DEIP-NEAR-Octopus collaboration brings tokenization of intangible assets and increased liquidity to the economy of creators.
DEIP is planning to launch its mainnet on Octopus Network which is part of NEAR’s ecosystem. But what does that mean and what benefits and synergies does that bring to each participant and the communities within them?
First off and for the uninitiated, let’s take a look at what DEIP, NEAR, and Octopus are and then explore how they are connected.
What is DEIP?
DEIP represents one of the bearers of the creators’ economy that tries to enable strategic shifting from a “value capture” to a “value creation” economy.
The leading goal is to provide an environment for helping creators and innovators from various popular fields to monetize their work and collaborate with others.
In order to increase its operational power, applicability and visibility to the worldwide creators’ communities, DEIP recently established interchain interoperability by cooperating with NEAR Protocol and Octopus Network.
This massive step toward positioning DEIP as a leader in the Web3 creator economy.
What is NEAR Protocol?
NEAR Protocol represents a user-friendly decentralized platform that provides hosting applications and smart contracts without needing servers. It allows developers to build Web3 applications that consumers can use in a similar way to traditional web applications.
The platform offers reliable security and scalability features and enables users to onboard the platform and use existing or build brand new applications on top of the NEAR blockchain.
What is Octopus Network?
DEIP is connected to NEAR through a relay chain protocol called Octopus Network, enabling collaboration between these ecosystems. For integration purposes, DEIP became an appchain (an independent blockchain built for a specific application) on Octopus Network.
Octopus is a partner of NEAR and represents a decentralized two-sided platform specially designed for Web3 applications.
Octopus Network is built on top of NEAR Protocol and is able to quickly and efficiently provide access to consumers to all NEAR projects and ecosystem participants. It is launched as a smart contract and provides a validator marketplace that boosts the timeframe for delivering products to market.
Octopus offers easy integration with NEAR to other blockchains, with all necessary governance parameters and crypto-economic models included. In addition, Octopus was developed with low-cost and flexible security features that make deployment more affordable for the broader Web3 community.
For DEIP’s implementation, Octopus Network establishes optimal DEIP — NEAR cooperation.
Importance of Octopus Network for DEIP’s vision
DEIP joined Octopus Network to launch and run the appchain and bridge the Creator Economy Network Ecosystem with the NEAR Ecosystem.
Appchains in the Octopus Network provide entire infrastructure and a community that can be easily integrated with a new project. Additionally, partnership with Octopus Network provides:
- Interoperability and security features
- Reliable provider of smart contracts
- Fair model for network slot distribution
- Full transparency and ability to fork
The fair-launch mechanism on Octopus allows for the distribution of tokens to services that bring value to the environment. There is no limit on the number of appchains that could be launched, and auction requirements do not exist. The fair model also provides reduced costs of publishing appchains and offers slots for low entry barriers.
Optimal and interoperable
Other reasons for joining Octopus Network are a significant network’s speed, small financial costs, and easy interactions with other autonomous blockchains such as Ethereum, Bitcoin or any other blockchain with enabled Inter-Blockchain Communication protocol (IBC). Interoperations can be established with blockchains within or outside Octopus Network via NEAR bridges or by utilizing the IBC pallet to connect with IBC enabled blockchains.
The advantages of similar interoperations are trustless interactions between different chains, shareable digital goods and services between different environments, and easy content promotion.
The DEIP appchain on Octopus guarantees full transparency and enables users to fork the network, upgrade it and launch new protocols. Forkability introduces decentralization features and prevents any malicious party from taking over an appchain without the community agreement.
Every appchain can be forked and become a novel chain if the community supports the activity. That way, developers’ work can be used for the common good, sharing knowledge and making resources open source. Finally, such an approach simultaneously reduces the need for repeated work of developers on the same or similar algorithms.
All teams can adopt good practices from appchains that have already been published, in addition to reducing energy consumption in developing default functionalities and being able to focus on innovations and contributions to the field.
All the assets issued within the DEIP network are bridged to NEAR. Octopus brings its projects and created material to the DEIP network and DEIP’s users. Additionally, connected platforms enable DEIP users to access the entire NEAR environment and projects, such as DeFi projects, NFT projects, DAO environments, etc.
On the other hand, DEIP brings governance infrastructures, liquidity and assets’ tokenization to the Octopus ecosystem. Established cooperation enables the exchange of educational materials and resources, as well as sharing partners, developers and learned lessons within independent environments. Finally, interoperability provides the creation of the internet of blockchains and on-chain governance mechanisms to each involved project.
Technical architecture behind the interoperability
The technical realization of interpretability features between DEIP, Octopus, and NEAR are highlighted in the image below:
The schema above shows how to establish an internet of blockchains and interconnections between network participants; from Bitcoin, Ethereum, and other popular blockchains on one side to appchains connected to the Octopus network and related decentralized applications on NEAR Protocol.
The Octopus Network can be described as a belt around NEAR that enables it to cooperate with non-financial Web3 applications and provides them with an optimal operational habitat.
The Octopus Network’s core is Octopus Relay: a set of smart contracts applicable to the NEAR blockchain. By partnering with Octopus, DEIP gets a specially tailored tribute cross-chain smart contract applicable to the NEAR platform. The Octopus network provides the required infrastructure for DEIP, including Archive Gateway, Blockchain Explorer, API Gateway, etc.
The Octopus Bridge also deploys a specific NEP-141 wrapper contract to NEAR for DEIP appchain native token, providing personal wallets to integrate these standard wrapper tokens.
Also Octopus appchains can utilize any content issued on NEAR in a trustless manner. And the cooperation works in the other direction: any content issued on appchains can be transferred to NEAR, Ethereum, or any other IBC protocol-enabled blockchain.
Benefits of the interoperability
As an Octopus appchain, DEIP will be fully interoperable with NEAR assets, enabling related tokens to be applied as collateral for cross-chain assets between the main chain, DEIP chain, and other connected network chains.
This architecture can establish better relationships between users of different chains, operators of different communities, and content creators from different eco-systems.
Bringing DEIP to NEAR guarantees all participants additional opportunities for their creations and interests. As such:
Get additional possibilities for securing an appchain and getting an additional reward.
Are capable of launching the appchain features flexibly with tunable parameters around creators’ economy and governance for various Web3.0 use cases.
Creators and consumers
Benefit from an open market, extended transaction capacity and solid security.
Ultimately, interoperability preserves the freedom of choice for all involved participants.
Suppose an artist issued an NFT token on DEIP Protocol. The interoperability feature will allow the artist to take an asset out of the DEIP environment and move it to other protocols and markets within Octopus and NEAR ecosystems. Interoperability will enable different chains to utilize NFTs from other platforms and recognize their actual value.
Each use case complements other use cases, raising asset liquidity and product value to bring additional benefits to content creators.
The benefits of this approach are remarkable.
Previously, every creator who wanted to be a part of the NFT world had to choose an independent ecosystem to create NFTs, promote them and sell published works. The target group of consumers the creator could reach was narrow and limited according to the platform’s popularity and public visibility.
But now, with the achieved interoperability features that the DEIP-NEAR-Octopus collaboration provides, the creator no longer addresses one community but an unlimited number of them.
As the number of communities within the network increases, the visibility of works also increases, finally leading to the growing popularity and additional value of digital products.
Moreover, potential customers have a larger selection of products they can purchase from a single place. They do not have to visit multiple small markets anymore in search of the right asset. Interoperability connects these small stores into one big mega-market of digital products and allows consumers to easily search and acquire the content.
Additionally, interoperability can provide composability features and allow issued NFTs to act as building blocks for new applications and products.
Imagine a scientific researcher who publishes their patent in the form of an NFT. Interested parties from another appchain can buy the NFT, combine its content with their previous writings, schemes, and existing algorithms, and then propose a novel solution based on merged and updated content.
Composability enables upgrading of content in iterations and by different, independent teams, making the process of upgrading purchased assets easy and applicable for wider society. Once a new NFT is built on the foundation of the purchased one, it can be patented and monetized as every other NFT.
What will DEIP-Octopus-NEAR partnership bring in the future?
The interoperability mechanism will create different opportunities for DEIP and the overall creators’ economy.
Open protocols, interoperability standards, and upgradable formats will enable free flow of data and information. They will result in efficient upgrades and maintaining options; delivering standardization of tools, features, and capabilities.
Creators’ fields of work and domains of expertise may become standardized, while we expect that technologies, tools, and learning materials will become open source and shareable between creators.
The partnership has the potential to revolutionize the creator-economy digital space and provide mechanisms for integrating different environments into a single ecosystem, optimally utilizing content for specific use cases while remaining flexible as to how the content is used.
You’ve heard me talk a lot about interoperability in this explainer, so let me be clear.
In general, a traditional model of an appchain without any interoperability feature integrated was defined in a way to allow users to build their digital reputations only within one specific environment they registered for.
The problem arises once a user wants to transfer his assets to another appchain. The registration process to a new platform is completed, and the user must start building a reputation from scratch and create a new history of his work. Their previous activities and accomplishments are not recognized and accepted to the new platform.
A fresh start is a challenging process that causes many users to give up and stick with the starting platform (platform lock in), even though they are not happy with it.
Interoperability is solving that problem for good.
We expect that all creators will be in positions to develop their unique digital prestige and reputations just once within a single network. Rewards earned will be recognized and equally valuable on every chain within the network.
Just think: once a student finishes college, the student’s diploma is equally worth in different cities, companies, and countries. The idea of an interoperable network is to enable similar universal public recognitions for individuals but in digital environments. Once a digital identity and accomplishments become persistent, it is expected that new forms of digital societies and self-expressions will emerge.
DEIP’s approach for mass adoption
In the end, DEIP Protocol is not just oriented to professional creators, artists, or scientific researchers.
DEIP will make it possible to launch a business and turn any creative digital hobby or unique idea into valuable NFT projects available to the worldwide community.
Interoperability will enable you to claim ownership of the content on DEIP and turn it into monetizable data on different markets. Once the content becomes more valuable to consumers, it will also be more beneficial to developers and the whole environment.
This will finally lead to the popularity of creative works and making creative content ready to be capitalized on new values. DEIP interoperability and partnership with Octopus and NEAR is a win-win situation for all NFT practitioners.