How the Octopus Network is Driving the Intern…

You don’t hear about the earnest blockchain protocols because they’re busy building solutions

It would be easy to forget that blockchain technology is more than the growing pains of DeFi, considering the plethora of disquieting news coming out of the crypto space recently. But it’s important to remember that blockchain is a tool, a tool that can be used to solve a swash of contemporary issues. And, like all tools, its use is defined by human intent — You can use rocks to bash in someone’s head or build functional civic structures.

Web3 has the potential to hand data sovereignty and content ownership back to internet users. So, where are the protocols committed to creating solutions with blockchain tools? They are out there, building. And that is probably why you don’t hear much about them in the headlines, which tend to favor catastrophe over progress.

Earnest blockchain protocols are driven by ideology rather than speculation 

Serious blockchain technicians are often driven by ideology rather than speculation — the intent is embedded in the building. This is why they tend to survive severe crypto market downturns. 

Solid projects with a mission of driving towards a fairer internet also generally have foundations that help scaffold and fund web3 development because they know that only mass adoption can complete the transformation from User-as-Product to User-as-Owner.

Imagine all the business conducted across all of the niches on the Internet today. Until Web3 solutions are accessible for at least a majority of these verticals, Web3 will remain an elusive target. Presently, at least three significant barriers to developing Web3 must be addressed and solved by the blockchain industry itself for mass adoption to become feasible.

The blockchain industry must eradicate its own barriers

Startup cost is one of the most formidable barriers to realizing a broader selection of viable Web3 solutions. Building an application-specific blockchain is both capital and labor-intensive. In addition, blockchain development requires blockchain developers. Unfortunately, there is a shortage of developers fluent in novel programming languages such as Rust. 

Finally, it takes more than technology to launch a successful Web3 project. Founders need to be familiar with critical concepts in tokenomics, product design, UX, community building, governance, and more to successfully launch a Web3 project. These three bottlenecks to Web3 development are precisely what the Octopus Network was designed to disrupt.

The Octopus Network lowers the barrier to Web3 adoption

To accelerate adoption, the Octopus Network’s primary mission is to lower the barrier to Web3 innovation. This is not only apparent in its support of the application-specific blockchains that choose to launch on its platform but also in its open and free Global Substrate Training and Accelerator Programs funded by the Octopus Foundation.

The Octopus Network is a multichain, interoperable cryptonetwork for launching and running Substrate-based, EVM compatible, application-specific blockchains, aka appchains. The design of the Octopus Network’s security leasing mechanism lowers the cost of launching a Substrate-based blockchain by an estimated factor of 100X. 

Web3 teams who wish to develop their concept using Substrate will find an incredible support base in the Octopus Development Team and Core Community— in addition to enjoying appchain customizability, infrastructure support, crosschain interoperability, and unlimited scalability.

The Octopus Global Substrate Developer Training program increases Web3 resources

A few years ago, Octopus Network launched the first Substrate Developer Training courses in China, which are now operated by Parity. Since then, Octopus has been on a mission to spread its courses globally, with current offerings in Vietnam, Malaysia, India, Nigeria, and Mexico.

Substrate is an open-source tech stack, built using Rust programming language and created by Parity, that simplifies building a blockchain customized for a specific application. The full stack of an appchain, including networking, consensus protocol, node configuration, etc., can be thoroughly optimized for its particular use case. 

An appchain enjoys its transaction processing capacity exclusively without competing for gas price with other applications, ensuring lower transaction costs and faster response times for its users. And a Substrate appchain has self-sovereignty —it’s governed by its community. There are already hundreds of Web3 projects built on Substrate, and more appchain projects are expected to emerge.

The Octopus Accelerator awards Web3 entrepreneurs

The Octopus Accelerator Program is a global Web3 startup community of entrepreneurs launched by Octopus Network and funded by the Octopus Foundation to help Web3 entrepreneurs bring utility to Web3 by realizing their concepts as appchain testnets. 

The Accelerator program conducts four open Global Web3 Entrepreneurship Camps providing $1 million in funding to 20 outstanding Web3 application chain entrepreneurial teams annually. Each quarterly course awards a total of 250k in funding to its top five projects.

Mentored by industry experts while engaging in course workshops, participants study critical topics such as Product Design, Token Engineering, Regulation, Fundraising, and more. The month-long program concludes with a Showcase Day, allowing the top 10 teams to demo their project in a competition to win one of five Octopus Star Prizes and 50k in funding. 

Accelerator Program courses are free and open to any Web3 founder, team, or developer interested in developing their project from concept to testnet. The Fall 2022 Accelerator program offering 50k in funding to five top projects currently accepts applicants until its August 13th deadline.

The Octopus Network sets the stage for Web3 innovation

Octopus Network’s unique Leased Proof of Stake security coupled with Substrate makes building a Web3 application much more accessible and affordable for the world’s problem solvers, thereby setting the stage for Web3 innovation. 

Any Substrate-based blockchain can register to become an Octopus Network appchain. Any Web3 project can apply to the Accelerator to learn how to build a Substrate appchain testnet and win funding, and any developer can gain exposure to Rust programming language and the Substrate framework through Global Substrate Training courses—all compliments of Octopus Network.

While DeFi growing pains may stir up one-sided skepticism toward blockchain technology as a whole, the other side of the equation, those seeking solutions, just keep building. The Octopus Network was conceptualized, designed, and realized because of the underlying philosophical tenets of its core team, which is committed to driving the Internet into a more open, fair, and secure era, aka Web3. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.