Octopus Network Launches Version 2.0 and Plans to Connect with Cosmos Chain

04/17/2023 00:41 • Tech Ticker • 122 views

On April 17th, it was announced that the Near ecological multi chain network Octopus Network has launched version 2.0 and plans to launch NEAR IBCPort in the second quarter to connect with the Cosmos chain and support cross chain asset transfer. Launch NEARRestacking in the third quarter to provide shared security services for Cosmos chains.

Octopus Network launches version 2.0 with plans to implement Resting and NEAR IBC Port functions

Introduction

On April 17th, the Near ecological multi chain network Octopus Network announced that it had launched its version 2.0 and plans to launch NEAR IBCPort in the second quarter to connect with the Cosmos chain and support cross chain asset transfer. In the third quarter, Octopus Network plans to launch the NEAR Restacking service to offer shared security services for Cosmos chains. This article will explore Octopus Network, its new features, and the benefits of its integration with the Cosmos chain.

What is Octopus Network?

Octopus Network is a sharded multi chain network built on the NEAR Protocol. It allows developers to build decentralized applications (dApps) on a dynamic, highly scalable, and cost-effective platform that supports cross-chain interoperability. Unlike other multi chain networks, Octopus Network has an innovative architecture that features the ability to sharded data storage, which eliminates data redundancy and improves the network’s scalability and speed.

New Features of Octopus Network 2.0

Octopus Network’s version 2.0 introduces several new features that enhance the network’s security, performance, and functionality. These features include:

Sharded Proof of Stake (SPoS)

Octopus Network 2.0 introduces Sharded Proof of Stake (SPoS), a consensus algorithm that provides a high level of security and scalability while reducing the cost and resource requirements of network nodes. SPoS makes it possible to achieve greater network decentralization, participation and transparent management.

Staking as a Service (StaaS)

With StaaS, node operators can contribute to the security of the network by staking OCT tokens. In return for staking, validators receive rewards, which incentivize them to maintain the network’s integrity. As the network grows larger and more complex, StaaS can provide the necessary shared security services to help maintain security effectively.

NEAR IBCPort

With the launch of NEAR IBCPort in the second quarter, Octopus Network will be able to connect to the Cosmos chain to support cross-chain asset transfer, creating more interoperability between two powerful networks.

NEAR Restacking

NEAR Restacking, which is set to launch in the third quarter, will allow Cosmos chains to benefit from shared security services provided by Octopus Network, creating greater security and reducing the risk of cyberattacks.

The Benefits of Octopus Network’s Integration with the Cosmos chain

The integration of Octopus Network with the Cosmos chain provides several benefits for both networks. By connecting the two chains, Octopus Network and the Cosmos chain can benefit from each other’s strengths, including the Cosmos chain’s focus on interchain communication and interoperability, and Octopus Network’s innovative sharding architecture and token economics.

Conclusion

Octopus Network’s launch of version 2.0 and plans to launch NEAR IBCPort and NEAR Restacking demonstrate its commitment to improving its features and enhancing the user experience. With its innovative architecture and integration with the Cosmos chain, Octopus Network will continue to provide developers with a highly scalable, cost-effective, and secure platform for building decentralized applications.

FAQs

1. What is Octopus Network?
Octopus Network is a sharded multi chain network built on the NEAR Protocol that enables developers to build dApps on a dynamic, scalable, and cost-effective platform that supports cross-chain interoperability.
2. What are the new features of Octopus Network 2.0?
Octopus Network 2.0 introduces several new features, including Sharded Proof of Stake (SPoS), Staking as a Service (StaaS), NEAR IBCPort, and NEAR Restacking.
3. What are the benefits of Octopus Network’s integration with the Cosmos chain?
The integration of Octopus Network and the Cosmos chain provides benefits for both networks, including improved network security, interoperability, and enhanced functionality.

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