DEIP Appchain Launch on the Horizon
With the release of its testnet, DEIP Protocol is moving swiftly towards launching its Appchain in the Octopus Network.
DEIP is a rapidly growing ecosystem that provides a set of Web3.0 technologies, tools, and strategies for the tokenization and governance of high-value intangible assets for the creator economy.
DEIP is specifically designed to facilitate the tokenization of intangible assets — such as patents, copyrights, inventions, and intellectual property — and turn them into fractionalized NFTs (F-NFTs) — including governance (via DAO), and liquidity (via DeFI and derivatives.) These F-NFTs can be traded offering creators a means to liquidity and F-NFT holders fractional ownership of the intangible asset.
DEIP also provides toolkits to build asset classes and industry-specific platforms for tokenizing intangible assets. The DEIP Constructor is an open-source, modular constructor for building Web 3.0 portals in the DEIP Network with “no-code” (drag and drop components) and “low-code” modes for a user-friendly approach to building portals.
As a Substrate-based application-specific blockchain (appchain) on the Octopus Network, DEIP seeks to become a major Web3 protocol for the creator economy and has been actively building its way closer and closer to launch.
“We are very delighted to welcome DEIP to the Octopus ecosystem as an appchain as we believe that DEIP is a solid project and plays a critical part in the creator economy in Web 3.0. Octopus and the NEAR ecosystem will continue to support DEIP, and more appchains, to help make Web 3 happen faster.” — Louis Liu, Founder, Octopus Network.
DEIP Passes Testnet Milestone
While becoming an Appchain Candidate in Octopus Network is permissionless, the process of an Appchain launch is baked into the governance of the Octopus Network. Appchains must successfully pass several stages before they can enter the Voting Queue for approval by $OCT holders.
DEIP has recently released its testnet with features such as Event Proxy, DAO, and token functionality for asset management of fungible asset classes with a fixed supply.
Upon completion of a successful audit by the Octopus Network Developer Team to ensure that there are no known security vulnerabilities and that its application logic is consistent, the DEIP Appchain will move to the Voting Queue where it will be upvoted or downvoted by $OCT holders. All $OCT holders are eligible to vote.
When DEIP?
Upvoted Appchains are promoted to the Staging state where the Octopus Foundation will run four boot-nodes for each Appchain (Boot-nodes will not accept any $OCT delegation.) Then the Appchain network only needs seven additional nodes to startup. $OCT holders can run a Validator node by staking a minimum of 10k $OCT to earn rewards in the Appchain’s native token.
Once the Appchain has obtained enough validator nodes to reach the minimum required safety limit of USD $2M $OCT, it will enter the Booting state — Octopus Network will run the full node, provide the RPC gateway, run the relayer of the Octopus bridge, and the Appchain’s NEP141 native tokens will be deployed.
When DEIP? If approved by $OCT holders, it’s safe to say that DEIP’s IDO may very well land at the beginning of Q2!
“The launch of our testnet on Octopus Network is a very important milestone for DEIP Protocol. The testnet is operational and running as expected and in the coming days we will finalize all the checks and proceed with the main network setup.” — Alex Shkor, DEIP CEO.
