In the field of onchain data analysis within the blockchain realm, several well-known companies have emerged, such as Chainalysis, Nansen, Dune Analytics, and Arkham Intelligence. These projects focus on tracking the flow of funds, smart-money, and analyzing financial indicators. However, Octan approaches this in a distinct way. Instead of concentrating solely on transaction data, Octan evaluates the reputation of entities in the Web3 space and extracts social information and user behavior from transactions without violating privacy rights.
This approach enables Octan to position itself as a fundamental Web3 marketing platform, allowing marketers to search and analyze social information, user profiles, and segment users. This supports marketing projects and companies in planning and executing airdrop & retroactive campaigns more effectively, as well as distributing whitelists for reliable IDO rounds. Octan also aids researchers in evaluating dapps and user quality more easily through its reputation scoring system.
Analyzing onchain data is complex and extracting meaningful details can be challenging. Octan has developed a reputation ranking system based on the Pagerank algorithm to measure the importance and impact of entities on the blockchain. Combined with labeling Web3 entities, Octan aims to establish Trust and Reputation in the Web3 space, providing an analytical platform to help users, marketers, researchers, and investors understand social and personal information easily. This assists them in making decisions based on available data.
Coinbase is currently urging trustworthy developers in the blockchain space to join the Base ecosystem. Base is a Layer 2 optimistic-rollup on Ethereum, supported by OP Stack and developed by Coinbase. Base’s objective is to create a “decentralized and trustworthy identity” system on the blockchain, similar to Google Pagerank. This aims to ensure reliability by utilizing trusted protocols to support natural entities on the blockchain. Octan has been researching and developing in this direction for several years.
Ava Capital, STC Capital, and Kretos Ventures, investment funds based in Vietnam, have invested in Octan Network to support research, development, and deployment of solutions and technology for the full-fledged production version of the platform by 2024. These investment funds focus on DeFi, gamefi, NFTs, socialfi, DAOs, infrastructure, and the Web3 domain, particularly in the early stages of projects.