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What is OctaSpace and How Does the OCTA Coin Work?

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In this article, we explore Octa Space and explain how it works. We'll discuss the Octa Space ecosystem's native coin, "OCTA," its tokenomics, the history, features, and OCTA's partnership with Tangem.
 
Octa Space is a blockchain-based cloud platform that provides decentralized services such as virtual private networks, distributed computing, and data storage. This platform was created to combat the centralized control of internet infrastructure by a few cloud computing providers. 

OctaSpace runs on its own native Layer 1 EVM-compatible blockchain. Their blockchain's dual-chain system uses the Proof-of-Work (PoW) and Proof-of-Authority (PoA) consensus mechanisms.

What is Octa Space?

OctaSpace is a simple cloud platform that provides distributed computing, data storage, serving, VPN, and other services. It intends to use spare computing resources around the world to create a scalable distributed computing system accessible via a unified interface. 

To handle computationally intensive tasks, users can access the combined power of CPU and GPU resources from nodes worldwide via the platform.

The history of OctaSpace

OctaSpace was founded in 2020 by entrepreneurs and blockchain developers as a decentralized cloud computing platform. It runs on Ethereum and uses the OCTA cryptocurrency as its native currency. 

Users use OCTA coins to purchase cloud resources, participate in events, and earn rewards through staking. OctaSpace Cloud, its primary service, allows users to rent computing resources for tasks such as AI, cryptocurrency mining, and video rendering.

While the project is still in its early stages, the Octa team intends to introduce innovative features and believes in the potential of blockchain to revolutionize cloud computing by improving efficiency and affordability. 

The Octa project hopes to cultivate an enthusiastic user-developer community for the ultimate cloud computing platform.


What problem is OctaSpace trying to solve?


OctaSpace's primary goal is to eliminate the monopoly of internet infrastructure by a few cloud computing providers. These providers process and store a large portion of the world's data, which raises computing costs and potentially reduces the number of services that can operate. 

OctaSpace intends to address this issue by utilizing available spare and unused computing resources. This distributed approach eliminates the need for redundancies, which can increase costs and resource utilization in centralized systems.


How OctaSpace solves the issue


OctaSpace uses a multi-layered blockchain system to ensure a secure and efficient platform for users. The blockchain system's core is a Layer 1 Proof-of-Work (PoW) blockchain secured with the Pirlguard 51% technique, which provides robust network attack protection.

Furthermore, OctaSpace uses a Layer 2 Proof-of-Authority (PoA) blockchain based on validators to speed up billing operations without jeopardizing the Layer 1 blockchain's security. 

This Layer 2 blockchain allows the platform to process vast volumes of transactions quickly and efficiently, which is especially important when charging users for services they use.

 

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OctaSpace demonstrates its commitment to providing a secure and stable platform for users while ensuring fast and efficient billing transactions by combining these blockchain layers. 

The platform's innovative blockchain architecture demonstrates its focus on security and efficiency.

What is the OCTA coin?


OCTA coin is the native coin of the OctaSpace project, serving several vital functions, such as serving as the primary payment instrument for services, rewarding node owners, and distributing dividends to OCTA coin holders. 
 

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$OCTA all-time performance


OctaSpace was built on a fair distribution model, with no coins pre-mined or allocated to specific individuals or entities, including the project team. Instead, all OCTA coins are distributed through mining and other mechanisms, ensuring that the coins are distributed in a decentralized and equitable manner. 

These OCTA coins enable OctaSpace services such as Octa VPN HashCache for password recovery, distributed rendering, and instant file sharing.

OctaSpace has implemented a staking mechanism to encourage users to hold $OCTA. Users can use this staking mechanism to lock a certain amount of OCTA coins and run a node to receive rewards. 

Users must also meet specific requirements to activate staking, including having a collateral of 100,000 OCTA coins, maintaining a node reliability of at least 75% for the previous 30 days, and ensuring the node is verified.

To begin staking, you must first obtain an address wallet with sufficient funds and connect it to an existing node. Staking rewards will be sent to the wallet address provided. Staking will be temporarily disabled for that wallet-node pair for several rounds if the system detects a balance, less than the required collateral.

OCTA users are essential in securing the OctaSpace network and promoting its stability by participating in the staking process. Furthermore, users can earn passive income through rewards and dividends due to their active participation in the platform.

OctaSpace services

OctaSpace's services are now available for users to leverage and benefit from following the launch of its mainnet on June 19th, 2022. 

OctaSpace works via a marketplace where users can provide nodes, allowing node owners to set their own prices. This decentralized approach enables a competitive and dynamic ecosystem.

— Distributed computing: Octa Space allows users to rent out their spare computing resources to others, enabling a variety of tasks such as AI apps, cryptocurrency mining, and video rendering. This collaborative approach leverages the network's collective power for complex computing needs.

— VPN: Octa Space offers VPN services to ensure secure and anonymous internet connections. Users can circumvent censorship and protect their privacy, providing a dependable solution for browsing the web privately and securely.

— Cloud storage: Octa Space provides cloud storage, allowing users to store files on the network securely. This convenient and globally accessible storage solution ensures data security and accessibility from any location.

— Distributed rendering: OctaSpace's distributed rendering feature allows users to use the network's computing power to render high-quality images and videos. This low-cost alternative saves users from purchasing expensive graphics-intensive hardware.

— HashCache: Octa Space's HashCache service uses blockchain technology to store passwords, providing a dependable password recovery solution securely. Users can recover forgotten passwords without fear of being hacked, increasing the overall security of their accounts.

What makes OctaSpace different from traditional cloud providers?

OctaSpace differs from traditional cloud providers in several ways, including:

— Wide range of options: OctaSpace provides various distributed computing services, including GPU and CPU resource rental, VPN services, and more. This gives users a wide range of computing options and opens up new opportunities for gaming, IoT, and AI industries. 

OctaSpace supports cloud storage, decentralized VPNs, and rental services, providing users with a multifaceted platform. It is an appealing option for individuals and organizations that value data privacy and security.

— 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.

— Environmental concerns: By allowing users to share and rent unused computing resources, OctaSpace encourages resource optimization. This reduces waste and encourages efficient use of energy and hardware, contributing to a more environmentally friendly computing and data storage approach.

— Decentralized cloud storage: Compared to traditional centralized cloud storage providers, OctaSpace provides a secure and cost-effective option for cloud storage. Users can enjoy enhanced privacy and security with decentralized infrastructure and VPN options.

— Scalability: OctaSpace is built to be highly scalable to handle increased workloads, and meet growing user demand without sacrificing performance. This allows users to easily scale their computing resources as their needs change, resulting in a more seamless experience.

OctaSpace and Tangem

OctaSpace recently partnered with Tangem, a leading provider of card-shaped cold storage wallets for cryptocurrencies. This partnership is already revolutionizing how the OctaSpace community members secure and manage their digital assets with Tangem's cutting-edge hardware wallet.

Tangem's EAL6+ certified hardware provides unrivaled protection for your private keys, giving you peace of mind about your $OCTA holdings. In addition, Tangem integrated support for OCTA. This alliance is a crucial step toward a more secure and user-friendly crypto landscape.

OctaSpace recent news and updates

OctaSpace recently announced updates to their platform that will go live on September 14, 2023:

1. Idle VPN session management: Inactive VPN sessions that do not receive data traffic for a specified period will be automatically terminated. 
The Time-to-Live (TTL) for such sessions is currently set to three days. This proactive measure will optimize resources.

2. Optimized VPN session start times: OctaSpace devs have made upgrades to speed up the start of VPN sessions, ensuring a smooth user experience.

3. Improved node event logging: Important events like IP address changes, node verification or deverification, and VPN service status changes will now be recorded and easily accessible in the platform's Logs tab.

4. Session termination transparency: Users will now receive clear and detailed information about the reason for any session termination, increasing transparency in our service.

5. Better node location detection: OctaSpace's ability to determine node locations with greater accuracy will be refined, resulting in more precise geolocation data.

6. Simplified port allocation: A refined port allocation system eliminates the need to keep port 27000/TCP open. 

These upgrades are part of OctaSpace's ongoing commitment to providing users with a secure, efficient, and transparent experience.

Conclusion

To handle compute-intensive tasks, users can tap into the power of CPU, GPU, storage, and traffic resources from Octa nodes worldwide. Users can also become hosts and earn rewards by renting out their excess computing power.

OctaSpace is a user-friendly cloud platform that uses spare computing resources around the world to provide secure, efficient, and scalable distributed computing and storage services via a multi-layered blockchain system.