Project Name: Octan Network
Project Track: Web3
Team Name: Octan Labs
Team Member(s): 7+
DevPost URL: OctanNetwork | Devpost
Project Goal: Octan is building Reputation Ranking System (RRS) & Proof of Reputation for Web3 apps & users across multiple blockchains. RRS mainly uses PageRank to compute account reputation & credit scores to be included in Octan soulbound tokens. RRS is the CORE engine to build an open Web3-data analytics platform.
Project Website: https://octan.network/
Project Test Instructions:
- Login to Octan’s SBT page via Metamask (connected with BTTC mainnet).
- Make up your profile as instructed.
- Mint your Soulbound Token (SBT).
- Waiting to see your reputation scores and personal analytical dashboard.
For more detail, visit the docs and guide: Minting Octan SBTs - Octan Docs-en
Three problems in crypto space.
DeFi, NFT assets, Gamefi, Socialfi, and Metaverse are all fast-growing industries, but
- User data are scattered on many chains, which leads to difficulties in tracking & analyzing;
- It is impossible to define & calculate a universal reputation for users;
=> There is a need for a unified data pool and a user reputation ranking system operating on multiple blockchains.
DAO governance is purely based on staking model (credit for stakeholders only)
Stake centrality is potential harm to decentralization & community-democracy;
NO recognition mechanism for users & contributors;
=> Recognition of all stakeholders, users, and contributors must combine both staking & reputation.
Impossible to deploy non-collateral lending in DeFi space;
=> A credit scoring system in crypto space must be developed.
Inspired by PageRank, aka trillion-algorithm made-up Google’s success, Octan Labs wants to build a similar system in Web3 space, computing reputation & ranking scores of accounts within transaction graphs. Octan solutions for the mentioned problems are:
- Reputation Ranking System as the CORE engine to compute reputation scores & rankings which are carried by Soulbound token associated with DID across chains & Dapps;
- Proof of Reputation as a special oracle service to feed reputation & credit information;
- Data Lake to collect on-chain transactions from multiple chains & Web2 data, then provide APIs for analysts to mine & visualize subgraphs (Dapps, communities) according to various purposes.
Octan mission is to fuel and foster Web3 applications and their mass adoption. We envision an ecosystem centering around Reputation Ranking System (abbreviation: RRS).
- Reputation Ranking System is the Octan’s CORE engine. RRS utilizes PageRank and mathematical ranking algorithms to quantify reputation scores of users and applications in the Web3 space.
- Open Data Analytics platform, built on top of RRS. provides GraphQL APIs and computing infra for researchers and analysts to mine visualize subgraphs, to compute reputation score ranking board of specific communities and/or individuals.
- Octan 1ID utilizes Soulbound token to carry reputation score, enabling users to self-manage their identity & social profile seamlessly on multiple chains.
- Octan Network is an application-specific blockchain (aka appchain) powered by Proof of Reputation, operating as an oracle network, feeding reputation and credit scores on multiple chains.
Project Milestones: Provide a brief progress outline of when users can expect what during the hackathon period
- In November 2022: release SBT webapp (MVP) on BTTC to allow users making up their profile and minting their SBTs.
- In December 2022: Prototype of Reputation Ranking System and Web3 analytics platform.