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Summary of Octopus Network
- Core technology: trust-minimal blockchain interoperability
- Octopus Relay: set of smart contracts on NEAR blockchain, provides leased security to appchains and enables interoperability with NEAR and other appchains
- Appchains can interoperate with external blockchains via bridges (e.g. Rainbow bridge with Ethereum) or IBC pallet
- Anyone can provide security to an appchain by staking $OCT tokens in Octopus Relay
- Validators set up and run validator nodes, sync validator set from Octopus Relay, and form quorum for consensus
- Fraud proof mechanism: honest nodes can challenge malicious validators, resulting in slashing of staked $OCT
About Octopus Network
In the realm of decentralized applications, a novel paradigm has emerged, revolutionizing the manner in which we interact with blockchain technology. Octopus Network is an innovative, decentralized, and open-source platform, meticulously designed to facilitate seamless interactions between diverse blockchain ecosystems.
The core technology of Octopus Network is founded upon trust-minimal blockchain interoperability. Building upon this foundation, Octopus Relay, a suite of smart contracts deployed on the NEAR blockchain, furnishes leased security to appchains, thereby facilitating seamless interoperability between appchains, NEAR, and other appchains. Moreover, appchains can seamlessly interact with external blockchains beyond the Octopus Network, either through bridges on NEAR, such as the Rainbow bridge connecting to Ethereum, or by leveraging the out-of-the-box IBC pallet to establish direct connections with any IBC-enabled blockchain.
Anyone can contribute to the security of an appchain by staking $OCT tokens within the Octopus Relay. Following this, the validator must establish and operate a validator node for the appchain, which will synchronize the validator set from the Octopus Relay. Subsequently, all validator nodes for a single appchain will form a quorum, thereby achieving consensus on block production and earning rewards in the appchain’s native token. In the event that one or more validators engage in malicious behavior during the consensus process, any honest node can submit a fraud proof to the Octopus Relay to challenge them. Once the fraud proof is verified, the staked $OCT tokens belonging to the malicious actors will be subject to slashing. Through this mechanism, the security of an appchain is economically guaranteed by $OCT staking within the Octopus Relay.