Octopus Network launches version 2.0 with plans to implement Resting and NEAR IBC Port functions

On April 17th, it was announced that the Near ecological multi chain network Octopus Network has launched version 2.0 and plans to launch NEAR IBCPort in the second quarter to connect with the Cosmos chain and support cross chain asset transfer. Launch NEARRestacking in the third quarter to provide shared security services for Cosmos chains.

Octopus Network launches version 2.0 with plans to implement Resting and NEAR IBC Port functions

I. Introduction
– Briefly introduce the Octopus Network and version 2.0 launch
II. NEAR IBCPort Launch
– Explain what NEAR IBCPort is and how it connects with the Cosmos chain
– Discuss the benefits of cross chain asset transfer
III. NEARRestacking Launch
– Define NEARRestacking and how it provides shared security services for Cosmos chains
– Discuss the importance of shared security in blockchain technology
IV. Comparison to Other Cross Chain Solutions
– Compare Octopus Network’s cross chain solutions to other popular options
– Provide advantages and disadvantages of each solution
V. Future Developments for Octopus Network
– Detail upcoming plans for network expansion and partnership developments
VI. Conclusion
– Recap main points discussed in the article
– Highlight significance of Octopus Network’s advancements in blockchain technology
VII. FAQs
– What is the Octopus Network?
– How does NEAR IBCPort work?
– What are the benefits of shared security services on the blockchain?

On April 17th, Octopus Network Launched Version 2.0 and Plans to Launch NEAR IBCPort and NEARRestacking

On April 17th, 2021, the Near ecological multi chain network Octopus Network announced the latest iteration of its platform. Version 2.0 brings new updates and tools to Octopus Network’s replication of the Ethereum Virtual Machine (EVM), including the Cross-Border Payment Protocol (CBPP) and Distributed Proof of Identity Protocol (DPI). However, the most anticipated feature of Octopus Network’s launch is the integration with Cosmos chain through the NEAR Inter-Blockchain Communication Protocol (NEAR IBCPort) and NEARRestacking.

NEAR IBCPort Launch

NEAR IBCPort is the NEAR ecosystem’s latest interoperability protocol designed to seamlessly connect and communicate with other blockchain networks. This integration will include automatic cross chain asset transfer between the NEAR and the Cosmos chains, unlocking new possibilities for developers and users alike. This will undoubtedly solve the problem of inter-chain communication and interoperability, allowing for cross-chain asset interchangeability and interoperability enrichment in the industry.
The benefits of cross chain asset transfer are extensible to market and user usage alike. It will provide users with improved security, speed, and convenience when transferring assets across chains. Developers will be able to take advantage of new opportunities and innovation as well as create new applications with cutting-edge functionality by accessing cross-chain data and assets.

NEARRestacking Launch

In addition to NEAR IBCPort, Octopus Network has announced the launch of NEARRestacking, which will provide shared security services for the Cosmos chains. NEARRestacking helps to reduce the risk of losing funds or staking rewards under an unsecured Cosmos chain network. It improves the network’s decentralization while also significantly boosting the user’s confidence in the system. The NEARRestacking protocol is an innovative and effective solution for users who wish to secure their tokens as rewards while simultaneously earning interest.
Shared security is an integral part of blockchain technology. It refers to a network of nodes that work together to guarantee the security of the network, significantly reducing the risk of hacking or bad actor attacks. Shared security also minimizes any possibility of a 51% hash rate attack. With NEARRestacking, Cosmos chain users can stake and secure their assets while earning rewards safely.

Comparison to Other Cross Chain Solutions

Octopus Network’s latest integration with the Cosmos chain differs from other popular cross chain solutions in many ways. One such difference is that Octopus Network’s NEAR IBCPort will allow for automatic asset transfer, making it more efficient and faster than other solutions. Besides, its NEARRestacking provides a unique shared security service for tokens staked on Cosmos chains that other cross chain solutions do not provide.
Other cross chain solutions, such as Polkadot, use their parachains to facilitate the exchange of digital assets. However, parachains are exclusive to Polkadot and do not necessarily reach other blockchain ecosystems. Similarly, Rootstock uses Chain Relay Mechanism to bridge Bitcoin with other digital assets, but it lacks the user-friendliness of Octopus Network’s NEAR IBCPort.

Future Developments for Octopus Network

Octopus Network plans to launch its NEAR IBCPort in Q2 and NEARRestacking in Q3 of 2021. The Network’s development team also plans to partner with more projects to expand its network and its capabilities.
Later in the year, Octopus Network plans to launch a lending platform, which will allow users to lend their digital assets for a steady passive income. The lending platform will also provide collateral services that allow users to participate in the Octopus Network while staking low-risk loans without selling their digital assets.

Conclusion

Octopus Network’s V2.0 launch is a significant milestone in the development of blockchain technology, providing solutions for cross chain interoperability and security issues. The integration of the Cosmos chain with the NEAR ecosystem through NEAR IBCPort and NEARRestacking will ensure seamless cross-chain asset communication, creating new opportunities and innovations for developers and users alike. It is also important to reinforce shared security solutions, allowing users to stake and secure their assets more efficiently and safely.

FAQs

Q: What is the Octopus Network?
A: The Octopus Network is a Near EVM-compatible multi-chain infrastructure network that provides interoperability, security, and scalability solutions.
Q: How does NEAR IBCPort work?
A: NEAR IBCPort is a protocol that links different blockchain networks, creating interoperability, and fluidity between them. It allows users to transfer digital assets across different chains automatically.
Q: What are the benefits of shared security services on the blockchain?
A: Shared security services, such as NEARRestacking or those offered by other protocols, are essential since they allow participants to connect and share their security resources. It works to minimize the risk of hacking or other malicious attacks while also reducing transaction overhead and improving network stability.