The Octopus Network Reach
The Future of Web 3.0
The Evolution of the Web
Innovation has always spurred on the development of technology leading to life-altering breakthroughs. In the case of online technology, the world wide web has gone through two major changes that have shaped our interactions with the world. Web 1.0 was the first iteration of the web that was mostly read-only and creators were typically developers who built websites that contained information served up mainly in text or image format [1]. This period lasted for over a decade from around 1991 to 2004. By this time, with the appearance of Facebook, the internet clearly shifted into what is now known as Web 2.0. This is the internet of today. It is interactive and social, virtually allowing for anyone to become a creator, cementing it as a read-write web [2]. The subsequent emergence of customer-generated content platforms like Reddit, Twitter and Youtube gave standard internet users a powerful voice leading to a significant change in business marketing dynamics. By the time smart phones were introduced in 2007, the internet was fully maximized and connectivity became an integral part of everyday life.
While the internet of today brings with it numerous conveniences and undeniable global connections, it is not without issues and problems. For one thing, private monopolies have an alarming level of control over these technologies. Not only do they rake in profits through the monetization of popular apps as well as through advertisements, but they also have access to and control over users’ data, creating substantial privacy and security risks. So with the goal of addressing current web issues and improving the technology even further, the journey towards developing Web 3.0 has become an inevitability.
In fact, many believe that the entry of Bitcoin started the shift to Web 3.0. This is a trustless, self-governing, permissionless, and most importantly, decentralized online space. And within this new tide of decentralized crypto-networks there has already been two major waves of innovation, from Bitcoin as an alternative monetary system to Ethereum as a robust foundational protocol that companies use to build new decentralized programs and applications on [3]. However, despite the revolutionary steps forward that have already been achieved, the incomparable user experience that exits within Web 2.0 is something that the current crpytospace is still trying to duplicate, limiting mainstream adoption. Additionally, the recent explosion of DeFi on the Ethereum platform has highlighted deficiencies within the blockchain, namely: congestion leading to high gas fees resulting in limited user access. In its present form, Ethereum can’t meet the huge demand within its blockchain and there is a spillover effect brewing. This has created an opportunity for the next generation of layer-1 protocols to take center stage.
Getting Near the Octopus Network
One promising project in the race today is NEAR Protocol. Often referred to as a third generation blockchain network, it is a sharded proof-of-stake blockchain that emphasizes scalability and usability. Not only is it a ready-made scalability solution for existing Ethereum applications, it is also capable of handling other types of decentralized solutions. NEAR is in a good position to benefit from Ethereum’s spillover effect. For this reason, the Octopus Network is launching the first application-specific blockchain protocol, a.k.a. appchain, in the NEAR Ecosystem.
What Are Appchains?
An appchain refers to a separate blockchain designed for a specific application (or set of applications). Unlike a smart contract that usually runs on a public or private blockchain, appchains allow developers to customize their application in terms of governance structure, crypto-economic design, and even its underlying consensus algorithm. It provides developers with a dedicated transaction processing capacity, while still benefiting from the security of the motherchain. This means that applications on an appchain do not have to compete for transaction processing capacity from other applications on a network so a developer or project can harness all of the benefits of having their applications run on their own customizable blockchain, while also enjoying low transaction congestion and state validation from the network motherchain [4].
For other Web3.0 use-cases including gaming, digital collectables, NFTs and the broader creator economy including music, radio, and even blogs, DAO platforms, IoT platforms, and much more-, an appchain is a better option for such use-cases, because an App chain is able to reach a delicate balance between decentralization and performance. What’s more, on-chain governance allows for appchain to quickly evolve with the legitimacy to stay relevant — This is cumbersome if not possible to carry out within a smart contract. — Louis Liu, Octopus Network Founder & CEO
What Is the Octopus Network and Why Is It Needed?
Despite the clear advantage of using appchains, there is still no cryptonetwork in existence that allows the full utilization of appchains. This is where the Octopus Network comes in. Octopus is a multi-chain network that will host Web 3.0 appchains around NEAR protocol. It is designed to provide cost-effective leased security, out-of-box interoperability, complete infrastructure and ready-to-be-engaged community, potentially decreasing the capital expenditure to bootstrap an appchain by 100X [5]. This means possibly lessening project costs from several millions to less than a hundred thousand dollars, which will go a long way in helping the cryptospace further thrive and innovate.
Reaching Farther Than Ever
Inspired by the highly intelligent eight-limbed cephalopod with two thirds of its neurons distributed among its tentacles allowing them to act independently from the invertebrate’s central brain, the octopus is essentially a decentralized living life form [6]. Given the potentially unlimited number of appchains that can be hosted on the network, Octopus’ vision is no less than multi-chain networks acting similarly by having independent decision-making mechanisms without compromising connectivity and cooperation. It offers a vibrant, cost-effective and secure environment for communities of creators and developers to launch their applications, promoting a highly diversified crypto ecosystem that leads to great user experience in order to ultimately usher in the much awaited Web 3.0.
[1] https://www.freecodecamp.org/news/what-is-web3/
[2] https://academy.coinzilla.com/what-is-web-3-0/
[3] https://blockapps.net/blockchain-101-difference-ethereum-bitcoin/
[4] https://nearguilds.com/2021/03/23/introducing-octopus-the-appchain-network-of-nears-future/
[5] https://oct.network
[6] https://github.com/octopus-network/papers/blob/main/Octopus%20Network%20White%20Paper.pdf
