Academy OKChain Article

OKChain & OKEx DEX— A Revolutionary DeFi Ecosystem

2020.02.12 OKEx

Blockchain technology is a revolutionary infrastructure of the internet and has reached its unprecedented height. In the era of blockchain, central banks worldwide are experimenting with the technology, and many innovations like Libra are springing up. Such decentralized, peer-to-peer technology is not merely a technological advancement, but it will reshape the global economy as the internet did.

At OKEx, we believe blockchain technology will become a fundamental infrastructure and catalyst for the next human breakthrough. Capitalizing on the global decentralization development, we try to push the boundaries of what defines a crypto exchange and what it can bring to the market. In April 2019, we announced that we were developing our very own blockchain — OKChain, in order to contribute to the community with our decentralized applications.

The OKChain Vision

OKChain is a decentralized blockchain designed to be a foundation for large-scale blockchain-driven commercial applications. We want to build a decentralized and open public chain that empowers every participating nodes, so that users can freely release and operate decentralized applications, issue their own cryptocurrencies, create trading pairs, and trade freely. The cross-chain technology involved is the key to achieving its mission.

Through its cross-chain modules, users can share the value and application scenarios of blockchain technology, users and use cases are linked together to achieve easy and swift building of ecosystems and value-added systems.

Technical Advantages of OKChain

OKChain aims to bring a new level of freedom for traders and users that are looking to create their own decentralized exchange. Developed with internal and external OKChain-led ecosystem partners, OKChain supports multi-chain parallel development that can significantly speed up the development process and support the launch of large-scale applications. While a single application can be developed by multiple parties at the same time, it can foster a benign internal competition for products to implement regular updates, hence improving the user experience as a result.

On-chain data expansion is another unique feature of OKChain. Data on the chain is separated into 3 layers: block data, operations data, and off-chain data; and they retain the advantages of blockchain technology — irreversible, and tampered-free. Through special on-chain calculation algorithms, only operating data are kept so as to lower the amount of data transmitted when a large amount of data needs to reach a consensus. This can effectively improve the public chain’s operating efficiency while reducing the cost of off-chain data docking.

The Trustless and Transparent OKEx DEX

Apart from OKChain, we launched OKEx DEX, an open, inclusive and secure decentralized exchange that allows users to have better control over their own assets and manage them freely.

As the first DeFi application on OKChain, OKEx DEX aims to create a self-custody and borderless financial decentralized trading environment to ensure asset security, so that different industry players can participate in crypto trading with full on-chain transparency.

Capitalizing on this awesome tool to build their own DEX on OKChain, users will have complete control over their assets and can customize what assets and trading pairs they want to list; real-time settlement of profits daily to ensure a better trading experience and liquidity; and access to transparent trading records on OKChain too.

The OKChain-OKB-OKT Triangle

As the native token of the OKEx ecosystem, OKB has seen wide success since its birth, reaching its all-time high at USD 5.9 in February 2020. Following the launch of our own blockchain, we will migrate OKB to the OKChain mainnet in the near future to expand the ecological applications of the token, and we will be burning a total of 700 million unissued OKB via the buy-back and burn scheme. With reduced circulation, we believe OKB will keep soaring higher each day.

As one of the native token on OKChain, OKB will be open for trading on OKEx DEX and take advantage of the open and trustless environment on the chain to connect with the decentralized exchanges and trading pairs users built on the platform. OKT, another native token issued on the genesis block and node block of OKChain, will be mapped 100% to OKB holders according to their holdings. OKT and OKB are inseparable on OKChain, they will be interconnected to foster the ecological development of OKChain.

The OKChain Testnet

The wait is over — today, we are happy to announce that OKChain is live!

In order to optimize the performance of the OKChain testnet as the fundamental infrastructure in the decentralized field, all users are invited to experience the power of OKChain. Participating users can receive free OKT testnet coin too!

How to install OKChain: https://okchain-docs.readthedocs.io/zh_CN/latest/getting-start/install.html

OKT testnet: https://www.okex.com/dex-test

DEX address & guide: https://okchain-docs.readthedocs.io/zh_CN/latest

Claim your free OKT: https://www.okex.com/activities/pro/drawdex


Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involves significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.


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