many technical bottlenecks, and has spawned many famous projects, which is itself a tool ecology. Through the solution brought by the Octopus Network, developers do not need to reinvent the wheel, and can directly use the Substrate framework to create an application chain.

Octopus Network stands on the shoulders of Substrate, and further helps developers solve operational problems, protects the security of the application chain by accessing the “secure rental market”, and minimizes costs.

Octopus Network is mainly composed of the following 4 parts:

Secure rental market

The Octopus network is actually a two-layer network built on the Near public chain. The “secure rental market” is implemented through a set of smart contracts called “octopus relays” to allocate and manage verifiers for the connected application chains.

It can be simply understood that the application chain can be quickly developed using the framework of one-click distribution. If you don’t want to pay a very high cost and wait a long time to participate in the Polkadot slot auction, then the application chain has no validators, no Safely protected.

At this time, by accessing the “safe rental market” of the Octopus network and providing block rewards for validators, the Octopus network community will pledge OCT for the application chain and run nodes to bring security protection to the application chain.

Cross-chain interoperability

Octopus Network has cross-chain interoperability with mainstream public chains. The application chain can interoperate with the NEAR platform, and can also communicate with the Cosmos ecosystem through the IBC protocol. Don’t forget that it can also communicate with Ethereum through the Rainbow Bridge of NEAR.

Infrastructure services

Octopus Network also provides a complete set of basic communities for the application chain, including blockchain browsers, API access and Archiver backup.

In addition, by deploying a high-performance full-node cluster to provide RPC access, the developers of the application chain only need to provide Runtime and change the front end of the project to a port, and the chain can provide services to the outside world. Developers do not need to run nodes or servers by themselves.

Simply put, the entire set of tools and services required by the application chain are brought, which is “out of the box”.

Octopus community

The ultimate goal of every Web3.0 application is to form a community around decentralized protocols. The octopus community can help Web3.0 greatly accelerate the speed of community construction. It can be said that the Octopus network community is the parent community of the application chain, and it can provide the following help for the application chain:

  1. Helping the application chain team to quickly find high-quality early users and investors is a booster for the application chain team to build a community.
  2. The developer of the service Web3.0 , the popular science Substrate, and the pioneer of the application chain.
  3. Entrepreneurs who incubate Web3.0 , through the Octopus accelerator, jointly discuss the token economic system, design Web3.0 products, establish an encrypted community, and achieve true decentralized governance, helping Web3.0 entrepreneurs become excellent application chain teams.

Therefore, the octopus community is building a “big family”. Every time a new application chain is added, a group of new developers and the community brought by the application chain will be added. It will become a “community pool” where members who have common ideas and hobbies gather together.

Here investors can find innovative project teams more easily, and developers can exchange and learn Web3.0 and Substrate-related development experience, and help each other.

Octopus Network provides a total of 1 million US dollars in cash funding for 20 Substrate projects each year, and a total of 2 million OCT rewards for the top 10 application chains that successfully log on to the Octopus Network.

At the current price, it is equivalent to a $400,000 reward for each application chain!

What value can the Octopus network bring?

If you think that the concept of octopus network is a bit too much, it still seems to be a bit complicated, we can understand it more simply:

Continuing the example of comparing the application chain to opening a store in the previous article, Polkadot is like a large commercial center, from which it can lease shops to open a store and do business. At the same time, the commercial center hires and arranges personnel to patrol and protect the safe operation of each store. The problem is that the cost of renting a shop is very high.

The security lease of Octopus Network is like a security company. If you are just starting out and want to open a small independent store on the street, you can hire only one security guard at the beginning and increase it later as needed. There is no need to bear the high security expenses as soon as they come up, and the security expenses are completely determined by the shop owner, and the frugality is up to people.

At the same time, all roads lead to Rome, and the roads in front of the shops are interconnected with large shopping malls and large farmer’s markets. There are buses and pedestrian overpasses… As long as the shops are well managed, customers can come from these places as well. Isn’t this the cross-chain capability?

As for the “infrastructure service”, it can be compared to the shop owner who has renovated the water and electricity facilities of the shop, and the entrepreneur who rents the shop can directly carry the bag and bring the things needed by his industry to settle in and start the business.

The Octopus community of Octopus Network is like a chamber of commerce. Shopkeepers who rent and open stores through Octopus Network can join the chamber of commerce to share resources, learn and help each other, and at the same time, it is easier to obtain investment support in the chamber of commerce.

Can Octopus Network in the Web 3.0 era where application is king promote the wave of application chain landing?

So what value does Octopus Network bring?

low cost

Flexible and secure rental market. The more block rewards provided by the application chain, the more pledges obtained, and the higher the security level of the application chain.

If the application chain does not require a high level of security in the early stage, the rent can be reduced. Someone calculated an account. When the application chain pays a security rent of 500,000 US dollars per year (a block reward paid by the application chain’s native token), the application chain will receive a level of security of 10 million US dollars.

At the same time, each application chain can create a demand for 10 million U.S. dollars for the collateral OCT Token.

Low threshold

Through the Substrate framework and “infrastructure services”, application developers do not need to reinvent a large number of wheels, and can be used directly out of the box with one click. Application developers only need to focus on the optimization and promotion of their own applications, and do not need to spend too much time to do additional things, which not only lowers the threshold, but also reduces the cost.

Easier to cold start, allowing developers to focus on the application itself

As the saying goes, everything is difficult at the beginning. For developers, DApp development is not easy, and the cost of the three solutions of the application chain is relatively high. Moreover, under the background of current fierce competition, small and medium-sized teams that need to “look ahead and look forward to the future” do not have enough skills, and it is indeed very difficult to promote the progress of application projects. The progress of innovation will also be delayed repeatedly.

Octopus Network not only brings low cost and low barriers to development, but also brings community resources and mutual assistance in financing and incubation, which will bring huge and substantial help to the “cold start” of developer projects.

summary

In the foreseeable future, Web 3.0 applications will begin to replace traditional applications, changing and optimizing the entire Internet.

There will be innovation when there are opportunities. In solving the problem of application landing, we have also seen step by step solutions like Octopus Network that truly grasp the “key points” and truly solve the “pain points” of developers, so that developers will no longer worry about the basics. For any problems with facilities, you only need to continue to focus on your own application innovation to bring more and more valuable Web3.0 applications to the world.

 

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/can-octopus-network-in-the-web-3-0-era-where-application-is-king-promote-the-wave-of-application-chain-landing/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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