OKChain Hackathon Update, Less Than Two Weeks Remaining
OKChain Catches up on Public Chain Development, Not Only as the Extension of OKEx
Amidst the rapid development of the blockchain industry, the competition among industry giants has escalated to a new height – the public chain, one of the most important blockchain infrastructures. OKChain testnet, the commercial public chain developed by OKEx, has recently gone live and allows validators to run nodes on it. In addition, OKChain has initiated its first Hackathon to promotion the creation of decentralized applications in its global community.
Within just two months after its launch, OKChain already uploaded its code onto Github in April, while the earliest mover in the exchange public chain sphere still hasn’t gone open-source yet. In May, OKChain launched the 0.10 version, disclosing the validator selection and dividend mechanism and became the first public chain developed by crypto exchange to support the access of third-party institutions.
“Adhering to the original spirit of blockchain, OKChain won’t become an extension of the exchange, but an independent ecology. We are looking forward to co-constructing an open, decentralized, practical, and diverse ecosystem with our global users,” said Jay Hao, CEO of OKEx. “Now users can realize their will through the voting mechanism, develop their own DEX or dApp and list their own trading pairs freely based on the latest version of OKChain testnet.”
The First Hackathon
OKChain is now calling for top global developers to participate in the “Hackathon”, to create services and products based on OKChain, including development tools, delegator service products, market computing plugin, SDK and staking service products. The campaign is open till July 20, 2020 and the winner can receive up to $5000 equivalent of OKB as a reward.
As more developers and users join the OKChain testnet, the testing of OKChain can be significantly accelerated, and the mainnet of OKChain is expected to be launched soon.
OKChain, a “Fundamentalist” of True Decentralization
Different from other exchange public chains, OKChain is the most decentralized one, the fundamentalist of public chains. OKChain fully utilizes the nature of peer-to-peer network, implementing irreversibility and efficient autonomy in its source code, which means that all participants on OKChain, including its developer OKEx, are unable to control or manipulate the public chain.
Adopting a “peer-to-peer network”, OKChain enables a high autonomy to node runners, instead of requiring nodes to submit a proposal to the public chain “governor” before every move like other exchange public chains. For example, node runners can decide to list or delist any cryptocurrencies or trading pairs, or to develop DEX and dApp by their own, without needing to pre-acquire any permission.
The voting mechanism also guarantees that OKChain remains decentralized. Any OKT (the native token of OKChain) holder who has staked OKT, can choose to become an “Ordinary voter” to vote for validators directly or delegate their voting power to another account, called “proxy voter” to vote on their behalf. Each voter is allowed to vote for up to 30 validator candidates, and 21 top validators with the highest number of votes will be elected.
It has been proved that “choosing a few good ones” is more fault-tolerant than “choosing the best one”. Besides, it can also weaken the influence of large OKT holders, especially in the initial stage of the OKChain mainnet launch, avoiding the possibility of a few people manipulating the public chain.
The Only Chain with an Inflationary Economic Model
Compared with other exchange public chains, OKChain is the only chain that issues a new token, OKT, to act as the native token. Hence OKT is the only inflationary native token among all exchange public chains.
The contradiction between inflation and deflation actually reflects the different demands between the two players involved in a public chain ecosystem – token hodlers and public chain users (including dApp developers).
Token hodlers hope that the price of token will go higher in order to make a profit, while the excessively high token price will increase the cost of using the token and decrease the active level of the public chain, which other users want to avoid.
Deflationary model will exacerbate the conflict of interest between users and hodlers. As fees continue to rise, the number of users and fee income decrease. The value of the public chain and its native token will ultimately be lost.
OKChain circumvented this problem in advance by issuing OKT, instead of using OKB, the global utility token adopted by OKEx, because OKB is an absolutely deflationary token now.
The Latest Version Lowers the Cost of Nodes while Offering Multiple Sources of Income
In the 0.10 version, OKChain pioneered the concept of “OpenDEX model” and “DEX Operator”, under which all the necessary technology will be provided to nodes by OKChain. At the same time, public chain operator and DEX operator, which were combined as one in most cases before, will be distinguished, which means nodes not only do not have to pay high cost for server and technology, they will also own the future continuous benefits.
By participating in OKChain through different identities, users can obtain multiple benefits from, for instance block generation reward, voting reward, matching fee, transaction fee, etc.
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