It's Octane as a service, but this is still in the future, beyond v3.0.
OctaneEngine can be run on any system in a network and deliver functionality to Octane plugins without requiring a GPU on the local machine. For example, a workstation without a GPU could run the Octane plugin for Autodesk Maya and complete renders using the GPU of the workstation that hosts OctaneEngine.
Remember, as of this writing, OctaneEngine is not coming out yet. What's clear coming out this month is OctaneRender Standalone V3 and some V3 plugin editions and pricing info will be announced very soon.