OctaSpace is a blockchain-based cloud platform that offers decentralized services like VPN, distributed computing, and data storage. It was developed to tackle the centralization of internet infrastructure controlled by a few cloud computing providers. OctaSpace utilizes Layer 1 proof-of-work and Layer 2 proof-of-authority blockchains to secure its platform.
In this article, we will discuss OctaSpace, and explain how it works. We will cover the native token of the OctaSpace ecosystem - "OCTA," its tokenomics, the history of OctaSpace, its features, and the value of the OCTA token. Lastly, we will provide concise guidance on purchasing OCTA tokens.
What Is OctaSpace?
OctaSpace is a user-friendly cloud platform that offers various services such as distributed computing, data storage, serving, VPN, and more. It aims to tap into spare computing resources worldwide to build a scalable distributed computing system accessible through a unified interface. The platform allows users to access the combined power of CPU and GPU resources from nodes across the globe to handle computationally intensive tasks.
One of the main motivations behind OctaSpace is to address the centralization of internet infrastructure controlled by a few cloud computing providers. These providers process and store a significant portion of the world's data, leading to rising computing costs and potentially reducing the number of services that can operate. OctaSpace seeks to overcome this issue by utilizing spare and unused compute resources available globally. This distributed approach avoids the need for redundancies, which can increase costs and resource utilization in centralized systems.
What makes OctaSpace unique is its use of a multi-layered blockchain system to ensure a secure and efficient platform for users. The core of the blockchain system is a Layer 1 Proof-of-Work (PoW) blockchain secured using the pirl 51% guard technique, which provides robust protection against network attacks.
Additionally, OctaSpace employs a Layer 2 Proof-of-Authority (PoA) blockchain, based on validators, to expedite billing operations without compromising the security of the Layer 1 blockchain. This Layer 2 blockchain enables the platform to process a high volume of transactions quickly and efficiently, particularly for charging users for the services they have utilized.
By combining these blockchain layers, OctaSpace demonstrates its commitment to delivering a secure and stable platform for users while ensuring fast and efficient billing transactions. The innovative blockchain architecture showcases the platform's focus on security and efficiency, making it a reliable and scalable solution for distributed computing.
In summary, OctaSpace is a user-friendly cloud platform that leverages spare computing resources worldwide through a multi-layered blockchain system to provide secure, efficient, and scalable distributed computing and storage services. Users can harness the power of CPU, GPU, storage, and traffic resources from Octa nodes across the globe to handle compute-intensive tasks. Additionally, users can become hosts and earn rewards by renting out their spare computing resources.
What Is the OCTA Token?
The OCTA token serves as the native coin within the OctaSpace project, fulfilling various important roles such as acting as the primary payment instrument for services, providing rewards to node owners, and distributing dividends to OCTA token holders. OctaSpace was designed with a fair distribution model in mind, ensuring that no coins were pre-mined or pre-allocated to specific individuals or entities, including the project team. Instead, all OCTA tokens are distributed through mining and other mechanisms, ensuring a decentralized and equitable distribution of the tokens. These OCTA tokens play a crucial role in facilitating various OctaSpace services, including Octa VPN, HashCache for password recovery, Distributed Rendering, and Instant File Sharing.
To incentivize the holding of the OCTA cryptocurrency, OctaSpace has introduced a staking mechanism. This staking mechanism allows users to lock a certain amount of OCTA coins and run a node to receive rewards. To activate staking, users must meet specific requirements, including having a collateral of 100,000 OCTA tokens, maintaining a node reliability of at least 75% for the last 30 days, and ensuring that the node is verified.
To begin staking, users need an address wallet with sufficient funds and must link it to an existing node. The rewards earned through staking will be sent to the provided wallet. However, if the system detects a balance lower than the required collateral, staking will be temporarily disabled for that wallet-node pair for several rounds.
Through participating in the staking process, users play a crucial role in securing the OctaSpace network and promoting its stability. Moreover, stakers have the opportunity to earn passive income through rewards and dividends as a result of their active involvement in the platform.
OCTA Token Statistics
OctaSpace (OCTA) Price: $0.5982
Max Supply of OctaSpace: 48,000,000 OCTA
History of OctaSpace
OctaSpace, a decentralized cloud computing platform was founded in 2020 by experienced entrepreneurs and blockchain developers. OctaSpace operates on Ethereum with the OCTA cryptocurrency as the platform's native currency. Users utilize OCTA tokens to purchase cloud resources, participate in events, and earn rewards through staking. Its primary service, OctaSpace Cloud, allows renting computing resources for tasks like AI, cryptocurrency mining, and video rendering. Despite being in the early stages, the team aims to introduce innovative products and believes in OctaSpace's potential to revolutionize cloud computing through blockchain, enhancing efficiency, security, and affordability. Their goal is to foster a passionate user-developer community for the ultimate cloud computing platform.
Features of OctaSpace
- Distributed Computing: With OctaSpace, users can rent out their spare computing resources to others, enabling a wide range of tasks like AI applications, cryptocurrency mining, and video rendering. This collaborative approach harnesses the collective power of the network for complex computing needs.
- VPN Services: OctaSpace provides VPN services, ensuring secure and anonymous internet connections. Users can bypass censorship and safeguard their privacy, offering a reliable solution for navigating the web privately and safely.
- Cloud Storage: OctaSpace offers cloud storage, allowing users to securely store their files on the network. This convenient and globally accessible storage solution ensures data protection and easy access from anywhere.
- Distributed Rendering: With OctaSpace's distributed rendering feature, users can utilize the network's computing power to render high-quality images and videos. This cost-effective alternative saves users from investing in expensive hardware for graphics-intensive tasks.
- HashCache for Password Recovery: OctaSpace's HashCache service employs blockchain technology to securely store passwords, offering a reliable password recovery solution. Users can retrieve forgotten passwords without concerns about potential hacks, enhancing the overall security of their accounts.
What Is OCTA Token Value?
The current value of the OCTA token is approximately $0.59, and several factors contribute to its value. The OCTA token plays a vital role in powering the OctaSpace ecosystem, encompassing distributed computing, VPN services, cloud storage, NFT marketplace, and ongoing platform developments. The adoption of OctaSpace for these decentralized services will likely surge the value of the OCTA token. OCTA tokens can be staked to earn rewards, incentivizing investors to hold their tokens and stabilize the price. The limited supply of 48 million OCTA tokens creates scarcity and high demand.
The future value of OCTA tokens remains uncertain, but the project has a strong team and a clear vision. The success of the OctaSpace ecosystem could potentially drive an increase in the price of OCTA tokens.
Potential factors that could contribute to the future value of OCTA tokens include the development of new and exciting features on the platform and the possibility of increased staking rewards, attracting more investors to participate in token staking and further stabilizing the token's price.
Where to Buy Octaspace (OCTA) Coins?
CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 700+ tokens supported, including OCTA, users can now trade easily and seamlessly. To purchase OCTA CoinEx, follow the steps below.
- Create an Account: Start by signing up for a CoinEx account.
- Deposit Funds: After logging in, deposit funds into your CoinEx account using any supported cryptocurrencies or deposit methods available on the exchange. Having funds in your account enables you to execute trades seamlessly.
- Navigate to OCTA Trading Page: Once your account is funded, go to the dedicated OCTA trading page on CoinEx. You can find a search box and enter the term OCTA to swiftly locate the trading pair associated with OCTA tokens.
- Choose a Trading Pair: Select the trading pair OCTA/USDT to trade ID against USDT (Tether).
- Specify the Purchase Amount: The next step is to specify the number of OCTA you wish to acquire. Input the amount in the trading interface, which will calculate the corresponding cost based on the current market price.
- Execute the Trade: With the specified amount, proceed to execute the trade. Confirm the details, and if you are satisfied, submit the order.
By following these comprehensive steps, you can easily trade OCTA tokens on CoinEx, taking advantage of the available trading pairs.