Octopus network — a revolution in parachains deployment?

NEAR Protocol

NEAR is a delegated Proof of Stake network that focuses on scalability, user experience and easy smart contract development. Its scalability is based on sharding with a design very similar to the upcoming Ethereum 2.0. Current transaction speed is roughly 100,000 per second and we already see a rising ecosystem of working dApps on the NEAR. NEAR also provides an easy-to-use wallet (with name-based addresses similar to the ENS) allowing an email or phone backup.

Parachains development

In order to fully appreciate the amazing work that has been done by the Polkadot team, we have to dive a bit deeper in how the parachains are actually developed.

Parachain issues & appchains

Although it’s never been so simple to develop your own blockchain, you still have to face one big challenge. How are you going to deploy your parachain to the Polkadot or Kusama? There are (will be) three options

  • win a slot in the parachain auction
  • become a parathread
  • make use of a nested relay chains

Octopus Network

And so that’s why we have Octopus Network to the rescue! Octopus will offer an easy way of deployment of a Substrate-based blockchains and with minimal costs! As you know, parachains can enjoy shared security provided by the Polkadot Relay chain — with Octopus, they will be backed by the NEAR Protocol mainnet validators offering almost the same level of security. So Octopus is a basically set of NEAR smart contracts allowing for communication between NEAR Protocol and Substrate-based blockchains, or so-called appchains.

Conclusion

As you can see, the technology that is a basis of Polkadot and parachains is so interesting for developers that it’s being to ported to other chains like NEAR Protocol. Octopus can offer a new home for a Substrate based chains when the slot prices are either too high or they have been already occupied with 100 parachains (which is the number of slots limit).

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Polkadotters | Kusama & Polkadot validators

Polkadotters | Kusama & Polkadot validators

Czech bloggers & community builders. We are validators of Polkadot, Kusama, Darwinia, Crab, Bifrost, HydraDX, StaFi, Centrifuge under the name: POLKADOTTERS