Octan Network

Reputation Ranking System for Web3

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Inspiration

Inspired by Google PageRank, Octan Network aims to build an onchain reputation ranking system to establish trust and credibility in the Web3 space.
Three major problems in the Blockchain space.

  • User data are scattered on many chains, which leads to difficulties in analyzing user persona. => There is a need for a universal reputation metrics, extracting social insights and user persona across multiple blockchains.
  • Stake centrality is potential harm to DAOs & community-governance. => Recognition of all stakeholders, users, and contributors must combine both staking & reputation, then enhancing voting mechanism and governance methodologies.
  • Impossible to deploy non-collateral lending in DeFi space because lack of trust & credit scoring. => A trustworthiness measurement and credit scoring method in crypto space must be developed.

What Octan does

Octan Network innovates a Reputation Ranking System (RRS), powered by adaptive Pagerank algorithms, to compute reputation scores of dapps and Web3 users across multiple blockchains. Then Octan extracts social insights and individual person comprehensively, offering a new method to understand and analyze onchain data.

How we built it

  • Reputation Ranking System is the CORE engine to compute reputation scores & rankings from onchain transaction data.
  • Octan develops Soulbound token as a type of Web3 ID to carry user's reputation score, to prove user trust across multiple chains.
  • Octan labeling platform to identify and classify onchain entities.
  • Octan Analytics, utilizing reputation scores and onchain labels, provides a novel platform for onchain data analytics which helps customers evaluate dapps, social trends, ecosystems for research and investment, qualify and segment users for targeted marketing & user acquisition purposes.
  • Octan oracle computes and feeds reputation and credit score on multi-chains, natively supporting onchain entities, in a decentralized manner.

Octan accomplishments

  • Octan Team published 3 research articles about onchain reputation ranking on globally well-known scientific journals and conferences.
  • Production:
    -- we have released reputation board on Ethereum, BNB Chain, Arbitrum, Polygon, Tron, XRP, Near-Aurora, and the next will be Optimism, Base. Visit https://octan.network/.
    -- We deployed Octan soulbound on BNB Chain and opBNB, allowing users to mint soulbound tokens carrying their reputation scores.
    -- We have released a close alpha version of onchain labeling to identify and classify onchain entities.
    -- We have released a close alpha version of data analytics platform to research dapps, social insights, user persona, then building custom dashboards, to qualify and segment Web3 users.
    -- Octan onchain analytics services: visit our public reports https://blog.octan.network/ and analytics services.

What's next for Octan Network

  • Our Mission: Establish Trust and Credibility in Web3.
  • Our Vision: Octan Network will become No.1 onchain reputation & credit ranking providers, We are improving Reputation Ranking System and data pipeline to support more chains, and developing Octan Analytics & Labeling platform to help researchers/marketers extract social insights, user persona & segmentation, evaluate dapps and ecosystems.

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