Discover OctaSpace's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is OctaSpace?

OctaSpace (OCTA) is a blockchain-powered, decentralized computing platform that offers a range of services including VPN, deep learning, GPU-accelerated rendering, data analysis, and security tools. It operates on a marketplace model, allowing users to provide nodes and set their own pricing, fostering a competitive ecosystem. Users can rent various services tailored to their specific needs, and the platform prioritizes transparency and security through blockchain technology.

How is OctaSpace used?

OctaSpace (OCTA) is the native cryptocurrency of the OctaSpace platform, a decentralized cloud computing network. OCTA is used in various ways within the ecosystem:

  1. Payment Instrument: OCTA is the primary payment method for services provided by OctaSpace, including distributed computing, VPN, cloud storage, and other features.

  2. Reward Distribution: OCTA is used to reward node owners and stakers who contribute to the network's stability and security. The reward distribution scheme is designed to incentivize participation and maintain a healthy token economy.

  3. Staking: OCTA holders can earn passive income by staking their coins, which helps secure the network and promotes its stability. Staking rewards are distributed to participants based on their contributions.

  1. Dividend Payments: OCTA holders are eligible to receive dividend payments, further incentivizing long-term investment and participation in the network.

Overall, OCTA is the central currency that facilitates transactions, rewards, and incentives within the OctaSpace ecosystem, promoting a decentralized and community-driven cloud computing platform.

How do I store OctaSpace?

To store OctaSpace (OCTA) tokens, you have two primary options: storing on an exchange or using a non-custodial wallet.

Storing on an Exchange

Storing your OctaSpace (OCTA) on an exchange provides convenient access to various investment products and features, such as spot and futures trading, staking, and lending. The exchange will securely hold your funds, eliminating the need to manage and secure private keys. However, it is crucial to select an exchange that implements strict security measures to ensure the safety of your crypto assets.

Non-Custodial Wallets

For enhanced security, you can withdraw your OctaSpace (OCTA) to a non-custodial wallet. This grants you complete control over your private keys, which can be stored in various types of wallets, including hardware wallets, Web3 wallets, or paper wallets. Be sure to store your private keys securely, as losing them may result in the permanent loss of your OctaSpace (OCTA).

MetaMask Wallet

You can also store OctaSpace (OCTA) in a MetaMask wallet. To do this, you need to add the OctaSpace network to your MetaMask wallet by entering the required details, including the network name, RPC URL, chain ID, symbol, and block explorer URL. Once added, you can send, receive, or mine OctaSpace (OCTA) using this wallet.

Cold Wallets

For long-term storage, cold wallets are recommended. These are offline wallets that can be either paper wallets or hardware wallets. Paper wallets involve generating public and private keys offline and storing them securely. Hardware wallets are physical devices that store your cryptocurrency and can be accessed only by the person possessing the device. Both types of cold wallets provide a high level of security against hacks and exchange shutdowns.

How to buy OctaSpace?

To buy OctaSpace (OCTA) tokens, follow these steps:

  1. Choose a Reliable Exchange: Select a trustworthy cryptocurrency exchange that supports OctaSpace (OCTA) purchases, such as CoinEx, MEXC, or KuCoin. Research the exchange's reputation, fees, and security features before making a decision.

  2. Create an Account: Register for a free account on the chosen exchange by providing the required personal information and setting a secure password. Enable two-factor authentication (2FA) for added security.

  3. Verify Your Identity: Complete the Know-Your-Customer (KYC) verification process, which may involve providing identification documents and other information, depending on your nationality and region.

  1. Add a Payment Method: Set up a payment method, such as a credit/debit card, bank account, or other supported options. Follow the exchange's instructions for adding and verifying your payment method.

  2. Buy OctaSpace (OCTA): Use your added payment method to purchase OctaSpace (OCTA) tokens. You can buy OCTA directly with fiat currency if supported or first purchase a popular cryptocurrency like USDT and then exchange it for OCTA.

  3. Transfer to a Wallet: Once you've purchased OCTA, you can either hold it in your exchange account or transfer it to a personal cryptocurrency wallet for additional security and potential passive income opportunities.

Remember to research and compare fees, security features, and supported currencies before choosing an exchange, and always follow best practices for securing your cryptocurrency assets.

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History of OctaSpace

OctaSpace, a decentralized cloud computing platform, was founded in 2020 by experienced entrepreneurs and blockchain developers. The platform aims to combat the centralized control of internet infrastructure by a few cloud computing providers. It runs on its own native Layer 1 EVM-compatible blockchain, utilizing a dual-chain system with both Proof-of-Work (PoW) and Proof-of-Authority (PoA) consensus mechanisms.

OctaSpace provides various services, including distributed computing, data storage, virtual private networks (VPNs), and more. Users can access these services by using the OCTA cryptocurrency, which is the main payment instrument and currency used to pay for services, rewards to node owners, and dividend payments for OCTA holders. The platform's primary goal is to create a scalable, distributed computing system accessible via a unified interface, leveraging spare computing resources worldwide.

The OCTA coin plays a crucial role in the ecosystem, allowing users to purchase cloud resources, participate in events, and earn rewards through staking. The project launched its mainnet on June 19th, 2022, and its services are now available for users to leverage and benefit from.

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How OctaSpace works

OctaSpace (OCTA) is a blockchain-based cloud platform designed to democratize internet infrastructure by leveraging decentralized services such as VPN, distributed computing, and data storage. At its core, OctaSpace operates on a dual-layer blockchain system, combining a Layer 1 Proof-of-Work (PoW) blockchain and a Layer 2 Proof-of-Authority (PoA) blockchain.

Layer 1 Network

The Layer 1 network is a PoW blockchain used for frontend user financial operations using the native OCTA coin. This blockchain is based on the go-ethereum codebase and has the following specifications:

  • Block Time: 15 seconds
  • Total Supply: 48,000,000 coins
  • Block Reward and Halving: Implemented according to the Monero policy
  • Protection Mechanism: PirlGuard is used to prevent 51% attacks
  • Transaction Fee: 21 Gwei
Layer 2 Network

The Layer 2 network is a PoA blockchain that serves as a side chain for the Layer 1 network. This PoA network is used for internal transactions related to node services and is supported by a set of validators. It is designed to handle high-frequency, high-usage operations with lightning-fast performance and seamless operation, ensuring fast and efficient processing of internal transactions.

Blockchain Gateways

OctaSpace Blockchain Gateways provide a unified API for the OCTA CORE layer to work with both blockchain networks. The gateways' API is private and not accessible from outside the OctaSpace platform.

OCTA CORE and Application Layer

The OCTA CORE and Application Layer serve as the engine of the system, handling all requests for compute rentals and providing an interface for creating services on top of resources provided by nodes. It communicates with the nodes and user applications, ensuring seamless interaction.

Token Functionality

The OCTA token is integral to the OctaSpace ecosystem, serving as the primary currency for transactions, rewards for node contributors, and rewards distribution for token holders. Staking mechanisms incentivize participation and network security, offering OCTA holders a way to earn passive income while supporting the platform's growth and stability.

Key Features
  • Decentralized Services: OctaSpace offers VPN, distributed computing, and data storage services, harnessing underused global computing resources to create a more scalable and accessible distributed computing system.
  • Dual-Layer Blockchain: The combination of PoW and PoA blockchains ensures robust security and efficient transaction processing.
  • Fair Distribution: OCTA tokens are mined and distributed without pre-mining or allocation to insiders, promoting a decentralized and equitable token economy.
  • Staking Mechanisms: OCTA holders can earn passive income by staking their tokens, supporting network security and stability.

Overall, OctaSpace's innovative blockchain architecture and token functionality work together to provide a secure, efficient, and user-friendly platform for accessing distributed computing resources.

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OctaSpace's strengths

The token OctaSpace (OCTA) has several strengths that contribute to its value and potential in the cryptocurrency market:

  1. Decentralized Cloud Platform: OctaSpace operates as a decentralized cloud platform, providing users with access to distributed computing, data storage, VPN, and other services. This approach aims to break down the barriers of centralization in cloud computing, making it more accessible and cost-effective.

  2. Dual-Layer Blockchain: OctaSpace runs on a dual-layer blockchain system, combining Proof-of-Work (PoW) and Proof-of-Authority (PoA) consensus mechanisms. This structure ensures robust security and efficient billing operations, making the platform efficient, secure, and user-friendly.

  3. Scalability: OctaSpace is designed to be highly scalable, allowing users to easily scale their computing resources as their needs change. This scalability ensures a seamless experience for users and supports the platform's growth.

  1. Security and Privacy: OctaSpace's decentralized infrastructure and VPN options provide enhanced privacy and security. Users can protect their data from potential attacks or breaches by utilizing a distributed network of nodes.

  2. Environmental Benefits: By allowing users to share and rent unused computing resources, OctaSpace encourages resource optimization, reducing waste and promoting efficient use of energy and hardware. This approach contributes to a more environmentally friendly computing and data storage environment.

  3. Tokenomics: The OCTA token facilitates transactions, incentivizes engagement, and supports democratic governance within the ecosystem. The token's finite monetary policy ensures a controlled supply, and the gradual reduction of block rewards helps to decrease inflation and maintain a healthy token economy.

  1. Partnerships: OctaSpace has partnered with Tangem, a leading provider of card-shaped cold storage wallets for cryptocurrencies. This partnership enhances the security and user experience for OCTA holders.

These strengths position OctaSpace as a unique and innovative solution in the cloud computing and cryptocurrency spaces, offering users a secure, scalable, and environmentally friendly platform for their computing needs.

OctaSpace's risks

OctaSpace (OCTA) carries several financial risks that investors should be aware of. These risks include:

  1. Volatility: The value of OCTA can fluctuate significantly due to market sentiments or geopolitical events, leading to potential losses for investors.

  2. Regulatory Risks: Changes in regulations or legal frameworks can impact the value and usability of OCTA, affecting investor returns.

  3. Market Sentiment: Negative market sentiment or a lack of confidence in the project can lead to a decrease in the value of OCTA.

  1. Leverage Risks: Using high leverage while trading OCTA can result in significant losses if the market moves against the investor's position.

  2. Inflation Risks: The finite monetary policy of OctaSpace, while designed to control inflation, can still lead to inflationary pressures if not managed effectively.

  3. Staking Risks: Temporary disabling of staking for a wallet-node pair if the system detects a balance less than the required collateral can impact staking rewards and passive income.

These risks highlight the importance of thorough research and risk management strategies for investors considering OctaSpace (OCTA).

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Did OctaSpace raise funds?

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OctaSpace’s team

  • Artem Teslenko: One of the leaders of the OctaSpace team, with relevant experience in project management.
  • Tarik Delic: The CPO of OctaSpace, involved in joint AMAs and discussions about the project's philosophy and services.
  • Boris James: A key member of the OctaSpace team, contributing to the project's technical and software development aspects.
  • Developer: An unnamed developer who is part of the core team, bringing technical expertise to the project.

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