Interview with Octopus Network: Application chain will become the new windfall

As blockchain technology continues to evolve and develop, users and developers are promoting decentralized applications to the forefront of various industries. Passage-based applications are gradually moving towards main

Interview with Octopus Network: Application chain will become the new windfall

Further development and experimentation with the core infrastructure of blockchain systems provides new insight into the nature of security, availability, and scaling.

Perhaps no one is better qualified to talk about the rise of application chains than Louis Liu, now the founder of Octopus Network, who has nearly 10 years of experience in the blockchain industry. Just recently, his project raised $3 million in funding and is currently building the world’s most affordable and scalable app chain on NEAR.

Having already talked about the nature of application chains and the technical design of the Octopus Network in the previous interview, Louis himself can provide us with a lot of insight when explaining the background of the development of application chains and why they will be successful in the near future.

How Application Chains Became the New Windfall

Blockchain projects are filled with a lot of complex terminology, such as aggregators, mother chains, prophecy machines, etc. Application chains are similar in that they are complex, but relatively easy to understand. I have explained this before.

“An application chain is a separate blockchain designed specifically for a (group of) specific applications. Unlike smart contracts, which usually run based on public or private chains, application chains allow developers to customize their applications in many ways, such as governance frameworks, economic models, and even the underlying consensus algorithms.”

Because we are moving from the existing Web2 paradigm to a new paradigm of Web 3.0 innovation, it is important to understand the value proposition behind application chains by first understanding the importance of the user experience.

Louis Liu explains this by saying.

“Considering that Audius announced a few days ago that it had reached 4 million monthly users, I do think that the day when Web3.0 becomes mainstream is not far away. After all, the king of Defi, Uniswap, only has about 30,000 monthly wallet users, so what makes Audius so impressive in the decentralized space? The answer is the user experience; Audius offers a Web 2.0 level of UI/UX, and the platform’s participants can enjoy a constant growth of network effects and even investment reports. The latter is the ultimate weapon of Web 3.0 against Web 2.0 and traditional intermediaries. However, the latter can only be effective if the former is ready, i.e. to provide excellent service and experience to attract mainstream users to move in. Without delivering a great user experience, the platform will never reach the critical mass needed for a more sustainable and ambitious network effect to begin to emerge.”

So the first step to figuring this out is to recognize that Web 3.0 is valuable because it provides a way for applications to tokenize, financialize, and gain revenue as well as split value between users and developers. You may ask what role the app chain plays compared to those traditional apps on the chain, and Louis Liu goes on to explain this.

“How does UX get connected to app chains? App chain technology provides developers with a wide design space to improve UX. Suppose you don’t want your users to rely on the browser to expand their wallets, you can decide for yourself on the app chain how others access your app. Let’s say you want to eliminate gas fees for certain kinds of transactions, or you want your users to be able to choose the type of pass-through they use to pay for gas fees, such as stablecoins. These you can also decide on your own in the app chain.”

“In designing an app chain, developers have many optimization options, including those at the bottom of the technology stack. In short, developers can develop a fully optimized Web 3.0 application as an application chain, while a large number of applications no longer need to be crammed into a common smart contract platform sharing a common set of configurations.”

From this point on, the value proposition of application chains on the Octopus Network is that they offer developers extreme flexibility in how applications are deployed, what passwords are used to back them, what security model is required to validate transactions, etc. can all be tuned through the application chain. The first important value proposition of application chains is that they provide a highly customized and inexpensive set of infrastructure for deploying user-friendly applications with little overhead, while still giving people complete control.

How application chains differ from smart contracts

The second reason application chains are valuable is that they can change as new factors and new market conditions affect the development of an industry or application. Compared to smart contracts, application chains are more flexible in terms of providing on-chain governance services and the ability to evolve, thanks in large part to Substrate.

Louis explains.

“There is another advantage of application chains over smart contracts. In the long run, this is the most important thing: application chains can evolve rapidly while maintaining legitimacy. Each application chain has a native pass-through as well as ready-to-use on-chain governance. According to Darwin’s Origin of Species, it is not the smartest species that survives, nor the most powerful, but the one that can adapt to changes in its environment and adjust accordingly. Blockchain protocols should be seen as a digital, institutionalized species to which evolutionary theory applies.”

Louis adds.

“Substrate and other blockchain frameworks have dramatically reduced the cost of developing application chains compared to smart contracts, and the Octopus Network will further reduce the cost of releasing application chains from millions of dollars to thousands of dollars. This is our mission.”

Simply put, the Octopus Network provides a set of infrastructure for rapid deployment of application chains. With the ability to evolve quickly and have flexible on-chain governance parameters, application chains have many advantages over smart contracts. Octopus Network is a pioneer in the future of application chains and is committed to making application chains more affordable to deploy for any interested startup or team.

The future is promising

Developing the right product at the right time, with the right team, is a bright path to success. The Octopus Network has become a giant in the application chain space on its own, and it’s only just getting started. louis is confident in the future development of the Octopus Network as a project and the application chain, and shares exactly why.

“Why are we confident in the future of the Octopus Network? Because there is no other blockchain network dedicated to serving application chains. Although Poca is ideal for joining application chains developed based on Substrate, its architecture and economic model are not very well adapted to application chains. A parallel chain of Polka must bear the security cost of a slice (i.e., card slot). Under the existing model, this cost runs into millions of dollars per year and is covered by the DOT locked through dilution. While a parallel chain can have thousands of applications to share its cost, it is unreasonable to have a parallel chain serving one application bear that cost independently, let alone grow and evolve over time. polygon appears to be another option, though that is not the case. It inherited a heavy technical debt from Eth1, which leaves little room for improvement in its UX.”

Unlike parallel chains or those platforms that are not very user-friendly, the Octopus network is backed by NEAR, which provides users with a low-cost, scalable, interoperable and user-friendly application chain that allows for the above problems.

Louis Liu concludes.

“The most important thing is that the success of the Octopus network relies on the failure of other multi-chain networks. The future multi-chain space will be divided into many layers, and there is still a lot of room for development. For example, it doesn’t make sense to let a generic smart contract blockchain act as the application chain of the octopus network. I think the form of smart contracts is more suitable for Defi applications rather than application chains. The octopus network will drive a thriving Defi ecosystem on NEAR. I don’t see Poca, Polygon, Skale or Cosmos as competitors. We’re all just trying to use different approaches to empower Web 3.0. These diverse networks, and we ourselves, will eventually drive the mass adoption and integration of Web 3.0. As a final note, according to evolutionary claims, natural selection requires species variation to respond. So our team’s focus, both now and in the future, is on how to build and deploy application chains, and on helping them succeed, rather than worrying about competition.”

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/interview-with-octopus-network-application-chain-will-become-the-new-windfall/
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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