Innovation Is at the Core of the Cryptocurrency Space

When it involves the cryptocurrency house, the continued query everybody asks is methods to attain mass adoption. There are some ways to onboard new folks and develop the house. Generating higher consciousness, designing extra user-friendly merchandise, collaborating with one another, and dealing with regulators are all methods during which we are able to get nearer to reaching this aim. Yet, cryptocurrency reaching the plenty is inevitable anyway because of the bleeding-edge innovation on the very core of this house.

Beyond being the market chief in crypto derivatives and spot buying and selling, OKEx prides itself on providing probably the most various vary of merchandise to our customers. Adding choices buying and selling, for instance, has already confirmed to be very fashionable with merchants who need to preserve their methods versatile. Listing well-liked DeFi tokens and offering merchants with subtle instruments to hedge their threat and maximize capital is one other, as is Jumpstart Mining, which permits OKB holders to stake their tokens in return for prime rewards whereas contributing to the token issuance of recent tasks.

As you’ll be able to see, we’re much more than only a cryptocurrency alternate; OKEx is a core member of a thriving younger, and fast-growing group, bringing new and thrilling tasks and concepts to the desk whereas supporting the expansion of the blockchain trade. And it’s our duty to maintain pushing additional.

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OKExChain – A Fundamentalist Public Chain

OKEx isn’t the one cryptocurrency alternate to launch a public chain. In truth, as one of the vital blockchain infrastructures, the competitors on this space is rising stronger on a regular basis. However, at OKEx, we don’t need our chain, OKExChain, to be a mere extension of our alternate. We need to uphold the spirit of blockchain and supply builders with a very decentralized fundamentalist chain that provides them a excessive diploma of autonomy.

This will enable us to foster an area that’s engaging to builders to create decentralized apps making use of its excessive scalability and throughput–with out having to sacrifice management or abide by centralized protocols. In this similar spirit, OKExChain dedicated to open-source simply two months after launch and we wrote our first traces of code on Github in April of this 12 months.

The OKExChain testnet has not too long ago been upgraded to v0.11.1 and the event of OpenDEX Desktop v0.0.2 is 90% full. We have mounted a few bugs within the code, and the OKExChain Smart Contract Virtual Machine improvement can also be 90% full. On prime of that, we’re proud to say that the primary OKExChain Hackathon contest concluded efficiently seeing additional progress and modern dApps constructed on the chain.

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We had a complete of 24 groups and people submitting entries that lined a variety of modern purposes — together with DEXs, digital asset wallets, APIs, digital machines, blockchain browsers, staking, developer instruments, SDKs, cross-chain options, and plenty of extra.

High Autonomy to Node Runners

As a peer-to-peer community, node runners have excessive autonomy. This signifies that, in contrast to on different chains, they don’t need to submit proposals to any larger ‘governor’ earlier than they will make any transfer. For instance, they will determine to checklist or delist cryptocurrencies, develop on the DEX or begin a dApp on their very own initiative with out prior permission.

Version v0.11.1 ensures additional decentralization, making us the primary public alternate chain to assist the entry of third social gathering establishments. Our voting mechanism actually proves that we’re striving for true decentralization. For instance, all OKT holders (the native token of the chain) who’ve staked the token can both turn into common voters or they will vote for the validators to vote on their behalf.

As validators are chosen by the token holders, which means that the most effective ones emerge slightly than those that merely maintain probably the most tokens. This is especially vital for us as it’ll keep away from the chance, significantly at an early stage, of anybody having the ability to manipulate the chain.

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An Inflationary Model

Another trade first with OKChain is its inflationary mannequin. This is as a result of it has a brand new token, the OKT, as its native token. We determined to launch it this option to circumvent the fixed battle of pursuits in public chains between token holders and token customers, (together with dApp builders).

As we generally know, customers need the price of utilization to go down whereas token holders need the worth to go up. Deflationary fashions solely exacerbate this drawback. This is why we issued a brand new token for OKChain as an alternative of utilizing OKB (which is now a wholly deflationary token).

Closing Thoughts

Innovation is on the core of this house and by continually pushing the boundaries of what’s attainable at the moment, we are able to construct a greater tomorrow collectively. Through collaboration, a willingness to step out of our consolation zones, and preserve shifting ahead, crypto will quickly turn into a power to be reckoned with and an integral a part of all people’s on a regular basis lives.

About the Author: Jay Hao is the CEO and Chief Customer Service Officer at OKEx.

Image by Arek Socha from Pixabay


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