We recently announced that DEIP is partnering with the NEAR Based Relay Chain for substrate-built networks: Octopus Network. This partnership will bridge the Creator Economy Network Ecosystem with a NEAR Ecosystem.
There are several reasons why we opted to choose the Octopus Network as a partner for DEIP Protocol (Creator Economy Protocol); not least the speed at which we can join the network and the cost of doing so. Let’s explore in more detail why DEIP is partnering with Octopus Network, but first let’s explain a little about what Octopus Network is.
What is Octopus Network
The Octopus Network is a multichain, interoperable cryptonetwork which connects application-specific blockchains (appchains). All participants benefit from significant network effects and economies of scale, with the interoperability creating an internet of blockchains.
Octopus Network is built for launching and running Web3.0 application-specific blockchains — appchains.
Appchains in the Octopus Network benefit from flexible and cost-effective leased security, out-of-the-box multichain interoperability, complete infrastructure, and a ready-to-be-engaged community.
The Octopus Network decreases the cost to launch an appchain from several million dollars to less than one hundred thousand dollars.
So, as you can see from above, there are already some stark advantages to joining Octopus. But we also have some of our own specific reasons.
Advantages for DEIP
As mentioned above, Octopus Network is one of the cheapest interoperable chains out there. Not only is it cheaper on a per-transaction basis, but it is also cheaper to acquire a slot on the network. Moreover, Octopus offers a fairer model for slot distribution, meaning greater equality across the network.
Furthermore, there are some great synergies on Octopus, namely the ability to integrate with one of the best smart-contract chains available: NEAR protocol. Integrating with NEAR allows us to provide functionality for DEIP protocol participants to experiment with assets created on the protocol.
Benefits and opportunities:
- Smart contract-based dApps on NEAR Chain will be able to use F-NFTs issued in the Creator Economy Network
- Creators issuing assets on DEIP will be able to benefit from liquidity in NEAR; NEAR’s DeFI ecosystem is rapidly growing, and projects within it are already providing services like DEX, AMA, LP, DAO VCs, etc.
Joining the Octopus network brings integration with one of the most promising smart-contracts ecosystems. By partnering with Octopus Network we gain a double advantage as we immediately get interoperability and a smart-contract provider.
We also consider NEAR to be the strongest smart-contract platform around.
Secondly, we don’t want to wait too long to launch our canary network. We plan to launch the canary network later this year. Octopus Network will allow us to do so.
We don’t need to choose a multi-chain network provider for our mainnet right now, but we need a relay chain network provider which provides access to an ecosystem now and from this perspective: Octopus is best.