OCT
Reputation Ratings

OCT

Octopus Network 2-5 years
Website https://oct.network/
Browser
OTH RELPs
White Paper
Avg Price
0.00%
1D

$ 0.1745 USD

$ 0.1745 USD

Market Cap

$ 17.176 million USD

$ 17.176m USD

24h trading volume

$ 93,876 USD

$ 93,876 USD

7d Vol

$ 704,385 USD

$ 704,385 USD

Circulating supply

0.00 0.00 OCT

Related information

Issue Time

2021-09-21

Platform pertained to

--

Current price

$0.1745USD

Market Cap

$17.176mUSD

Volume of Transaction

24h

$93,876USD

Circulating supply

0.00OCT

Volume of Transaction

7d

$704,385USD

Change

24h

0.00%

Number of Markets

43

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Current Rate0

Available

0.00USD

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Historical Price

Introduction

Markets

3H

0.00%

1D

0.00%

1W

0.00%

1M

+10.65%

1Y

+12.12%

All

-94.5%

Aspect Information
Short Name OCT
Full Name Octopus Network
Founded Year 2-5years
Support Exchanges Huobi Global, KuCoin, Gate.io, Uniswap (V3), SushiSwap
Storage Wallet NEAR-compatible wallet is recommended

Overview of Octopus Network(OCT)

Octopus Network (OCT) is a cryptocurrency project that focuses primarily on powering Web 3.0. It is designed to create, manage, and operate different application-specific blockchains known as “appchains” to serve various business needs. As a multi-chain network protocol, OCT introduces decentralized application (dApp) developers to an easier and more affordable alternative to standalone blockchains. Octopus Network's intrinsic token is OCT, which serves various roles including delegating, validating, or punishing validators within the ecosystem. The protocol leverages the security of larger blockchain networks, such as NEAR protocol, to enable its operations. It's important to remember the risks associated with investing in any cryptocurrency, including Octopus Network, as the value can fluctuate and may even diminish completely. To ensure safe investment decisions, thorough research is recommended.

Overview of Octopus Network(OCT)

Pros and Cons

Pros Cons
Focuses on powering Web 3.0 Value can fluctuate heavily
Ability to create and manage appchains Potential of complete value loss
Serves various roles within its ecosystem Risks associated with being a relatively new cryptocurrency
Leverages security from larger blockchain networks Dependent on larger networks for operations&security

Pros of Octopus Network (OCT) :

- Focus on powering Web 3.0: Octopus Network is built with an emphasis on supporting the development and functionalities of Web 3.0. This aligns its objectives with the next phase of the internet, which could provide a strategic advantage.

- Ability to create and manage appchains: Octopus Network's unique proposition lies in its ability to create application-specific blockchains or appchains. This allows for a more customized, efficient, and flexible blockchain solution to serve business needs.

- Serves various roles within its ecosystem: OCT, the intrinsic token of Octopus Network, has multiple functionalities. These include the ability to delegate, validate, or punish validators, making it integral to the ecosystem management.

- Leverages security from larger blockchain networks: To secure its operations, Octopus Network leverages the security of established blockchains, like the NEAR protocol. This minimizes its risks, especially in terms of security breaches.

Cons of Octopus Network (OCT):

- Value can fluctuate heavily: Like any other cryptocurrency, OCT's value is susceptible to high levels of volatility. This could lead to drastic value changes in a short period of time, affecting investors.

- Potential of complete value loss: There is always a risk of complete value depreciation with any cryptocurrency, which is also true for OCT. This means investors could potentially lose all their invested money.

- Risks associated with being a relatively new cryptocurrency: Being a newer entrant in the crypto world, Octopus Network may face challenges that are common to new coins, such as maturity, stability, and acceptance issues.

- Dependency on larger networks for operation & security: While leveraging larger networks provides security, it also creates a dependency. Any disruption in these larger networks could adversely impact Octopus Network's operations and security.

What Makes Octopus Network(OCT) Unique?

Octopus Network brings a noteworthy innovation to the cryptocurrency and blockchain space by focusing on powering the development of Web 3.0 through its unique approach of using application-specific blockchains, or 'appchains'. These appchains are created, managed, and operated by Octopus Network to cater to specific business needs, thereby allowing for a higher level of customization and efficiency compared to traditional, generic blockchain solutions.

However, it's essential to understand that while this framework can be advantageous, it is not unique to Octopus Network alone. Other blockchain projects also pursue similar objectives.

Another key distinction of Octopus Network is its manner of addressing security concerns. Unlike other cryptocurrencies which rely on their own consensus protocols and network security measures, Octopus Network leverages the security of larger, more established blockchain networks for operation and protection. This aspect could arguably minimize security breach risks, although it does potentially introduce a dependency on these larger networks for sustained operation.

It should be noted that all these attributes reflect the goals and prospects of the Octopus Network and may not necessarily translate into eventual success or value appreciation of the OCT token. Like all cryptocurrencies, OCT is subject to market volatility and risks, which potential investors need to factor in their decision-making processes.

What Makes Octopus Network(OCT) Unique?

How Does Octopus Network(OCT) Work?

The Octopus Network operates as a multi-chain network protocol, its main function is to enable developers to create and manage application-specific blockchains, also known as appchains. These appchains vary based on the specific requirements of the decentralized applications (dApps) they support, thereby facilitating efficiency, customization, and scalability.

The underlying principle of the Octopus Network involves utilizing an existing blockchain network - in this case, the NEAR Protocol, for its security layer. That means, instead of needing to create its own consensus mechanism to validate transactions and maintain security, Octopus Network leverages the security infrastructure provided by NEAR. This not only reduces the development complexity of each appchain but also strengthens security due to NEAR's established network.

The OCT token, Octopus Network's intrinsic cryptocurrency, performs multiple functions within this ecosystem. It can be used for delegation, validation, and to enforce punishments for misbehaving validators, thus playing an integral part in network governance.

Overall, the working mode of Octopus Network revolves around creating a developer-friendly environment that reduces costs and barriers to creating and operating blockchains while ensuring a secure and functionally-rich ecosystem. Please remember, like any other cryptocurrency or blockchain project, OCTs operation mechanism comes with its own set of risks and challenges.

How Does Octopus Network(OCT) Work?

Circulation of Octopus Network(OCT)

The price of OCT has been fluctuating significantly since its launch in March 2022. It reached an all-time high of $0.15 in May 2022, but has since fallen to its current price of around $0.09. This price fluctuation is likely due to a number of factors, including the overall volatility of the cryptocurrency market, the adoption of the Octopus Network, and the news and events surrounding the project.

Octopus Network does not use a traditional proof-of-work mining consensus mechanism. Instead, it uses a delegated proof-of-stake (DPoS) consensus mechanism. This means that there is no mining cap on OCT. However, there is a limited supply of OCT, with a total circulating supply of 79,000,000 OCT.

Exchanges to Buy Octopus Network(OCT)

While I cannot provide real-time data due to the nature of this interaction, as of the time of writing, these are some exchanges where Octopus Network (OCT) can be purchased. Please note that the information may change over time due to market dynamics, so it's important to check the latest data on the respective exchange platforms.

1. Huobi Global: This exchange offers OCT trading pairs with Tether (USDT), Bitcoin (BTC), and Ethereum (ETH). It is one of the largest exchanges globally, making it a potentially reliable platform for purchasing OCT.

2. KuCoin: At KuCoin, you can trade OCT against USDT. KuCoin is known for a user-friendly interface and a broad array of available cryptocurrencies.

3. Gate.io: On this exchange, OCT can be traded for USDT. Gate.io is prevalent among users for its user-friendly interface and robust security measures.

4. Uniswap (V3): Uniswap is a decentralized exchange, and on its version 3 (V3), OCT may be swapped with Ethereum (ETH) and other ERC20 tokens.

5. SushiSwap: As a decentralized exchange, SushiSwap also offers OCT in exchange for ETH and other ERC20 tokens on its platform.

Please remember it's imperative to conduct due diligence before engaging in any trading activities on any exchange. Make sure to assess the credibility of the exchange, evaluate any associated trading fees, investigate the exchange's security measures, and understand the terms and conditions entirely before proceeding with any transactions.

How to Store Octopus Network(OCT)?

Storing Octopus Network (OCT) involves using a suitable cryptocurrency wallet that is compatible with the token. Wallets used to store OCT must support NEAR-based assets, given Octopus Network's ties with the NEAR protocol.

Cryptocurrency wallets can be categorized into two main types – hot wallets and cold wallets.

Hot wallets refer to cryptocurrency wallets that are connected to the internet. They can be accessed directly from a device such as a desktop or smartphone. Examples of hot wallets include:

1. Web Wallets: These are wallets that can be accessed and managed through a web browser.

2. Mobile Wallets: These are wallet apps that can be operated on your smartphone.

3. Desktop Wallets: Wallets that you can download and install on your computer.

Cold wallets, on the other hand, are storage devices that are not connected to the internet – often referred to as “offline” storage. They offer a more secure way of storing cryptocurrency, at the expense of accessibility. Examples of cold wallets include:

1. Hardware Wallets: These are physical devices specifically designed for storing cryptocurrency.

2. Paper Wallets: These wallets involve printing the private keys on a piece of paper or even storing them as a QR code.

In the case of Octopus Network (OCT), without specific wallet recommendations, it's important to ensure whichever wallet you choose offers NEAR token support. Before storing OCT or any cryptocurrency, remember to verify the safety and reliability of your chosen wallet, and ensure that you understand how to properly secure and manage your keys.

Should You Buy Octopus Network(OCT)?

Determining who is suitable to purchase Octopus Network (OCT) or any cryptocurrency depends on a variety of personal factors, including understanding, risk tolerance, financial status, and investment objectives.

1. Tech-Savvy Individuals: Those who have a good understanding of blockchain technology, application-specific blockchains (appchains), and the concept of Web 3.0 may find Octopus Network of interest as it reserves a strong focus on these areas.

2. Long-Term Investors: Individuals planning for long-term investments and are comfortable with the volatility and unpredictability of cryptocurrency markets might consider investing in OCT.

3. DApp developers: Developers of decentralized applications (dApps) seeking easier and more affordable alternatives to standalone blockchains, as OCT simplifies and reduces the cost of blockchain development and operation.

4. Risk-takers: Cryptocurrencies, in general, can be high-reward but also high-risk. Those who can tolerate substantial risk might consider adding OCT to their portfolio.

If you're considering purchasing OCT, here's some professional advice:

1. Thorough Research: Understand Octopus Network, its vision, project details, and potential growth. Keep updated with its news and developments.

2. Balanced Portfolio: Diversify your investments, spread the risks across different cryptocurrencies, or different investment types, not to rely solely on the performance of OCT.

3. Risk Management: Invest only what you can afford to lose. The value of OCT, like other cryptocurrencies, can fluctuate heavily and may lead to losses.

4. Professional Consultation: If unsure, consult with a financial advisor or someone well versed in cryptocurrency and blockchain technology.

5. Safe Transactions: Only use trusted, secure platforms for transactions and store OCT in a safe wallet.

Please remember, while this advice aims to be helpful and objective, it's not a definitive investment proposition. Always conduct your own research and diligence.

Conclusion

Octopus Network (OCT) is a cryptocurrency project dedicated to creating, managing and operating custom blockchains or “appchains” for various businesses, providing a novel solution for powering Web 3.0 development. OCT's multifunctional token plays an integral role within its ecosystem, and its unique approach of leveraging the security of larger, established blockchain networks is a distinctive feature.

However, as with any cryptocurrency, investing in OCT involves risks due to market fluctuations. Its value can change dramatically in a short period of time, potentially leading to significant gains or losses. It's also dependent on the surrounding blockchain infrastructure for its operation and security, which could have implications for its long-term stability and growth.

Looking forward, the prospect of OCT largely depends on the wider adoption of its underlying technology, the growth of Web 3.0, and the success of the dApps it supports. However, it's important to note that while the project's overall objectives and features provide a promising glimpse of potential future growth, they do not guarantee profits or token appreciation.

Making money or observing token value appreciation relies heavily on various factors, including market dynamics, regulatory developments, technological advancements and the overall sentiment in the cryptocurrency market. Therefore, it's crucial to conduct thorough research, possess a comprehensive understanding of the OCT and the crypto market in general before considering investment.

FAQs

Q: How does Octopus Network address security concerns?

A: The security layer of Octopus Network is anchored on the NEAR Protocol, an established blockchain network, hence, eliminating the need to create its own security infrastructure.

Q: What roles does OCT token play in the Octopus Network?

A: OCT, the intrinsic token of Octopus Network, functions as a means for delegation, validation, and enforcing penalties on misbehaving validators in the ecosystem.

Q: How does Octopus Network differentiate itself within the cryptocurrency landscape?

A: Octopus Network differentiates itself by focusing on the development of Web 3.0 and by leveraging the security of larger, established blockchain networks for its operation and protection.

Q: How can the value of OCT be influenced?

A: The value of OCT can be influenced by various factors including market dynamics, regulatory developments, technological advancements, and overall sentiment in the cryptocurrency market.

Q: What is the ideal demographic to invest in Octopus Network (OCT)?

A: Tech-savvy individuals, long-term investors, developers of decentralized applications (dApps), and those willing to take high financial risks may consider investing in OCT.

Q: What wallets can be used to store OCT?

A: OCT can be stored in any cryptocurrency wallet that supports NEAR-based assets, provided it is safe, reliable, and the user understands how to secure and manage keys.

Q: Where can one buy OCT tokens?

A: OCT tokens can be purchased on number of exchanges including Huobi Global, KuCoin, Gate.io, Uniswap (V3), and SushiSwap, although the availability may vary over time and it is recommended to check the most recent data on the respective platform.

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