Octopus Network

Project Overview

Octopus Network is a multichain network designed to launch and run Web3 application-specific blockchains, called appchains. The OCT token serves as the native token of the network, used for governance, staking, and securing the network through the validation process.

Purpose and Utility

The primary purpose of OCT is to provide utility within the Octopus Network ecosystem. Token holders can participate in governance decisions, stake tokens to become validators, and secure appchains. The network aims to lower the cost of launching blockchain applications by providing shared security and interoperability features.

Business Model Evaluation

The business model focuses on providing infrastructure for Web3 applications, which is inherently halal as it involves the creation and exchange of real value through technology services. The platform does not directly facilitate any prohibited activities like gambling or interest-based lending.

Development and Adoption

The project maintains active development on GitHub and has several appchains in various stages of development. While adoption is still in early stages, this does not impact its Sharia compliance assessment.

Token Distribution

The token distribution includes allocations for the team, ecosystem development, and public sale participants. While specific vesting details are implemented to prevent immediate selling, the distribution structure appears designed for project sustainability rather than quick profit-taking.