Octopus Network Community Chain - Ottochain: Appchain Candidate

Appchains
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INTRODUCTION

We, the members of the community openly represented by the Octopus Guild, would like to propose the establishment of a community public appchain on the Octopus Network called Ottochain.

This community chain will serve as a sample of what a standard SubstrateEVM appchain is like, showcasing the power and capabilities of the Octopus Network to the world. It will also provide individuals, companies, and developers with an opportunity to test and explore the functionalities of an appchain and easily deploy decentralized applications (DApps) within the ecosystem.

Governance:

Ottochain will have a dedicated Governance system where token holders can participate in decision-making processes. This will ensure a decentralized and inclusive approach to managing the community chain. The founding council members, as listed in the proposal, will form the core team responsible for overseeing the governance process and ensuring its smooth operation. They will work closely with the Octopus Network team to align the community chain with the broader ecosystem’s goals.

Tokenomics:

The proposed tokenomics of the community chain are designed to incentivize participation, support ecosystem growth, and reward community members for their contributions. The token distribution plan outlined in the proposal ensures a fair and balanced allocation across various stakeholders. It includes provisions for community airdrops, marketing campaigns, ecosystem growth, core team members, liquidity mining, staking rewards, and more. The vesting periods for different token allocations promote long-term commitment and stability within the ecosystem.

Utility and Applications:

Ottochain native token $OTTO will serve as the utility token within the ecosystem, enabling various functionalities.

  1. These include paying for transaction fees
  2. Rewarding delegates and validators,
  3. facilitating governance and voting processes,
  4. Incentivizing participation and contributions,
  5. Enabling value exchange within DApps.

The token can also be integrated with NFT platforms, allowing for the creation, trading, and ownership of unique digital assets.

More utility will be added as deem fit by the community.

DApp Ideas:

We have proposed several DApps that can be built on the community chain, including a decentralized exchange (DEX), a crypto wallet with advanced features, educational platforms, a decentralized dating app, gambling games, crowdfunding and launchpad solutions, decentralized identity tools, spend-to-earn applications, fitness and wellness apps, and traffic information sharing platforms. These DApps will showcase the versatility and potential of the Octopus Network appchain.

Benefits of Supporting the Community Chain:

By supporting the establishment and development of the community chain, Octopus Network can achieve the following benefits:

1)Enhanced Visibility: The community chain will serve as a live demonstration of Octopus Network’s capabilities, attracting attention and interest from developers, entrepreneurs, and blockchain enthusiasts.

2) Ecosystem Expansion: The community chain will foster the growth of the Octopus Network ecosystem by encouraging developers to build and deploy DApps, attracting users to the appchain, and increasing the overall activity within the network.

3) Real-World Testing: The community chain will provide a real-world testing ground for the Octopus Network technology, allowing for valuable insights, bug fixes, and improvements to be made before wider adoption.

4) Community Engagement: Supporting the community chain will foster a stronger sense of community ownership and engagement within the Octopus Network ecosystem, encouraging active participation and collaboration among stakeholders.

Conclusion:
The establishment of a community public appchain on the Octopus Network will serve as a powerful demonstration of the platform’s capabilities and provide a valuable testing ground for developers and entrepreneurs. By supporting the community chain, Octopus Network can leverage its potential for ecosystem growth, enhance its visibility, and foster a strong and engaged community. We request the Octopus Network DAO to consider supporting the community chain and collaborate with us to make this initiative a success.

Note: This proposal serves as a starting point, and further discussions and refinements are welcome to ensure the community chain aligns with the goals and vision of the Octopus Network.

The doc below explains all you need to understand about the Octopus guild and the community chain: Ottochain
OTTOCHAIN DETAILS

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Hey there! As an ambassador and a big fan of Octopus Network, I’m all for this initiative to showcase the capabilities of the Octopus Network’s technology… And hey, if you’re interested in joining in and contributing, there’s plenty of opportunity to get involved. Let’s show everyone what Octopus Network is capable of!

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Hello, this is my humble opinion about this!
Having an appchain on Octopus Network would be essential for improving visibility and building a more vibrant ecosystem. Increased visibility would attract more developers and users to the network, and the strong community support would create an ideal environment for decentralized application development. Additionally, appchains would allow for greater innovation and experimentation, speeding up the development and deployment of new applications. As an active user of the blockchain, I fully support these initiatives aimed at improving the ecosystem. Overall, having an appchain on Octopus Network is a crucial step for the blockchain’s growth and success, and I look forward to seeing the positive impact it will have on the decentralized community.

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Here I share some question from the community in Telegram (@willfadeneva)

  1. Who’s gonna run the validators?
  2. Where would IDO be held?
  3. Why use ERC20 when nep141 is available?
  4. At 1 trillion supply I’m expecting it to be priced around 0.000018 even if has liquidity provided same as Oct now. How much do you plan to raise?
  5. Considering all the above factors, the price itself would make them not easy to transact across bridges on mainnet side.
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Let me answer the following questions quickly

  1. validators are gotten by positive conviction, we fully know that many of the Octopus dao members are mostly validators and many other community members we believe as we go along our activities to full completion of the chain we would be able to bring in value added validators

  2. primary place of focus will be the Octopus Launchpad, other places might be sought-after as secondary places to do an IDO but that would be decided by the community and traction gotten during the process of marketing and community building

  3. Currently we are to show the world the power of SubstrateEVM chain, it is common knowledge that the amount of DApps built on EVM compatible blockchain far exceed that of NEAR, with this appchain been an EVM prototype it would should the world how scalable and easy an EVM appchain is like and will draw up such Dapps to apply as an appchain

  4. 10% of the total supply which is 100 billion will be available for sale. With this what we are proposal at start price would be a value of 0.000001$ so we are looking to raise an initial sumr of $100,000

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  • 10% of tokens for core team members and advisors.

20% unlocked at TGE remaining 80% linear quarterly vesting over the period of 2 yrs

The only point that have more than 10% of the tokens unlocked at tge, its team and advisors…

If we are serious this must be 0% at tge until at least 3 months. If not I have to think that is a project to dump people who bought initially. I saw this 2000 times, and people who has a little of knoledge would not invest any single dollar if this happens, including me.

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Noted this will be adjusted in the tokenomics

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Awesome project!

It will help Octopus Network to showcase all the technology and news through a project developed by the community.

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