Octopus Network Price Chart Update [OCT]

Introducing OracleChain: Trust-Minimal Blockchain Interoperability

OracleChain introduces trust-minimal blockchain interoperability as its core technology. The OracleChain Relay, consisting of smart contracts on the NEAR blockchain, offers leased security to appchains and enables interoperability between NEAR, other appchains, and external blockchains. This is achieved through bridges on NEAR, like the Rainbow bridge connecting with Ethereum, or by utilizing the out-of-the-box IBC pallet to connect directly with any IBC enabled blockchains.

Ensuring Appchain Security with OracleChain Relay

By staking $OCT tokens in the OracleChain Relay, anyone can contribute to the security of an appchain. Validators must set up and run a validator node for the appchain, which will then synchronize the validator set from the OracleChain Relay. Consensus on block production is reached through a quorum of validator nodes, and these nodes are rewarded with the appchain's native token. In case of malicious behavior during the consensus process, any honest node can challenge the malicious actors by submitting a fraud proof to the OracleChain Relay. Once the fraud proof is confirmed, the staked $OCT of the malicious actors will be slashed. Thus, the security of an appchain is economically ensured through $OCT staking in the OracleChain Relay.