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OKEx Upgrades OKExChain Testnet to V0.11.0
Everything you need to know about the latest OKExChain testnet upgrade
OKExChain is scheduled to upgrade its testnet to V0.11.0 at block height 9460000, which will take place between 7:00 am UTC and 10:00 am UTC on Aug. 26, 2020.
OKExChain testnet's new features
After the upgrade, the OKExChain testnet will iterate to V0.11.0, and the okexchain-id will become okexchain-testnet1.
The latest upgrade supports OpenDEX-Desktop v0.0.2 and introduces push notifications for local nodes. Through the data analysis module, users can receive notifications about market news, technical analysis indicators (such as K-line) and transaction records. The module enables desktop users to access the latest market information without relying on any centralized servers.
For details about developments on OKExChain v0.11.0 and OpenDEX, please refer to the OKExChain Monthly Report for July.
What is OpenDEX?
OpenDEX is OKExChain's first decentralized finance application. With the vision of allowing everyone to create their own decentralized exchanges, OpenDEX aims to create a DEX ecosystem without any centralized servers.
There are two operational models among cryptocurrency exchanges:
- The quote-driven model
- The order-matching model
The quote-driven model has better liquidity. However, there is no price-discovery mechanism, and market-makers need to bear the risks of a one-sided market.
A one-sided market refers to situations in which market-makers only quote the bid or ask price of the asset. To mitigate the risks of a one-sided market, market-makers charge a wider spread between bid and ask prices. An example of a market-making model is when banks provide fiat currency exchange services.
The order-matching model, on the other hand, facilitates price discovery mechanisms, as it shows all of the orders from buyers and sellers in the order book. However, there are no guarantees that these displayed orders will be executed. So, in the case of a one-sided market, the orders are less likely to be matched and executed under the order-matching model.
Cryptocurrency exchanges adopt order-matching models and use order books to list all of the available buy and sell orders. On the other hand, the project team itself serves as market-makers in order to provide liquidity for their tokens and enhance users' trading experiences.
While some decentralized exchanges tried to implement the order-matching model in their trading businesses, user adoption has been limited for two reasons:
- DEXs need to improve in both scalability and security in order to adopt the order-matching model. In order to do so, some DEXs built on Ethereum are adopting Layer 2 scalability solutions.
- The order-matching model requires a market-maker to provide liquidity and mitigate price-volatility risks for traders. Automated market-makers, such as Uniswap, are examples of how to increase the adoption of order-matching among DEXs.
The OpenDEX built on OKExChain aims to enhance the scalability and security of DEXs. The "DEX operator" is used to incentivize the project team to provide liquidity for its own trading pairs and mitigate price-volatility risk for traders.
OKExChain adopts the InterPlanetary File System and the Ethereum Name Service to move toward decentralization. Additionally, OKExChain provides a desktop version and user interface for OpenDEX to help project teams and users to trade on OpenDEX. These tools help project teams deploy their own DEXs, as well as issue and manage trading tokens without relying on any centralized parties.
What are the duties of an OKExChain validator?
Validators can be punished if they duplicate signatures when upgrading the consensus node. Prior to the activation of upgrading the consensus node, validators need to verify their software versions and the hash of the genesis file.
If validators have detected any errors during the activation of the network upgrade, it is advised to fix the errors only after the network upgrade is activated. If the network is suspended and the genesis file used is different from what you expected, please seek advice from the core developer in our Telegram community before resetting the authenticator.
Before exporting the testnet v0.10.10, it is recommended that the validator takes a complete snapshot of the status of the testnet. Snapshots can be taken by making a backup file for the directories of okexchaincli and okexchain.
If the network upgrade is unsuccessful, validators need to restore the status of their OKExChain testnet to v0.10.10, with snapshots capturing the latest state prior to the upgrade. After restoring the OKExChain testnet status, validators can activate their consensus node again.
For details, follow the guidelines for network upgrades published by the OKExChain Wiki here.
How can wallets, block browsers and other service providers support the network upgrade?
Users in the app may suffer a short service outage. The duration of the outage depends on the application used. To provide a solid user experience, service providers should adopt appropriate operating procedures and be aware of potential phishing attacks.
Please refer to OKExChain's official channels, listed below, for updated and accurate information.
OKExChain GitHub: https://github.com/okex/okexchain
OKExChain Telegram group: https://t.me/okexchaintech
If you have any doubts about the steps of the network upgrade and the reliability of the information, please wait for instructions from OKExChain's official channels before taking any actions. Please do not provide your 12-digits passwords to any administrator, website or unofficial software.
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.
OKExChain Technical Community: https://t.me/okexchaintech
OKExChain Official Web: https://okex.me/okexchain
OKEx DEX: https://okex.me/dex-test
Claiming TOKT: https://okex.me/drawdex
OKExChain Doc: https://okexchain-docs.readthedocs.io/en/latest/
OIP (OKExChain Improvement Proposal): https://oips.readthedocs.io/en/latest/