With regards to the cryptocurrency house, the continuing query everybody asks is tips on how to attain mass adoption. There are numerous methods to onboard new folks and develop the house. Producing higher consciousness, designing extra user-friendly merchandise, collaborating with one another, and dealing with regulators are all methods during which we will get nearer to reaching this objective. But, cryptocurrency reaching the plenty is inevitable anyway because of the bleeding-edge innovation on the very core of this house.
Past 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. Including choices buying and selling, for instance, has already confirmed to be highly regarded with merchants who wish to hold their methods versatile. Itemizing standard DeFi tokens and offering merchants with subtle instruments to hedge their danger 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 latest initiatives.
As you possibly can see, we’re much more than only a cryptocurrency trade; OKEx is a core member of a thriving younger, and fast-growing group, bringing new and thrilling initiatives and concepts to the desk whereas supporting the expansion of the blockchain trade. And it’s our duty to maintain pushing additional.
OKExChain – A Fundamentalist Public Chain
OKEx isn’t the one cryptocurrency trade to launch a public chain. In actual fact, as probably the most necessary blockchain infrastructures, the competitors on this space is rising stronger on a regular basis. Nonetheless, at OKEx, we don’t need our chain, OKExChain, to be a mere extension of our trade. We wish to uphold the spirit of blockchain and supply builders with a very decentralized fundamentalist chain that offers them a excessive diploma of autonomy.
This can permit 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. On this identical spirit, OKExChain dedicated to open-source simply two months after launch and we wrote our first strains of code on Github in April of this 12 months.
The OKExChain testnet has lately been upgraded to v0.11.1 and the event of OpenDEX Desktop v0.0.2 is 90% full. Now we have fastened a few bugs within the code, and the OKExChain Good Contract Digital Machine improvement can 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.
We had a complete of 24 groups and people submitting entries that coated a variety of modern purposes — together with DEXs, digital asset wallets, APIs, digital machines, blockchain browsers, staking, developer instruments, SDKs, cross-chain options, and lots of extra.
Excessive Autonomy to Node Runners
As a peer-to-peer community, node runners have excessive autonomy. Because of this, not like on different chains, they don’t must submit proposals to any larger ‘governor’ earlier than they will make any transfer. For instance, they will resolve to record or delist cryptocurrencies, develop on the DEX or begin a dApp on their very own initiative with out prior permission.
Model v0.11.1 ensures additional decentralization, making us the primary public trade chain to help the entry of third occasion 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 develop 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 fairly than those that merely maintain probably the most tokens. That is notably necessary for us as it would keep away from the likelihood, notably at an early stage, of anybody having the ability to manipulate the chain.
An Inflationary Mannequin
One other trade first with OKChain is its inflationary mannequin. It’s because it has a brand new token, the OKT, as its native token. We determined to launch it this method 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 value to go up. Deflationary fashions solely exacerbate this drawback. This is the reason we issued a brand new token for OKChain as a substitute of utilizing OKB (which is now a wholly deflationary token).
Innovation is on the core of this house and by always pushing the boundaries of what’s doable in the present day, we will construct a greater tomorrow collectively. By collaboration, a willingness to step out of our consolation zones, and hold shifting ahead, crypto will quickly develop into a drive to be reckoned with and an integral a part of everyone’s on a regular basis lives.
In regards to the Writer: Jay Hao is the CEO and Chief Buyer Service Officer at OKEx.
Picture by Arek Socha from Pixabay