Octopus Network, a third-generation multi-chain encrypted network used to boot and run Web 3.0 application-specific blockchains, also known as appchains, has announced that it has raised US$5 million in its Series A financing.
Interoperable Web 3.0 encrypted networks, such as Octopus Network, Polkadot, and Cosmos, are often referred to as the “blockchain internet”, just like today’s Web 2.0 Internet TCP/IP standard defines the internet as a “network network” as broadly as possible Service.
Investors in Series A include: Continue, Youbi, DCG, GFS Ventures, Vestigium, Autonomy Capital, LCG Ventures, Bluehelix, Finance Ventures, Jubi Lab, GTA Venture, Gains Associates, Aussie Capital, K300 Venture, Mayor Capital, NetZero Capital, ELEVATE , Chainridge, Megala Ventures, VIC Group, Jigsaw, OIG Ventures, Bigcoin Capital, Meridian Capital, Westorm, Move Capital (Angel DAO) and Gate.io.
In addition, the Octopus ecosystem application chain protocol-Debio, Myriad Social, Discovol-also participated in this round of A round of financing.
Octopus Network / Application Chain
Web3 refers to a dApp running on the blockchain, with lower transaction costs and faster transaction speeds, and is owned by the user community, not a profit extraction company. Web 3.0 is eager to return value to the true creator of the Internet, that is, its users.
But so far, Web 3.0 application development has had to sacrifice an excellent user experience, because distributed ledger technology is technically more complex than Web 2.0 and more expensive to build-which leads to a degraded user experience.
For a Web 3.0 application to replace a Web 2.0 application, it must first be a great Web application and provide a great user experience. The application chain solves this problem.
Application chain – Decentralized application-specific blockchain-The difference from dApps is that they have dedicated transaction processing capabilities, which means that applications on the application chain do not have to compete with other applications on the network for transaction processing ability. Appchains enables developers to customize their applications in terms of governance structure, economic design, and underlying consensus algorithms—even at the bottom of the technology stack.
The application chain can adjust and optimize all the parameters of the blockchain. This includes consensus protocol, execution environment, P2P communication, data K/V storage, Runtime and wallet interaction, and customizable top-level application logic. This is similar to the secret of a good iPhone experience-vertical integration-from chip to machine, from hardware to software, integration to achieve the ultimate user experience.
Although new frameworks such as Substrate and Cosmos SDK provide Web 3.0 developers with greater and better design space to deliver fully optimized Web3.0 applications, and significantly reduce the cost of developing application chains, the application chains are still relatively complex and Start-up costs are high.
Octopus Network reduces the cost of publishing application chains by millions of dollars and can host an unlimited number of application chains. The application chain in the Octopus Network benefits from flexible and cost-effective rental security (LPoS), out-of-the-box multi-chain interoperability, complete infrastructure, and a community that can participate at any time.
Octopus Network stated that in Octopus, each application chain can determine its own economic model, including how much security tokens it is willing to pay to validators. Holders of Octopus tokens can decide which application chain they want to mortgage, thereby creating a free market. The application chain can lease the securities they need at market prices at any time, providing unlimited flexibility and scalability.
“A key design consideration for Octopus Network is to reduce the cost of booting and operating application-specific blockchains so that all Substrate and Web 3.0 developers can access Web 3.0. Octopus will be used for Web 3.0 applications. The program provides mass adoption, which enables Web 3.0 to be implemented faster than other platforms and through more protocols.”
– Louis Liu, Founder of Octopus Network
This month, Octopus Network plans to launch its mainnet and its first application chain, DeBio, in October, which is a decentralized biomedical network. In addition, the Octopus Foundation will directly fund 20 application chain projects through the Octopus Accelerator Program each year, with a grant of up to US$1 million.
The Octopus Accelerator Program is a series of open and composable courses and seminars for Substrate developers and Web 3.0 teams.