Academy Press Room Article

OKEx’s Own Commercial Public Blockchain Goes Open Source

2020.04.22

OKEx (www.okex.com), the world’s largest cryptocurrency spot and derivatives exchange, announced its own commercial public blockchain OKChain is now open-source. With its source code published to Github on April 16, OKChain will be able to provide an efficient, free and boundless public chain ecosystem for its nodes.

OKChain integrates original technologies and concepts, including cross-chain technology and the OpenDEX full-node operation of peer-to-peer blockchain network. Based on the cross-chain technology, OKChain pioneered the idea of a business alliance to promote the massive adoption of blockchain technology.

“We are excited to upload the source code of OKChain on Github, which enables us to push forward our concept of ‘Commercial Chain Alliance’. The vision of OKChain is to build a value-added ecosystem co-constructed by all nodes. It is a truly decentralized blockchain where individuals can give full play to their abilities with ease and efficiency,” said Jay Hao, CEO of OKEx. “Transparency and freedom are always the spirits of blockchain technology that every believer should adhere to. With that in mind, OKEx will continue to improve the performance of OKChain and drive the industry forward.”

Cross-chain technology & permission-less ecosystem

Cross-chain technology and a high degree of decentralization are two necessary conditions for the vigorous development of the public chain.

With its “cross-chain toolkit”, OKChain bridges different public chains and enables seamless integration of multiple ecosystems. It allows direct transactions and information transfer across different chains, at the same time, maintaining their independence intact. Currently, OKChain has achieved a connection with the Cosmos ecosystem through the IBC relay protocol. More cross-chain solutions with other mainstream public chains, including Bitcoin and Ethereum, will be implemented in the future.

For the decentralization aspect, OKChain adopts the “OpenDEX” concept, which provides a high degree of autonomy for participating nodes. Contrary to the traditional public chain, no proposal is required to submit for every action on OKChain. The peer-to-peer network enables node runners to develop DEX and dApp or decide which cryptocurrencies and trading pairs to list in a permissionless way. OKChain is also the first in the industry that allows all DEXs to operate on a peer-to-peer blockchain network.

Establishment of Commercial Chain Alliance

Cross-chain technology makes OKChain an open platform that can connect all players in the industry. The first batch of our ecological partners covers five major spheres, including public chain, wallet, explorer, POS mining pool, and securities.

As of now, ten world-renowned public chains and institutions, including Bytom, Certic, Conflux, and Ontology, have landed in the OKChain ecosystem. Besides, five wallet companies have teamed up with OKChain to support the storage of OKB and OKT, the functions of OKT mapping, and more. For blockchain explorers, partners are going to support the display of blocks height, transaction, and other data; and three POS mining pools have decided to become supernodes of OKChain and will provide related staking products. Several well-known security institutions are in the pipeline as well.

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For further information, please refer to OKEx Academy

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About OKEx

The world’s largest and most diverse cryptocurrency marketplace, OKEx is where global crypto traders, miners, and institutional investors come to manage crypto assets, enhance investment opportunities, and hedge risks. We provide spot and derivatives trading, including futures, perpetual swap, and options, of major cryptocurrencies, offering investors great flexibility in formulating their strategies to maximize gains and mitigate risks.

Media contact:
Vivien Choi
Email: [email protected]
Telegram: @vivienchoi

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