OKExChain is a protocol built on the Blockchain platform to bring users the most secure and engaging experiences. The product is created by the OKEx exchange development team. This is considered a bold move by this exchange for the cryptocurrency market. To understand more about OKEx Chain, you can check out the detailed article below.
Learn more about OKExChain
OKExChain is the world's first transaction chain using blockchain technology. This is the next step in the evolution of a decentralized transaction model, where anyone can trade anything of value in the chain, allowing for ownership and control of the assets they trade. The OKExChain platform provides a secure and efficient infrastructure to build decentralized applications for continuous on-chain trading. This is one of the points of pride that the exchange mentioned in the OKEx floor assessment.
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What is OKT?
OKT is the native token of the OKExChain ecosystem, providing instant utility and benefits like voting rights, staking privileges and payment of transaction fees – for decentralized exchanges and DeFi applications built on this network. The OKT genesis block will contain the initial 10 million OKTs, which will be distributed to OKB holders who bet their OKB on the OKEx Jumpstart. OKT operates on the same halving model as Bitcoin, where its block reward is cut in half after a 3-year cycle. The initial block reward is 1 OKT and the theoretical upper limit of the total OKT supply is around 72.2 million.
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OKExChain exchange features
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High performance: OKExChain supports all types of DApps, it is specially designed for high performance and high volume trading environments typical of trading operations as well as financial services.
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Decentralized Governance: Any user can register or participate in the campaign as a network validator, participate in community development.
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Community-based consensus: OKT owners will determine the direction of OKExChain development by initiating and voting
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Cross-Platform Trading: OKEx DEX desktop application is supported by all operating systems and provides easy access to blockchain with user-friendly design.
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Cross Chain Gateway: OKEx launched a Cross Chain Gateway based on OKExChain to facilitate the transfer of assets across multiple large public networks.
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Spot and Derivatives: OKEx DEX on OKExChain not only supports spot trading, but also integrates blockchain oracles to support derivatives trading and other related products.
Watch Now: Simple Instructions to Register for OKEx Exchange to Try OKExChain Immediately
Advantages of OKExChain exchange
OKExChain supports Agriculture
Decentralized applications on OKExChain's Farm module are being implemented and should be completed in the near future. The liquidity mining module is ready to be released to users after passing the system and quality test. In addition, the network will activate a tool to support the automatic issuance of experimental tokens. This tool is being rolled out and should be completed by January 15, 2022. Updated OKExChain testnet API node to v0.15.1. The node API in testnet is known to have been updated to v0.15.1. In addition, the message-oriented middleware in the stream module supports Apache Kafka — enabling the transmission of transaction summaries to OKEx DEX. Additionally, the implementation of static API fixes is complete and is currently in beta.
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Featured OKExChain and EVM
The implementation of the EVM smart contract is 100% complete and is entering the final refinement phase. EVM 60% smart contract stress test completed. Users can now connect their MetaMask wallet to the OKExChain testnet.
We discovered 9 bugs during EVM internal testing and submitted all bugs to the Ethermint community. OKExChain Team as Official Judge of DoraHacks Hackathon. The OKExChain gnux team representative is the official judge of the DoraHacks Hackathon in Hangzhou. The contest theme concerns the Polkadot ecosystem and implementing DApps using Polkadot's smart contract language, Substrate.
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OKExChain will have a model of Super Nodes
To support the growth of the OKExChain exchange, we are recruiting organizations to become OKExChain validator nodes as well as partners in the OKExChain ecosystem. To participate in the OKExChain validator node vote, you need to stake at least 10,000 OKT. The validator node is elected by OKT holders and the 21 validator nodes with the most votes will become the OKExChain validator node.
OKExChain generates a new block every 3
seconds and each new block generates an OKT as a reward. For each OKT, 0.5 of which will be transferred to the OKExChain farming pool. As for the other half of the reward, 25% which will be distributed to validators based on the weight of votes they receive. The remaining 75% will be distributed to validators and candidate nodes based on the weight of votes received.
See also: What is Chainlink? What to know about Chainlink
Epilogue
Above is the most basic information about the OKExChain platform. It is known that 2022 will be the year when the OKEx floor team will complete the weaknesses of this platform to bring users the most engaging experiences. I hope the above article will help you to get a more complete view of OKExChain, I wish you success.
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