Octopus Network Progress Report | Oct 1–31, 2023

MiX

Published in

Omnity Network

10 min readNov 6, 2023

By @MiX

October 2023 Highlights

1. Louis successfully ran for the HoM seat in NDC and will do his utmost to drive change for NEAR.

2. Octopus Network was invited to Cosmoverse2023 held in Turkey to share the technical architecture of Adaptive IBC.

3. October 8, 2023 is the 2nd anniversary of Octopus Network mainnet launch.

Octopus2.0 is not the end, and Octopus Network will never end. We pay close attention to every major development in the Web3 field, constantly seeking new opportunities to make Octopus Network more valuable and important, while always maintaining the passion to discover and create new value, continuously empowering $OCT appreciation.

R&D｜Technical Development Progress

Octopus Network 2.0 & Apps

Setup the testnet with Oyster, and complete the testing of the upgrade process.

Octopus Network 2.0 NEAR Restaking

Complete the design and contract implementation of the OCT Sponsor function.

Octopus Network 2.0 Adaptive IBC

1、Add test cases for IBC integration, and complete the testing;
2、Implement the IBC-Anchor contracts, and complete integration testing with the Oyster chain;

Octopus Network Appchain Ecosystem

Five Appchains have launched and eight Appchain Candidates are in various stages of development.

The Octopus Network currently operates 5 Appchains: Fusotao, Myriad, Atocha, DeBio, and Discovol.Plus the upcoming Ottochain.

At Octopus Network’s 2nd anniversary celebration, the teams introduced their current progress respectively. Key information is as follows:

Ottochain

EVM Application Chain Built on Cosmos SDK

Dami:
Ottochain is an application chain built on Cosmos SDK, also compatible with the Ethereum Virtual Machine, allowing users to interact with the blockchain using existing MetaMask wallets. The $NEAR Restaking mechanism of Octopus Network will provide security guarantees when mainnet launches.

Ottochain is built by Octopus Nation, with strong support from Octopus Network. Octopus Nation is a grassroots community gathered from the bottom up to promote Octopus Network. More than 10 core members are from over 10 different countries, strongly recognizing the Octopus Network vision and constantly building the Octopus Network community.

Currently, there are 60 smart contracts undergoing audit on the Ottochain testnet, with 6 DAPPs already running, such as Smart Deployer.

Looking ahead, Ottochain will carry out marketing activities based on established partnerships, becoming a diverse community with varying skills. The airdrop campaign will be launched soon.

Myriad.Social

Myriad is a decentralized social network to turn Web2 content into sovereign Web3 data on its app, messenger, and Metaverse.

Danny:
Myriad Social provides censorship resistance and freedom of speech. There is no overarching entity here that can suddenly change the rules or deplatform users without clear reason. Our goal is to create a community capable of self-governance with its own rules, free from the whims of centralized entities.

Not only can Myriad Social permanently archive content from Twitter and Reddit, it can also embed such content into posts on the Myriad social platform. We also plan to import content from more sources in the future.

Using Myriad Social is easy. We do not rely on content recommendation algorithms. Instead, we encourage users to create timelines, similar to channels or folders. You can populate your timelines with Myriad’s native content, or import from Twitter, Reddit or other sources like YouTube. The key is others can subscribe to your timeline and share it. We replaced algorithms with timelines, you can even earn from them. We have already achieved some milestones, like exceeding 37,000 users, and are happy to see more users continually joining Myriad.

At the same time, we want our experience to be more minimalist and visually appealing. Based on this we have done much marketing work, establishing partnerships with Brave Browser.

Looking at the next year, our focus remains on community growth and attracting more users into the Web3 world. We plan to improve our user interface and experience, including mobile, simplify instance deployment to make it accessible to all. We are also closely collaborating with the Octopus community, exploring potentially onboarding the entire community in one go. Please stay tuned for more announcements from us.

Debio.Network

Decentralized Bio Network (DeBio) utilizes blockchain technology aimed at genetic testing, bioinformatics analysis, and biomedical testing

Pandu:
Debio is this decentralized bioinformatics and biomedical platform we built, aiming to transform healthcare and health data through technological innovation. Currently, in addition to what’s mentioned in the whitepaper, we also developed extra functionalities like providing women a menstrual calendar where they can track their period without relying on centralized apps. We also created a second diagnostics market.

Notably, all our innovations prioritize privacy without requiring KYC. I hope everyone can try out Debio. Despite the harsh bear market, we persevered while many other projects have shut down already. Thanks a lot for the community’s support.

Nonetheless, it’s encouraging to see people interested in using Debio. As of now, we have created around 15,000 wallet addresses in a year, which is great progress for an early stage startup. The recent 23andme data leak sparked concerns, especially with the data tied to KYC. This highlights the importance of Debio Network, where each user controls their own data. We ensure any data you have in the biometrics system is completely controlled by you without any KYC, because our model is built on the principle that privacy should not be compromised.

As pioneers in this field, we acknowledge there may be some challenges in onboarding users. We are constantly working to address these issues, paving the way for a more secure decentralized future. Our partners play a crucial role in shaping our vision. Each collaboration represents the shared dream of realizing the decentralized future.

Fusotao Protocol

On-chain Verify Off-chain Match Open Trading Network

Arthur:
Fusotao’s original goal was to become a trading platform without counterparty risk, we have achieved this goal, but we realized this is not enough in the current market.

About three months ago, we changed strategy to focus on bringing real traffic and liquidity to the platform. The entire crypto world now faces liquidity shortage. So how do we solve this problem?

Our first attempt was partnering with Abyssworld to integrate Fusotao blockchain into their game. Abyssworld is a 3A-grade open world ARPG Web3 game that blew up in 2023. Fusotao provides staking technology services behind the scenes, also built Tournament functionality, provided Quick Swap: conveniently swap and transparently use $AWT at fair prices with the liquidity of various EVM compatible chains.

The next project partnering with Fusotao will be a traditional e-commerce platform. It already has around 1,000 real major customers who will enter the blockchain world via Fusotao. Our goal is to keep them active and engaged on the platform. In addition, TAO holders will receive massive token airdrops from the new projects.

We have not loudly announced things, because we know one project alone cannot change much. But the new strategy has attracted the attention of many traditional businesses that may lack Web3 project experience. We will help them integrate their businesses onto the blockchain. We will keep pushing forward.

Atocha Protocol

Atocha Protocol is a decentralized protocol for creating and solving puzzles with prizes.

Kim:

We plan to focus on preserving and passing on everyday culture through gamification in the next year. We believe Atocha will make strides in the traditional cultural field, as treasure hunts are often associated with precious cultural artifacts like gold coins and gems. We want to incorporate tangible and intangible cultural goods like architecture, artifacts, hidden skills and lifestyles into our games, providing such experiences and knowledge to a wider audience.

So we are making three adjustments: redesigning the treasure hunt model, ticketing and asset sales for the games, and an innovative profit sharing mechanism through NFT ownership.

We are seeking outstanding creators who can help design treasure hunt games, as well as cultural heritage trusts, government agencies, research institutions and tourism boards who are cultural preservation entities. We have collaborated with a local tourism board in Malaysia to conduct treasure hunts during events. We believe collaborating and learning with these entities has great potential. We are also seeking partnerships with relevant businesses to leverage the exposure from our games to build brand awareness.

In summary, we need to work hard exploring innovative paths, constantly finding ways to create more value and utility. This takes time and thorough testing. We appreciate the patience and support from the community and Octopus Network, looking forward to achieving more in the next year.

Octopus Network Community Governance

Octopus Network Ecological Data

As of Oct31, 23:59 UTC:

Total $OCT pledged — 7,251,314
Total annual revenue — $19,635
Total number of validators — 51
Average annualized staking returns — 2.3%

2023 OCTOPUS DAY LIVE

October 8th, 2023, marked the 2nd anniversary of Octopus Network’s mainnet launch, a journey filled with achievements and and evolution. Despite the highs and lows of the crypto market, our community’s unwavering support and trust have been our foundation.

The Octopus Network aims to build a multi-chain network around the NEAR protocol, from supporting Substrate application chains, to now further embracing Cosmos SDK application chains. Innovation in contributing security has also made Octopus Network more important to the entire NEAR ecosystem.

We are constantly improving and promoting NEAR-IBC technology.

At Cosmoverse 2023 in Turkey, we told over 100 Cosmos chains that they can now connect with NEAR via NEAR-IBC. We believe synergies can emerge between these two ecosystems, bringing creative new composability opportunities.

At the same time, we are also promoting $NEAR Rstaking in the NEAR ecosystem. The inspiration for this mechanism came from Eigenlayer in the Ethereum ecosystem. We believe Restaking is an important innovation for improving security. We want not only $OCT holders, but also NEAR holders to participate in this two-sided market, sharing security with application chains.

In November we will attend NEARCON and deliver a speech, seeking support from the entire NEAR ecosystem, as this can maximize the security level offered by Octopus Network. This is crucial for the competitiveness of our shared security services in the market. I believe with the support of NEAR holders and the NEAR ecosystem, we can become the best, most affordable, flexible and accessible shared security solution for application chains.

Octopus2.0 is now more than just the development of Octopus Network, it is even more important for NEAR Protocol. Because we will create additional income sources for both NEAR holders and $OCT holders, increasing the intrinsic value of both assets.

It needs emphasizing that our attitude towards Octopus1.0 remains unchanged. We will continue supporting its stable operations. All application chains that have joined the Octopus multichain network ecosystem are our most important partners. Please contact me or the Octopus core team anytime if you have new plans for your business. We will provide support as always.

Thank you to validators and delegators of the various application chains in the Octopus Network community. Thank you for your recognition and support. We are sending out commemorative NFT stamps for Octopus Network mainnet 2nd anniversary launch to each community member currently staking!

Let’s move forward hand in hand, weather the low tides, and see clouds part to reveal the bright moon.

Octopus2.0 is not the end, and Octopus Network will never end.

We are paying close attention to every major development in the Web3 field, like modular blockchains, Layer2 and zero knowledge proofs. We constantly seek new opportunities to make Octopus Network more valuable and important, while always maintaining the passion to discover and create new value, continuously empowering $OCT appreciation. Everything we do is for our community and $OCT holders.

Read more…

Octopus Network Global Influence

Louis Successfully Elected to HoM Seat in NDC

Octopus Network founder Louis was successfully elected to the House of Merit seat in NEAR Digital Collective (NDC). Louis will act in the interests of NEAR holders, fully utilizing existing experience and knowledge, extensively communicating and collaborating with community contributors, allocating NDC resources to teams and projects that can significantly increase the intrinsic value of $NEAR.

The Restaking Base contract developed by the Octopus team will launch on NEAR mainnet this year, helping NEAR gain external revenue without increasing expenditure. This is the best approach to rapidly increasing NEAR protocol revenue and improving fundamentals. The NDC seat will help promote $NEAR Restaking throughout the community, pushing for its swift implementation.

NEAR absolutely has the capability to pivot towards a DA Layer, or pursue strategic AI+Web3 opportunities. Joining NDC will empower Louis to drive these changes, helping NEAR truly become the global leader in Web3 action.

Octopus Network Invited to Attend Cosmoverse2023

Octopus Network was invited to Cosmoverse2023 held in Turkey to share the technical architecture of Adaptive IBC for Cosmos ecosystem developers. Louis and Vivi introduced our advanced flexibility in shared security and governance, gaining recognition and support from the Cosmoverse ecosystem.
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Louis Invited to Discuss Web3 Project Community Governance

On October 19, Octopus Network founder Louis was invited by the TinTinLand community to discuss issues around community governance and sustainability of Web3 ecosystem development.

Read more…