Thread by @OctraFoundation

1/ Octrians, ahead of the whitepaper release later this year, we are sharing some details about the project.
We are building a new decentralized ecosystem with a strong focus on the P2P economy. Our mission is to turn the attention back to the original problem of crypto.

👇🧵

2/ In their 2008 bitcoin paper, Satoshi Nakamoto outlined a vision of "A purely peer-to-peer version of electronic cash", further noting "What is needed is an electronic payment system", and putting additional emphasis on its usability for "Commerce on the Internet".

3/ While modern crypto offers great store-of-value and investing opportunities, convenience in online payments and everyday transactions between entities, in our view, is still limited. In this sense, the UX of wallets and dApps is lagging behind conventional fintech companies.

4/ The emergence of new blockchains, stablecoins and DeFi created new solutions (and new problems, such as multi-billion dollar exploits), however to this day, the problem of convenient, momentary transfers using the blockchain, with a native off-ramp, remains largely unsolved.

5/ This is not to say that existing blockchains are unsuitable for the task. Rather, they are very generalistic, which has led to much of modern research being centered around scalability and compliance, with less work being done in the UX and overall usability frontier.

6/ In other words, focus on higher TPS and reduced cost, but not solving real-world problems and increasing the amount of actual transactions being done on-chain to match the ever-evolving tech. The task of onboarding the next 1B of users will not be completed only by scaling.

7/ This is what we mean when we say that the original problem, the main promise of crypto has been largely forgotten — and what we want to start solving from scratch. This is why instead of building just a payment app or system atop another blockchain, we came up with our own.

8/ The core of the blockchain is written in #OCaml, a functional language that offers power and pragmatism in building complex software systems. Still relatively new to crypto, it is long a market standard in the finance sector, notoriously used by companies such as Jane Street.

9/ However, the heart and the most important part is our Network, its native apps and the possibilities that open up to builders and users. We have several exciting technologies and pioneering solutions in development, and will be sharing more information about them in due time.

10/ We believe that Octra will be a welcome addition to the industry, which has been recently struck by bad actors, some lack of transparency and ongoing search for a meaning beyond the get-rich-quick mentality. We are excited to embark on this journey together with you.

11/ Octra is currently in active development and parallel R&D stage. Client implementation and testnet is expected in mid-2023. It is currently a self-funded compact team initiative.

Open since day one, Octra welcomes builders to our Github page: github.com/octra-foundati…

12/ Currently, there are no plans for ICOs, airdrops or token launch. Please, beware of scams.

We will only update the community in our Discord: discord.gg/m724x5Ne2F

During the development phase, it will be rarely updated, but technical questions and inputs are welcome.