[PRESS RELEASE – Abuja, Nigeria/FCT, September 8th, 2023]
Ottochain, a revolutionary application-specific blockchain (Appchain) within the Octopus Network, is poised to reshape the landscape of Web3 and redefine how communities engage with groundbreaking technology. With its focus on interoperability, security, and community-driven governance, Ottochain empowers users, developers, investors, and communities to collaboratively build the future of Web3 together.
Decentralisation has been the driving force behind the blockchain revolution, empowering individuals and communities to take control of their digital assets and participate in a more inclusive financial system. As the blockchain ecosystem evolves, the need for seamless interoperability, security, and community-driven governance becomes even more critical.
Ottochain, the first consumer chain launched by Octopus Network, stands at the forefront of this evolution. Built on the Cosmos SDK framework and powered by Octopus 2.0 Interchain Security, Ottochain is set to transform the way applications are built, enhance community interactions, and provide unparalleled insights into application-specific blockchains.
Currently Ottochain Testnet is live and this is an opportunity to build and test the next generations of Appchains before full launch.
For more information about Ottochain Testnet visit: https://medium.com/@ottochainn/ottochain-testnet-daec6116e131
Key Features and Innovations
- Innovative Restaking Mechanism Beyond Ethereum: Ottochain’s innovative prowess lies in its pioneering use of the Restaking mechanism, going beyond the confines of traditional blockchain implementations. Inspired by the Restaking mechanism initially implemented by EigenLayer, Ottochain adopts this robust solution that has proven its strength by enabling EigenLayer to raise a staggering $50 million in Series A funding. With this mechanism, Ottochain ensures the security and integrity of chain consensus, mitigating concerns about potential attacks and initial token valuations.
- Octopus 2.0 Interchain Security: Ottochain adopts Octopus Network’s proprietary Interchain Security mechanism, ensuring the security and integrity of chain consensus. This innovative approach addresses concerns related to potential attacks and low token valuations, providing a robust foundation for users to transact and interact with confidence.
- EVM Compatibility: Ottochain’s compatibility with the Ethereum Virtual Machine (EVM) through the EVM module opens doors to developers looking to leverage existing Ethereum-based tools and applications. This compatibility empowers developers to build transformative applications while benefiting from enhanced security and scalability.
- Interoperability Amplified through IBC Protocol: Ottochain doesn’t stop at innovative security mechanisms; it sets new standards in interoperability. Leveraging the power of the Inter-Blockchain Communication (IBC) Protocol, designed by Cosmos, Ottochain achieves exceptional connectivity and collaboration within the blockchain ecosystem via the Adaptive IBC. Adapted to the NEAR Protocol through Octopus Network, Ottochain’s interoperability reaches unprecedented heights, enabling seamless communication and data exchange with a wider range of blockchain networks.
- Community-Driven Governance: At the heart of Ottochain lies a strong commitment to community engagement. Token holders and Octopus Nation members play a pivotal role in shaping the platform’s direction through voting on proposals and decisions. This inclusive governance model ensures that the platform evolves based on the collective wisdom and interests of its stakeholders.
- Vibrant Community Ecosystem: Supported by Octopus Nation, Ottochain’s community is a thriving hub for blockchain enthusiasts, developers, and experts. The active participation of the community fuels continuous evolution and innovation within the ecosystem, creating a dynamic and engaged network. Ottochain provides a network of programs that incentivizes users, fueling engagements through rewards. With this revolutionised model, developers, founders need to only worry about the technicalities of their project, while Ottochain handled the burden of community growth and engagement.
- Empowering Developers with Unmatched Incentives: Ottochain offers a robust incentive program that rewards developers for their contributions. A portion of the transaction fees generated by other users calling specific contracts is awarded to the contract owner. This incentive mechanism not only recognizes developer efforts but also ensures a thriving ecosystem of applications that cater to diverse needs.
A Gateway to Limitless Possibilities
“As the first appchain to leverage the Octopus 2.0 Restaking mechanism integrated into NEAR Protocol via Octopus Network, Ottochain opens doors to a new era of blockchain innovation,”
Our commitment to interoperability and community engagement sets us apart. Ottochain is where the power of innovation meets the inclusivity of community, a perfect blend that shapes the decentralised future. said Dr Damilola, Project Lead at Ottochain.
Unlocking Possibilities with Ottochain
Ottochain’s value propositions lie in its commitment to interoperability, security, community-driven governance, and a developer-friendly environment. By providing a secure and seamless experience for users, empowering developers to build transformative applications, and prioritising community engagement, Ottochain paves the way for a decentralised and inclusive future.
As the blockchain landscape evolves, Ottochain emerges as a pioneering force that empowers individuals and communities to collaborate, innovate, and shape the future of Web3. With its unique features and innovative approach, Ottochain offers a glimpse into a decentralised future where technology and humanity harmoniously intersect. Our aim is to provide systems where Web 3 communities can build, drive engagements and gain traction without worrying about cross-platform challenges or user adoption.
For more information about Ottochain and its revolutionary contributions to the blockchain ecosystem, please visit https://ottochain.io
What Ottochain Represents
Ottochain is a revolutionary Cosmos SDK-based appchain that introduces pioneering security mechanisms and unprecedented interoperability. Powered by Octopus Network, Ottochain’s Restaking mechanism and IBC Protocol integration redefine the way blockchain technology is perceived. It empowers developers, users, and communities to collaboratively build a decentralised future that’s truly inclusive and transformative.
Ottochain is releasing 50% of its token supply as airdrop to communities, partners, ecosystems and individuals.
In its quest to support community based initiatives, Ottochain is releasing 5% of its total supply to reward top 10 functioning DApps on both testnet and mainnet, that isn’t all, Ottochain has allocated 1% of its total supply as airdrop to all DApps that would be live on its testnet and mainnet before the official community votes.
More information about visit https://medium.com/@ottochainn/ottochain-builders-campaign-6ceaf9a10a38
To stay up to date, follow us