OctaSpace (OCTA): Incentivizing Reliable and Cost-Effective Cloud Services
Decentralized physical infrastructure network (DePIN) platforms are one of the fastest-growing niches within the overall blockchain ecosystem. These networks typically act as giant decentralized marketplaces, connecting computing capacity providers and users needing this capacity. In a typical DePIN, a capacity provider may share their computer's GPU, CPU, bandwidth or other resources over the network, while a capacity consumer might rent the resource on a flexible, per-use basis.
Most DePIN providers tend to specialize in one specific operational niche, e.g., general GPU capacity, graphics rendering, AI algorithm processing or data center services. OctaSpace is a decentralized cloud computing network that can be described as one of the first "diversified" DePINs in the industry.
As a decentralized cloud computing platform, OctaSpace leverages the DePIN concept to offer various distributed computing services. These include general CPU and GPU capacity renting, graphics rendering, cloud storage, instant file sharing, artificial intelligence (AI) and machine learning (ML) algorithm processing, a VPN, password recovery services and more.
Key Takeaways:
OctaSpace (OCTA) is a cloud-based diversified DePIN platform that offers diverse distributed computing services, including GPU capacity renting, graphics rendering, AI/ML algorithm processing, a VPN and a password recovery service.
It utilizes its dedicated blockchain ecosystem, consisting of a proof-of-work-based Layer 1 chain and a proof-of-authority-based Layer 2 network.
OctaSpace's native coin, OCTA, is used for mining, staking and payment of service fees.
What Is OctaSpace?
OctaSpace (OCTA) is a cloud computing platform that facilitates the sharing and utilization of computing resources via a decentralized network. It’s a DePIN project that provides distributed processing for a wide variety of computing tasks, including GPU computing, AI and ML algorithm computations, graphics rendering, file sharing, and privacy services such as a VPN and password recovery.
Using OctaSpace, capacity providers make their computers' resources available for renting over a decentralized network in exchange for crypto rewards. Users select the service they need and "rent" it on a flexible, per-use basis, making the platform a major enabler of cost-effective cloud computing services.
One of the key aims of this project is to provide a user-friendly, easy-to-use environment — even for those who aren't intimately familiar with the world of distributed computing. For instance, the platform provides a variety of AI and ML processing engines that are automatically installed on the rented computers. When a resource consumer rents computing capacity over the network to process their AI/ML jobs, they no longer have to worry about installing the processing environment of the computer that has made its resources available for rent.
Source: docs.octa.space
With close to 20 different AI or ML environments on offer and an easy, quick installation procedure, OctaSpace is a great facilitator for the utilization of AI/ML algorithms.
Procedures for utilizing OctaSpace for services other than AI/ML computations (e.g., graphics rendering or VPN solutions) are also designed to be as user- and beginner-friendly as possible.
How Does OctaSpace Work?
The OctaSpace network operates on a two-layer blockchain system. Its underlying Layer 1 blockchain is based on the proof of work (PoW) transaction validation model, the same model used for Bitcoin (BTC). This layer is responsible for the overall security and functionality of the OctaSpace ecosystem. Being a PoW environment, this network is secured by mining nodes — network actors who validate transaction blocks by carrying out computational tasks and receiving mining rewards in exchange for their work.
In addition to the Layer 1 network, a Layer 2 sidechain is designed to provide a fast, highly scalable and low-cost environment to effectively support the platform's operations. This Layer 2 platform is based on proof of authority (PoA) block validation, which provides considerable speed and cost improvements over the proof of work (PoW) model. Using PoA, trusted network nodes with high reputation/authority earn the right to process transaction blocks without the need for a computationally intensive mining procedure.
OCTA CORE, the main processing engine for distributed applications and tasks, is connected to the network’s Layer 1 and Layer 2 chains via Blockchain Gateways, which ensure smooth interoperability between all the main components of OctaSpace — the OCTA CORE engine, Layer 1 and Layer 2.
In addition to the mining nodes mentioned above, there’s a second type of functional node on the OctaSpace network: hardware service nodes, which rent their computing resources (CPU, GPU, memory or disk space).
Source: OctaSpace white paper
OctaSpace Key Features
Distributed GPU Computing
OctaSpace’s service allows users to rent GPU resources and, if required, disk space from the network's host nodes. The rented GPU capacity can be used for various tasks, including AI/ML computations, image processing and even mining. Basically, you can use OctaSpace's GPU computing service to process any task requiring significant computational power.
Distributed Rendering
Distributed rendering is one of the key areas of specialization for OctaSpace. Computer rendering is the process of creating finalized visual models, such as 3D images, animation or motion graphics, from initial digital draft specifications. Rendering can be a computationally intensive process, especially in the context of modern, visually rich games and animation. OctaSpace's distributed computing services are optimized to accommodate the needs of creatives and studios that utilize rendering to generate their outputs.
To facilitate distributed rendering, OctaSpace has integrated the popular Blender Studio rendering engine into its platform. Blender is one of the leading rendering software packages on the market, and offers a rich set of options for customizing rendering jobs.
Instant File Sharing
OctaSpace's Instant File Sharing service allows users to share files securely through the platform's cloud environment. All of the shared files are encrypted to protect data integrity and user confidentiality. Users can also set an expiration date for the shared file. Upon reaching the expiration date, the file is permanently destroyed.
The file is also permanently deleted once the file recipient downloads it using a unique link to it on the system. Instant File Sharing gives OctaSpace users a convenient, user-friendly and highly secure way to share their files.
VPN Services
OctaSpace also provides a highly flexible and user-friendly VPN service. The platform's VPN installation procedure is designed to be beginner-friendly, in line with the ethos of the OctaSpace project. Users can choose from a number of alternative VPN engines, including OpenVPN, WireGuard® and Shadowsocks.
Unlike many other VPN services on the market, the OctaSpace VPN is based exclusively on a pay-as-you-go model. This means there are no fixed monthly charges and no initial fees to pay, so you’ll only be charged for the amount of traffic you've actually used.
Password Recovery Service
HashCache is the platform's password recovery service, designed for large-scale recovery operations. Using its decentralized network of nodes, OctaSpace redistributes the processing load for the computationally intensive password-cracking procedure. This helps the service achieve much faster password recovery than that of a single machine. HashCache is also highly customizable, with different types of cracking operations on offer.
What Is the OctaSpace Crypto Coin (OCTA)?
The platform's native cryptocurrency, the OCTA coin, was launched in April 2023 and is utilized for the following functions:
Mining: Since OctaSpace's Layer 1 component is based on the PoW block validation model, OCTA is a mineable cryptocurrency, similar to Bitcoin, Bitcoin Cash (BCH) or Dogecoin (DOGE). You can earn mining rewards in OCTA by running a mining rig and helping secure the network. OctaSpace mining offers an initial block reward of 8 OCTA, reduced after every era, with the final Triangulum era giving a block reward of 2 OCTA.
Staking: In addition to mining, nodes can also earn rewards by staking OCTA. Staking rewards are distributed between validator nodes, the nodes providing distributed computing capacity and the nodes supporting the platform's VPN services.
Service fee payments: Users pay in OCTA coins to access platform services, such as GPU capacity renting or VPN usage.
Source:docs.octa.space
The software wallets that support OCTA include MetaMask and OneKey Wallet. Supported hardware wallets are Trezor, Ledger and Tangem.
OCTA is a supply-capped coin, with a maximum supply specified at 48 million. The coin's current total supply is around 32 million.
OctaSpace Price Prediction
As of Jul 19, 2024, the OCTA coin is trading at $2.03, which is 15.4% lower than its ATH of $2.39 achieved just 10 days earlier on 9 Jul, 2024, and over 1,500% higher than its ATL of $0.1205, recorded on Apr 5, 2023.
Long-term price forecasts for OCTA are generally bullish. PricePrediction expects the coin to trade at highs of $4.28 in 2025 and $28.15 in 2030, whileDigitalCoinPrice predicts maximum prices of $5.30 in 2025 and $15 in 2030.
Closing Thoughts
While the DePIN sector of the blockchain industry is experiencing solid growth rates, most of the leading providers in this space are focusing on one or two specialized areas. The OctaSpace decentralized platform, however, has taken a different approach. Realizing that unused computing resources can be mobilized for a wide variety of use cases, its platform has implemented a solution that makes it a rare kind of DePIN project — a diversified DePIN with a rich array of services.
Additionally, OctaSpace has rigorously focused on making its services as user-friendly as possible. Combining this with a diversified product line, the OctaSpace platform has the potential to rise as a formidable competitor to traditional cloud computing providers.
#LearnWithBybit