$ 0.2875
2 min ago
(-11.82%)
OCT, the native token of the Octopus Network, is a fungible, non-inflationary token with three primary utilities. OCT is used to provide collateral to guarantee appchain security, select appchain candidates by upvoting and downvoting mechanisms, and governance. $OCT is an NEP141 token on NEAR protocol
The Octopus Network is a multichain cryptonetwork for launching and running Web3.0 application-specific blockchains — appchains.
Appchains in the Octopus Network benefit from flexible and cost-effective leased security (LPoS), out-of-the-box multichain interoperability, complete infrastructure, and a ready-to-be-engaged community.
The core of the Octopus Network is the Octopus Relay — a set of smart contracts running on the NEAR blockchain, aka mainchain, that implements the security leasing market.
NEAR Protocol is a sharded proof-of-stake (PoS) blockchain that emphasizes scalability and usability. NEAR is often referred to as a ready-made scalability solution for existing Ethereum dApps, but it is equally capable of handling a suite of other types of decentralized solutions — such as appchains. The Octopus Network chose to build on NEAR because it offers a more cost-effective, scalable, user-friendly, and interoperable L1 solution for building appchains.
Try our free Octopus Network (OCT) portfolio tracker if you want to efficiently keep track of your OCT and other coin/token investments.