Octopus Network AMA RECAP
Hello Everyone ! Welcome to our Third AMA (Ask Me Anything) with Octopus. On 29th of July 2021, CryptoSpartans had a live AMA session with Woori Chen(Community Manager — KOREA of Octopus Network). In case you missed it here is the recap.
Segment 1: Questions for Octopus Team
Segment 2: Live Q&A
The transcript has been edited for clarity.
Woori Chen |Octopus
Sure! I’m Woori, Community manager for Octopus Network. I’m based in Seoul, South Korea. I’ve been a blockchain developer since 2015, starting my journey with solidity. I’ve lived and worked in Australia and the US.
I’ve visited India once, I love India!
Segment 1: Questions for Octopus team
Priyank Gupta |HOST
1. Why are we confident in the future of Octopus Network?
Woori Chen |Octopus
ahh, I’m going to give you why I’m personally confident about Octopus network.
I have three reasons :
1. Octopus Network is backed by some of the best blockchain investment funds. We are the ONLY project that received strategic investment from NEAR Protocol, it is one of the most important infrastructure projects of the NEAR ecosystem.
2. Octopus Network reduces application specific blockchain launch cost by 100X.
3. The team is awesome. We have worked closely with Polkadot, Cosmos, Polygon, Solana etc. One of our engineers created the biggest Rust community in China, and our founder Louis is like the god father of Substrate.
In fact, he was the person who invited Dr. Gavin Wood to China
(Dr. Gavin Wood is the co-founder of Ethereum, and founder of Polkadot)
2. What is Appchain? Why is different from smart contracts ?
Woori Chen |Octopus
An appchain is a “application specific blockchain”. To use an analogy, if smart contract is like an App on a Android, then an Appchain is like a customized version of Android that runs a special app.
Smart contracts that runs on ethereum are awesome, but sometimes you need more customization. That’s where appchains shine.
Lucifer Morningstar |HOST
3. Why did Octopus Network choose to build it’s platform on NEAR Protocol? Was it the investment factor or tech ?
Woori Chen |Octopus
Well here is a bit of information you won’t find anywhere else.
The founder of NEAR is good friends with the founder of Octopus Network,
but besides their friendship, NEAR is amazing from an engineering perspective. It’s in our opinion, the best Gen-3 blockchain.
Segment 2: Live Q&A
Q1. @KingIer: One of the primary focuses of the project is on improving the UX for the Appchains by allowing customizations on various levels top to bottom. Could you kindly explain this in simpler words so it is easier to understand for the non tech savvy people to whom this particularly targets?
Ans: Today, blockchain is not very user friendly. For example, if you want to buy an NFT, you’ll need to have a wallet, and some eth, pay gas, etc…I think we can all agree our mothers won’t be able to do it. In order for mass adoption of blockchain, we need to make it dead simple. This is why we need to a solution to customize the blockchain, so maybe we get rid of the wallet system, maybe we don’t require our users to pay for gas. There are numerous things we can do to improve the UX to make blockchain apps as easy to use as something like WhatsApp.
Q2. @lionkingOO7: As per louis lui, octopus provide out of box security , could you please through more light on it?
Ans: Out of box security means Octopus network takes care of makeing sure your appchain is “secure”. By security, we mean it is sufficiently decentralized and the validators are incentized to be good actors.
Q3. @Alonhusk008: What are your main goals for the next 3–4 years from now? How do your plans to grow and gain more real adoption?
Ans: We want to launch 30 appchains per year. We have plans to support developers with funding (1M / year) and an accelerator program to help with tech and other areas. The success of octopus network depends on the projects that run on octopus. So we plan to make our developers as successful as they can be.
Q4.@TheBlueAstronomer: Substrate seems very interesting. Why would developing an appchain be better than a Dapp on a platform blockchain?
Or could you tell us about a usecase where an appchain might be used?
Ans: I think dapp (specifically a smart contract) and appchain are good at different things. Smart contracts on ethereum are easy to develop, and ethereum takes care of a lot of technical details. But you have to use metamask, you have to pay for gas. Where as an appchain, you can get rid of metamask and gas fees if you want. You can even customize your own consenus algo. To be honest, right now most blockchain usecases can be satisfied by smart contracts, but we think the future of blockchain will require more customization. An example you could check out is Polymath. It is a STO(Security Token Solution) project, it used to be on Ethereum, but Ethereum couldn’t satisfy some of the needs of a STO project. Polymath attempted many ways to overcome all of these kinds of difficulties by proposing EIP1400. However, after a long period of exploration they concluded it’s just not possible to build a good STO application on Ethereum, and decided to build their STO appchain from scratch using Substrate.
Q5. @crypto_antaryami: When are you planning token sale and where to buy $OCT tokens?
Ans: We have an IDO planned on skyward.finance around end of August, so please keep following us on twitter to stay up to date! We also have airdrops and other promos in the following weeks, which will be announced on twitter.
Q6. @KunjoonjAchayan: Can you explain how octopus network manage to reduce cost for developers when compared to other platforms?
Ans: If you want to launch a parachain on Polkadot or Kusama, you need millions of dollars. The same thing could be achieved for 100X less on Octopus. The simple reason is Polkadot provides the SAME super security for all parachains, whether they need it or not. Where as Octopus provides flexible security, based on the needs of the project. So if your project is small, Octopus is a great choice to start. Once it gets really big, you can chose between Octopus and Polkadot, we are 100% compatible with each other.
Q7. @Pradeep67: Currently most investors only care about profits at the moment but ignore the long-term benefits. So can you give them some advice why they should buy and hold this token/coin in the long term?
Ans: People who have made A LOT of money are diamond hands. So my advice to investors is to analyse deeply, reason objectively, and believe firmly. These smart investors defintely believe in us, they’ve given us their vote through their investment.
Q8. @Looser2002: Smart contracts are susceptible to failure and many projects fall victim to this, costing users money and the project discrediting. How reliable and secure is your smart contract? Have you tested it through any of the parties?
Ans: You’re absolutely right! Smart contracts could include bugs and once it is deployed, it’s difficult to makes changes. This is where appchains shine. Appchains can upgrade itself on-chain, with a previously agreed upon governance system. So, even if you launch an appchain with a bug, you could update the appchain just like you would update an app today! But to update the appchain, it still needs approval from relevant parties defined in the appchain. So it is still very decentralized and secure, unlike traditional apps, where the company who owns the app could update whenever they want.
Q9. @imademicros: Does Octopus have staking mechanism for $OCT tokens? If yes, how can we stake the tokens?
Ans: Yes, we have a staking mechanism. To simply things, once you have some OCT, you could stake it on an appchain you think will do well. Once staked, you will receive that appchain’s native tokens. So imagine in 2004, facebook launches on AWS, and you find facebook interesting. You will receive some facebook shares for staking your tokens.
Q10. @Qwert_y2: What is Octopus Guild ? Who can join Octopus Guild ? & how ?
Ans: It’s a group built and run by a community of hard core octopus fans. Anyone can join, I think Pandu is the organizer. Contact this person https://twitter.com/decentricity
Thank you everyone once again for participating in this exciting community AMA! It was our pleasure to host AMA with Octopus Network.